Pay Rise - How much?

[milly143]

I will be discussing a pay rise with my bosses soon and whilst I know they agree I should have a pay rise, no amount has been mentioned. I have been in the job for 3 years with no pay increase since I started and I know I have made changes that have saved the company money. They also know this. I have a feeling they will probably ask me if I have a figure in mind but I really don't have a clue what to say. Is there anything you should base it on?

[ummmm]

How are you paid now? Hourly or salaried?

[milly143]

Salaried.

[ummmm]

I would work out your hourly rate and add £1.00 to £1.50 on top of that.

[milly143]

ok, this is going to make me look really quite dumb and undeserving of a pay rise at all but to work out hourly rate do I just divide my salary by 365 and then divide that by the 8 (hours a day)?

[KJN]

Companies usually take the Retail Price Index and other indexes for the previous year and add to them a small percentage as a guide, why dont you throw a figure of 6% at them and see their reaction, then settle for 4% which I think is a fair increase at this time.(this is a personal view and am sure there will be others who say go for more and some will say go for less) its a tricky question to answer.

[milly143]

Thanks KJN. To be honest, it's unlikely they will be looking at any indexes. It's only a really small firm and one of the bosses is actually my brother, although I do get treated the same as the others in terms of wages, etc. The conversation is more likely to go along the lines of "who much do you want?" "no, how about this much", "there you go, put the kettle on please".

[ChuckFickens]

No don't divide by 365 (unless you do work 365 days a year!)

Divide by 52 then divide by the amount of hours a week you work

[ummmm]

Your Brother..!!

Right...put in writing how much money you have saved him. If you have managed to do your job as well as someone elses. Figure out how much that is worth.

[Ankou]

are they really likely to ask you how much you want ?

in this current state, its more likely they'll say its this, take it or leave it ?

think of it in monetary terms, what would an extra £500 a year mean to you after taxes etc. what would £1,000 mean, and soon. a rise of around 3% would have little impact as relative cost of living is rising at that level or more anyway.

[milly143]

Yep, my brother. But as it's his (and another guys) business, they don't go soft with me. In fact probably the opposite. The other guys had pay rises last year but when it comes to me I just keep getting told, remind us next month when we have time to talk about it.

To be honest the woman who used to do my job was useless so in comparison I am so sort of mogul. The accountant dropped his monthly rate after about of year of me bieng here as he says he doesn't have to do so much work now.

[milly143]

Yeah, they will ask me if I have any thoughts on what I think I should be earning. That's how they do it with all the others and then they come to some sort of mutual agreement.

[Ankou]

how is the business performing, financially ?
how likely are you to leave if the rise is crap ?

[milly143]

We expect to nearly double our turnover this year as we've had some great jobs and they seem to be prompting more so it's going well.

They know I won't leave if they rise isn't big but I know they won't try and rip me off. That's why I want to try and come up with some sort of sensible but worthwhile figure.

[ummmm]

How much was the other woman paid? and how much have you saved in accountant fees?

Make sure you point that out to them...

[milly143]

When she left she was on the same salary I started with. The accountant has dropped his rate by £1200 per year.