It’s awkward, intense and downright debilitating, but asking for a pay rise is something we all need to do one day.
According to a recent survey by employment marketplace, SEEK, 52% of Aussies feel uncomfortable asking for a pay rise. And with the CPI now hitting 1.8%, Aussies should be receiving that at a minimum.
More than half of women (61%) admitted that they were unlikely to ask an employer for a pay rise in the future, compared to 40% of men.
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How to get a pay rise in 2019
When asked what would influence an employer to decide salary, 37% of Aussies said years of experience in the same industry or job type.
One common way to increase your chances of getting a pay rise this year could be to consider ‘upskilling’.
Upskilling refers to improving your skills to help with your current job.
Some of the most common forms of upskilling that Aussies have undertaken in the last 12 months include on-the-job-training (52%), and keeping up to date with changes in the industry (41%).
But before you write off the idea, it might surprise you to know that nearly 63% of employed Aussies are likely to upskill in the next 12 months.
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Group HR Direction at SEEK, Kathleen McCudden believes that employees who take the opportunity to upskill will see it pay off in a form other than financially.
“Research has shown that when employees utilise their strengths at work, it encourages them to achieve more, improves their confidence and leads to increase satisfaction with their work,” she said.
“Often, people feel reliant on their job titles and previous experience, with their current role defining their future career rather than thinking more broadly.”
And while 67% of Aussies think their employer should pay for their training, the decision on whether there is value in enhancing your skill set is up to the employee.
What you should do next
If you’re a lucky Aussies who’s just received a pay rise (congrats!), you might be wondering what to do next with your newfound fortune.
Although it can be tempting to hit up your favorite retailer to spend up a storm, it’s better to be more practical with your approach.
4 things to do after you get a pay rise
- Update your life insurance policy: Since your circumstances have changed and you’re technically worth a little more than the last time you paid your premium, it might be a good idea to update your life insurance policy. This will ensure that the payout your family receives if you were to pass away accurately reflects your new income.
- Make small changes to your budget: With your salary increasing, you might also want to revisit your budget. You could find you have a little more wiggle room with certain spending.
- Pay off any debt: There’s nothing wrong with treating yourself, after all, you worked hard for that pay rise. But it could also be worth using the extra money to pay down credit card debt.
- Put some extra cash into a savings account: And if you really want to give yourself that extra bonus, top up your savings stash!
Whether you’ve just been rewarded with a pay rise or are about to start a family, there’s never a bad time to compare your life insurance options. Head on over to our life insurance comparison tool to check out a range of policies today.