Who wants to be a millionaire? Actually, not us
According to a survey of 4,500 UK workers:
· The country’s ideal salary is £38,000
· 70% feel they will never earn their ideal salary in their current job
· 41% will keep moving jobs to achieve their ideal salary
· 51% are too embarrassed to discuss pay in job interviews or with their current employer
Money may not buy you love, but it seems that an extra £1,000 a month will go a long way to helping Britons buy comfort.
New research among 4,500 UK workers by Jobsite.co.uk, one of the UK’s leading online recruiters, reveals that the country’s ideal salary is a realistic £38,000 a year.1
The average worker claims to need an extra £13,000 a year on top of their current salary to live comfortably. Based on the average UK salary of £25,000, this means Brits would be content taking home well under £40k a year for the rest of their lives. This represents a little over two days’ work for Manchester United’s Cristiano Ronaldo – or 10 minutes’ work for hedge fund manager and Wall Street’s highest-ever earner John Paulson.2
Yet 7 out of 10 workers believe they will never reach their ideal salary in their current job with 41 per cent saying they will continue to move jobs until they earn their ideal amount. Three out of 10 workers are unhappy with the amount of money they earn at the moment, while a fifth (19 per cent) feel underpaid for their job.
This is maybe not surprising, as more than a quarter of workers (27 per cent) claim never to have had a pay rise, while a third (36 per cent) have waited a year or more since their last increase.
However, it seems that British reserve and taboos about discussing money may be playing their part. Fifty-one per cent of those polled said they felt too embarrassed to discuss pay in a job interview or request a rise in their current position, while 58 per cent would not speak to their employer if they felt they were due an appraisal.
Keith Potts, CEO of Jobsite.co.uk, said: “Far from wanting to be millionaires, Brits have a fairly realistic annual salary in mind that they’d like to earn.
“The key to negotiating a good salary at interview or with your current employer is having the confidence to show what your skills and expertise are worth. Part of our website www.bemyinterviewer.co.uk offers video advice from leading UK bosses on how to get the salary you deserve.”
Top tips for negotiating a better salary
1. Do your homework
You need to be realistic. Find out not just what the industry pays, but what a company of a similar size to yours and in a similar location is paying people at your level and with your experience. This will not only strengthen your case but also mean that your employer or prospective employer will treat you seriously. Above all, ensure you’re being realistic.
2. Be objective
Many people are uncomfortable with discussing their pay. A way to avoid this – and to improve your chances of a pay rise – is to be as objective as possible. Don’t make your claim personal to yourself. Instead, think about the objective criteria uncovered in your research.
3. Strike the right tone
You don’t want to appear overly pushy or aggressive. Pay is as much about how your employer values you as it is your own material gain. Let your boss know that you will listen and try to understand their views.
4. Look at it from your boss’s / interviewer’s point of view
Your boss will have concerns and considerations like you. It may be that they would like to pay you more, but there are clear salary bands that they cannot break or a limited wage budget that they can dip into. To get them to agree, you’ll need to anticipate the concerns of your boss and address them.
5. Don’t be too inflexible
If your boss or interviewer can’t meet your demands, be prepared to negotiate and compromise – work with them to reach a decision that satisfies both of you. Look to find solutions and ensure you have a plan B in place – if they can’t offer you the pay you want now, would they be happy to do so after a review in six months’ time?