Those who ask for a pay rise are highly likely to get one – it’s as simple as that, a study has found.
A Finder report revealed that one in five Australians – equivalent to 2.8 million people – asked for a salary increase in the last year.
Of those who requested, four in five respondents were successful in receiving a pay rise of some sort.
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The report found the average annual pay rise after asking was worth $3380.
Men secured an average increase of $3990, compared to $2424 for women.
Men were also more likely to have asked for a raise in the first place.
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Report author and personal finance expert Sarah Megginson said while the numbers should give employees the confidence to ask, it was concerning to see such a stark gender pay gap in the increases granted.
”The fact that just over 80 per cent of those who asked for a raise were successful should encourage more Australians to have that conversation with their employer,” she said.
“But it’s really worrying that women not only received smaller raises on average, but were also less likely to ask in the first place.”
Megginson also encouraged all workers to negotiate for more than just their salary.
“Remember – ‘don’t ask, don’t get’ extends beyond your salary – it’s also the approach you should take when it comes to your insurance, savings account or energy bill,” she said.
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How do I ask for a pay rise?
Finder recommends a variety of steps to take before approaching your employer.
First, it’s important to do your research – know your worth and salary benchmarks based on your industry and experience level.
Prepare a list of your achievements and extra responsibilities you’ve taken on to show how your work has positively impacted the company.
Timing is key, so it might be a good idea to ask after a successful project or during performance reviews.
Finally, make sure to have a backup plan.
If a salary increase isn’t possible right now, try negotiating for other benefits like additional leave or performance-based bonuses.
Ensure to keep the conversation polite, open and flexible.
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