Getting a pay rise or promotion will no doubt be a top goal for lots of workers n 2022.
This is especially relevant as families face a cost of living crisis over the following months, with inflation at its highest level in ten years and energy bills soaring.
But how do you go about asking for a pay increase from the boss? We speak to experts to get their tips.
It may come as no surprise that asking for that all-important wage boost is about preparation and timing the conversation.
James Andrews, senior personal finance editor at money.co.uk, told The Mirror the worst thing you can do is go into a meeting with your employer without doing your research first.
You should first find out how much other people in your industry get paid for doing a similar job, as well as what your salary colleagues are on.
Asking for a promotion can be awkward but you shouldn't shy away from the conversation if you feel you deserve it
“Find out how your salary compares to the wider market by researching job ads online or using tools like LinkedIn Salary or Totaljobs’ salary checker,” said James.
“You also need to know how you compare with other people in your company. The 2010 Equality Act gives you the right to ask, and tell, your colleagues about what you earn for the purposes of bargaining or protection.
“That means if you’re being paid less than someone in an equivalent role your boss can’t stop you talking about it.”
Once you’re armed with these facts, you should also decide how much extra money you want or what job role you're after in the company.
It won’t do you any favours if you go into a negotiation without setting out clearly what you’re after.
You also need to be ready to justify your case and why you deserve more pay or that promotion.
Have you successfully managed to secure a promotion from your boss? Let us know: email@example.com
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This could be by writing down all your achievements in the last 12 months, as well as what goals you'd like to achieve in the future so your boss knows you're looking for a long-term career.
If 2021 was a good year for the business and the company is thriving, then you should strike while the iron is hot, says James.
He added: “If you can show you were responsible for something (such as a new contract or client) that is bringing in extra money for the firm each month/year, then that is something you should highlight. If you can quantify your contribution in monetary terms, even better.
“On the other hand, if your employer has recently announced losses or let staff members go, then they are probably not in the best position to be expending more money.
“If that is the case, then now might not be the best time to ask for a promotion or pay rise. Wait until the company is in a healthier position.”
If you do decide the time is right to ask for a pay rise, then you should try and call a meeting (in-person or by video call is best) on a day when your team is less likely to be busy.
Ultimately, you shouldn’t be scared of having the conversation about your improvement in the company.
Try not to be intimidated and nervous, and keep the meeting positive by highlighting all your career successes and future goals.
But if things don’t go as planned, be prepared for how you’ll respond to your employer – for example, you should try and be pragmatic by asking them how you could improve in order to get that pay rise.
Claire Williams, chief people officer at HR software provider CIPHR, said: “The conversation will still hopefully have a positive impact – the company will be aware of what you are looking to earn or achieve.
“Therefore, whilst it might not be an overnight change, they can take that into consideration when reviewing salaries or considering development and progression opportunities moving forward.
“How the company react with the knowledge that you are a flight risk may also help you make longer term decisions around if they are the right employer for you – are they making an effort to retain you in other ways or not?”