For most workers, rising inflation has not been matched by proportionate pay rises.
From the petrol pump, to the supermarket shelves, we're being hit with price hikes right across the board – and many will be looking for pay increases to help cushion the blow.
Before you approach your employer, there are a few things you should take note of.
Preparation is key: Prove you deserve a pay rise
Asking your employer for a pay rise may seem daunting, but it helps to be prepared.
Kieran McKeown, Managing Director of Matrix Recruitment said it is important to show your employer why you deserve a rise.
He suggested writing down your achievements before your meeting.
"Focus on what you have brought to the company in the time since your last pay increase," he said.
"For example, have you taken on additional responsibilities or is there an example of a successful project or campaign you have completed."
If so, he said this could serve you well when it comes to negotiating a pay rise.
Do your research: Check out salary guides
Next up, Mr McKeown said to do your research, and get an idea what those in comparable positions at similar sized organisations earn.
There are many salary guides issued annually, such as the Matrix Recruitment salary guide.
Mr McKeown said such guides could provide you with strong evidence that your current pay is not in-line with industry standards.
IrishJobs.ie also have a salary guide available where you can compare salaries across a number of sectors.
Orla Moran, General Manager of IrishJobs.ie said it is also worth looking at the jobs advertised in your industry.
"You should be able to find the going rate for your job and the next level up, if that is your choice," she said.
"Make a note of this figure," she advised.
"As all discussions regarding salary will orbit around that figure - but do allow a small margin for some wriggle room in negotiation."
How to ask for a rise: Public sector vs private sector:
How you go about asking for a pay rise will depend on whether you work in the public or private sector.
In the public sector, most workers are in a pay grade where they get service-related increments until they reach the top of their band.
However, Mr McKeown of Matrix Recruitment said if an employee in the public sector feels they are deserving of a salary increase in the interim, they can, in some cases, request a valuation or seek a promotion.
In contrast, private sector workers are more likely to get a pay rise based on their performance.
Setting up a meeting: Be ready to negotiate
You should choose your timing wisely when it comes to setting up a meeting with your boss.
"Don't ambush your boss or start the conversation somewhere unsuitable," said Ms Moran of IrishJobs.ie.
She said ideally, you should have an annual or quarterly review so you can raise the subject in that forum.
"If not, then set up a meeting and let your manager know that this is something you would like to discuss," she advised.
Once you are in the meeting, Ms Moran said you should be prepared to negotiate.
"No employer will take a poor view of you trying to negotiate, provided you do it in a friendly and courteous fashion.
"The worst that can happen is you won’t get what you want," she said.
The money: Have a figure in mind
When it comes to how much of a pay rise you’re looking for, it helps to have a figure in mind before heading into the meeting.
Mr McKeown said this is where it helps to have done your research.
"It will show you’re taking this seriously, are professional in your approach, and have solid facts to back you up," he said.
"If you ask for a figure that is too high, you risk coming across as naïve or even arrogant and you may be denied any sort of raise."
"On the other hand, if you ask for a figure that is too low, you may end up resenting working there when you know you deserve more and could be paid higher elsewhere," he explained.
Mr McKeown said it is typically acceptable to ask for around 5% more than what you are currently making.
Bringing up other job offers: Not always a good idea
If you’ve had a higher paid job offer from another company, you may be wondering if it is a good idea to mention that to your boss in an attempt to negotiate a better wage.
Ms Moran from IrishJobs.ie said she would not recommend this approach.
"It shows no loyalty and will not benefit your negotiations," she said.
If you are considering taking up a role elsewhere, and have a genuine job offer, she said you could think about asking your company to match the salary of the counteroffer.
"If you are in this position, you should consider what motivated you to apply for a new job in the first place."
"Maybe it is genuinely time for you to take the next step in your career," she said.
Mr McKeown said this approach will only work in certain circumstances, and it is always going to be a risk.
He said to evaluate your audience, before you start this conversation.
"You’ll probably know your boss well and how they are likely to react to this news.
"If they are likely to get defensive or view this as a form of ultimatum, I’d avoid this approach," he said.
But he said in some circumstances you may feel you need to bring it up.
If the offer is too good to ignore, he said you may decide that staying or leaving will depend on whether or not you get a pay rise.
"In this case, I’d suggest explaining you interviewed elsewhere to explore the market but emphasise that you would rather keep your current position, if possible, but want to be fairly compensated.
"This way you are reaffirming your commitment but you are also letting your employer know you do have options available to you," he suggested.
What not say at a pay rise meeting: Don’t threaten to quit
In general, Ms Moran said you should not make ultimatums.
"Certainly, do not threaten to quit your position if you do not get a raise," she said.
"It will damage your standing with your manager, and you may put yourself in a situation where you feel obliged to act on your ultimatum."
Mr McKeown said he would advise that you steer clear of co-worker comparison.
"Even if you know their earnings, or feel you’re taking on more than them and therefore more deserving, bringing this up is a bad idea.
"The meeting is not about them, it’s about you and why you’re deserving of the pay rise," he said.
He also said to avoid getting too personal.
"Using matters such as rent or mortgage costs or personal debt as leverage for extra compensation puts your employer in an awkward position.
"Obviously, it’s important that your employer takes an interest in your personal life to ensure your wellbeing, but bringing these matters to light as a negotiating tool is not appropriate," he said.
Mr McKeown also said not to bring up inflation as a reason why you should get a pay rise.
"In my view, inflation is a separate issue and a separate discussion, simply because a salary increase related to the cost-of-living affects every employee.
"Yes, a conversation needs to be had, but this isn’t the right setting for it.
"That said, everyone is aware of the increase in the cost-of-living, so it makes sense that you too are aware of this and how it affects your market value," he said.
But he said he would avoid bringing it up explicitly as a reason for a raise, as it might backfire.
"An employer’s response might be that their expenses and the cost of business are rising too because of inflation," he pointed out.
Pay rise turned down: What next?
Don’t just focus on the pay rise during your discussion.
Ms Moran said conditions such as flexible working, bonuses, commission and overtime are all elements you could include in your negotiations.
"Working from home, for example, may not add to your month-end salary.
"Still, if you do a careful calculation, you may be surprised how much you save in fuel and transport costs," she said.
This is particularly relevant with the current cost of living.
But if all of your requests are shut down by your employer, and you feel the time is right to move on from your organisation, Ms Moran said there has never been a better time to look for a new job.
"Our most recent job index showed there are 44% more jobs available at the moment than at the same time last year, with opportunities open across a wide range of industries," she said.
Mr McKeown shared a similar view.
He said you can request that your situation be reviewed again within a certain timeframe, or you can consider your options elsewhere if you are still not happy.
"You may want to re-evaluate what's important to you and whether staying in your current role at your current rate is going to result in increased dissatisfaction for you and even company resentment," he said.
If your employer is not willing to budge, Mr McKeown said the market for jobseekers at the moment is incredibly buoyant.
"At Matrix Recruitment, we’re seeing a huge number of both contract and permanent roles across all industries," he said.
He said most people receive a salary increase when they move to a new job, of between 10 to 20%.
"It comes down to weighing up the pros and cons of what it would mean to stay and what it would mean to leave.
"Do what is right for you but a considered approach is best and don’t make any drastic moves too quickly," he said.
Go for it: If you don’t ask, you won’t get
There is no guarantee that your pay rise request will be granted, but Mr McKeown said that shouldn’t stop you from asking.
"If you feel you’re deserving of a pay increase, always ask.
"If you don’t, you won’t get it," he said.
Regardless of the outcome, Mr McKeown said you will be glad you voiced your needs to your employer.
"It is likely they’ll be impressed with your determination and professionalism," he added.
