So Just How Much Are You Worth? Moving Jobs for More Money or Having the Dreaded Annual Review? Then the Subject of Pay Is Bound to Come Up. but How Do You Go about Negotiating a Better Deal without Jeopardising Your Future? by Niki Chesworth

The Evening Standard (London, England), February 11, 2016 | Go to article overview

So Just How Much Are You Worth? Moving Jobs for More Money or Having the Dreaded Annual Review? Then the Subject of Pay Is Bound to Come Up. but How Do You Go about Negotiating a Better Deal without Jeopardising Your Future? by Niki Chesworth


Byline: Niki Chesworth

JOBSEEKERS in London are looking to be paid substantially more than last year, which is pushing up median advertised pay in the capital to nearly PS70,000. The capital's jobhunters are expecting a six per cent pay increase compared to 2015 -- an increase that is twice the national average of three per cent -- a trend partly reflecting the growing skills gap in the capital.

With vacancies up nine per cent yearon-year, according to the latest Reed Job Index, those working in sectors with a talent shortage are receiving even bigger salary increases when they switch roles. Compared to a year ago, strategy and consultancy roles are now paying 39 per cent more, recruitment consultancy has seen a 20 per cent increase and retail (up 17 per cent), health and medicine (up 14 per cent) and general insurance (up 13 per cent) are also seeing double-digit growth in median salaries advertised.

Higher pay is paying off for recruiters, with sectors offering the highest salary packages and biggest pay rises seeing some of the largest increases in the number of applicants.

"Many employers are offering higher salaries to secure the talent they need to support their ambitions," says Mark Rhodes, marketing director of reed.co.uk.

DON'T SELL YOURSELF SHORT Even though employees expect a decent pay rise when they move roles, many are actually selling themselves short -- expecting to earn less than the amount companies are willing to offer, says Rhodes, who advises candidates to look online at salary checkers (such as reed.co.uk) before settling on a final figure.

You can also benchmark your pay at sites such as emolument.com and benchmarkmypay.co.uk, while many recruitment consultancies can also offer advice and often have online salary checkers. Even if you are armed with this information, asking for more money can be daunting, and many candidates find it hard to be assertive when asking for a higher salary.

So how do you negotiate without arguing yourself out of the job? These are Rhodes's tips: Take into account the position you are applying for. If you are a graduate looking for your big break, avoid money talk at all costs. If you are applying for a more senior position, take the time to access the going rate |for your level. If you have the confidence to ask for more, make sure you have evidence that proves you are worthy of that salary.

After you have armed yourself with the latest data on the market, set three numbers in your mind: What's your ideal salary? What number are you hoping to hear? Number no-go: what will you simply walk away from? Wait until an offer is on the table. This is when you have the most leverage, because the company is interested in you.

If the offer does not blow your socks off, consider negotiating. …

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