A recent survey carried out by company formation agent, 1st Formations revealed that 41% of Brits feel they’re underpaid for the work they do. Yet just 24% plan on asking for a pay rise in the next 12 months.
The survey, conducted using the market research company YouGov, asked 2,104 UK adults about their attitudes towards their current pay, company’s leadership and performance at work.
The findings revealed that:
- 41% of UK adults feel underpaid at work, yet just 24% plan to ask for a pay increase in the next year.
- Almost twice as many men than women plan on asking for a pay rise (32% vs 18%), and women tend to ask for less of a rise than men.
- 1 in 10 men plan on asking for a pay rise above the rate of inflation (10%). Whilst just 1 in 25 women plan on doing the same (4%).
CEO and founder of 1st Formations, Graeme Donnelly has who has over 18 years' experience providing advice and support to businesses all over the country, and says: “The prospect of asking for a pay rise can be truly daunting, and even the most experienced professionals who’ve asked for increases many times still get nervous and apprehensive when approaching the topic of pay.
“One thing I’d suggest when asking for a pay rise, is to pick your moment wisely. Pouncing on your manager when they’re not expecting it can catch them off guard and not have the greatest outcome. Instead - ask them if they can spare some time in the next week or two for a chat about your pay.
“This will give both of you time to prepare. In your case, it’ll give you time to research exactly what your current job role is worth and what you should be earning.
“You should also be able to explain why you feel you should be earning more, providing specific examples of things you’ve accomplished since your last pay review and the wider impact these have had on the company. And finally, be sure to follow up in writing so you have a record of the discussion and its outcome.”