Interesting article that I thought I’d share! Be sure of your facts so you can confidently argue your current pay is not in line with the market.
Check comparable salaries
Try to find out what somebody doing your job, in your region, with your number of years’ experience is likely to be paid. “Then use this as a benchmark for your own negotiation,” says Davinia Tomlinson, the founder of rainchq, a financial education website for women.
Ask your HR department for the current salary bands for your role.
Speak to a recruitment consultant about the kind of salary you could command if you looked for an equivalent job, or “go on job sites and see what’s being advertised right now”, says Simon Horton, the author of Change Their Mind: 6 Steps to Persuade Anyone Anytime. “You’ve got to help your boss persuade other people like their boss, HR or the finance director. The more real life examples you can give, the better.”
If you have friends or colleagues in similar roles, ask them what they are being paid, Tomlinson says. “In the end, pay transparency is in everyone’s best interests.”
There may be a gender pay gap in your industry, so if you’re a woman, “don’t only talk with other women to get your facts – or you might not realise how high is possible”, says Angelique Bellmer Krembs, the co-author of You Should Smile More: How to Dismantle Gender Bias in the Workplace.
Understand the going rate for your industry and level of experience
IPSE’s Andy Chamberlain
Ultimately, your goal with this research is to enable you to argue that your current pay is not in line with the market, where demand is strong and job vacancies are at a record high. “Great employees cost a lot to replace and, given the current market, you’re already in a strong position,” Ellie Green of Totaljobs says.
If you are a freelancer, you should constantly review your rates, says Andy Chamberlain, a director at IPSE, the non-profit organisation for the self-employed: “Understand the going rate for your industry and level of experience.”
See below for the full article: