What to ask for in lieu of a pay increase
Employers will be looking to significantly raise salaries in 2022 in a bid to address growing staff retention and recruitment challenges, according to the latest Labour Market Outlook report from the CIPD. Employers will also be looking at new ways to address the demand for flexible working and provide more training and development opportunities.
Employers anticipate making pay awards of 3% in 2022 as they look to combat increasing recruitment and retention difficulties. The Consumer Prices Index (CPI) rose by 5.5% in the 12 months to January 2022, up from 5.4% to December 2021. This is the highest CPI 12-month inflation rate in the National Statistic series, which began in January 1997, and it was last higher in the historical modelled series in March 1992, when it stood at 7.1%.
So, if your employer cannot financially increase your salary, what benefits can you ask for in lieu of a pay rise? Negotiating for options that have positive effects on your career and health and well-being over the long term may be your best way forward. We have outlined some possible requests below:
Flexible working options
70% of global employees work remotely at least one day a week and since COVID-19, many UK businesses are now set up to offer their staff homeworking options – it’s important to check your employers home working policy but if you have worked for your employer for at least 26 weeks, you can make a formal flexible working request.
Increased holiday allowance.
Almost all workers are legally entitled to 5.6 weeks' (28 days) paid holiday per year (known as statutory leave entitlement or annual leave). Employers are allowed to include bank holidays in this count, and as an employer, it’s their choice whether or not they choose to offer bank holidays as paid leave - this should always be outlined in an employment contract. Asking for additional paid holiday allowance is an attractive benefit.
Learning & Development
When thinking about your career in the year ahead, what challenging or exciting new work could you undertake to expand your skills? What skills do you know your team needs but is currently lacking?
On-the-job training, career opportunities, mentorships and courses can provide you with skills development while also providing the organisation with the opportunity to cover any skill gaps to meet its goals.
If you decide that your employer can’t offer you what you need then perhaps it’s time for a change, contact our experienced team today to discuss all our opportunities on 01722 448 448