Whether you’re happy in your current job or looking for something new to motivate you, the remuneration you’re paid will understandably play a big part in your career decisions. But if you’ve been in a role for a while and haven’t had a salary increase yet, is it time to ask for a pay rise?
Here are seven signs that it’s time to ask for more money or look for a new energy job:
1. You haven’t had a pay increase in some time
Perhaps the most obvious starting point is looking at when you last had a pay rise. If it’s been a long time or if you’ve passed your probationary period in a new job, but your salary has stayed the same, now would be a good time to talk to your manager. Remember to go into these conversations with an open mind and a willingness to talk rather than taking a defensive approach straight away. There may be a reason that your salary hasn’t yet increased (or a rise may be on the cards), so you don’t want to damage relationships with the management team.
2. Your job title has changed, but money’s the same
The skills shortages across the energy field are well-documented and during the global pandemic, people were faced with taking on additional work to cover for sick colleagues or pick up the slack for staff exiting the business. For many, this has led to additional responsibilities and for some, it has also resulted in a new job title. However, if you’ve had a change in job title or workload but your pay hasn’t changed, it’s definitely time to ask for a salary increase.
3. Other employers are starting to notice you
Are you seeing an increase in recruitment firms or other employers reaching out to you on LinkedIn? Have people in your network begun talking to you about new opportunities in their business? If so, it’s worth taking a moment to step back and take a realistic look at where your career is going, how happy you are with your remuneration and if there are other, better, opportunities elsewhere. If you’re being noticed more by others, then your skills are in high demand which will likely mean you can command better pay either in your current role or elsewhere.
4. Living costs are growing significantly faster than your pay
We all know that the cost-of-living is increasing at an exponential rate and is causing concern across the UK. While the sheer scale of inflation and living costs makes it almost impossible for employers to match salaries against this growth, some increase should be expected. If you’re finding that you’re struggling to make your salary last the month despite making cutbacks and haven’t had a pay increase in some time, it’s probably time to begin the conversation on a possible increase in your salary. It always pays to be honest with your employer, so don’t feel afraid to let them know that you feel your wages aren’t increasing in line with inflation.
5. Your performance review is coming up
A performance review or appraisal is always the perfect time to bring up the subject of your remuneration. If you know if you are due a review, take a look at your last appraisal and assess how far you’ve come since then. Have you met all of your targets? Have you gone above and beyond recently? Have you developed new skills that have been beneficial for your employer (or could be valuable to another energy firm)? If the answer is yes, then you have a strong argument for a pay increase. Make sure you have all of this information to hand ahead of your performance review so that you’re able to cite reasons you deserve more money.
6. Others are being paid more than you
Knowing the average salaries of others with similar skills or in similar roles will be crucial in both deciding if it’s time to ask for a pay rise and during the negotiation stage itself. If you’ve been in a role for some time, it’s difficult to know if you’re being paid enough without first looking at other jobs and given that so few adverts these days include pay brackets, it’s often only once you start interviewing that you get an insight into the salary on offer.
There are tools available, though. Our salary checker, for example, enables you to benchmark your pay against others in the sector with similar skills or similar roles – why not take a look today to see if you should be asking for more.
7. The company is growing but you’re not seeing the return
It’s no secret that the energy sector is reporting significant growth at the moment. In fact, the UK Treasury has estimated that the country’s gas producers and electricity generators could report excess profits of £170 billion over the next two years.
Of course, every business will see different scales of growth, but if your firm is reporting increased profits, but you haven’t had a pay increase for some time, then it’s time to ask for more.
Want a better picture of the pay you could earn? Try our new salary checker tool!