News Article

BUSINESS NEWS-More than a quarter of women ‘have never asked for a pay rise’

Posted 22nd October 2019 • Written by yahoo finance •

More than a quarter of women say they have never asked for a pay rise – compared with less than a fifth of men – a survey has found.

Some 27% of women surveyed have never broached the subject with their boss, compared with 18% of men, a study to highlight Good Money Week (October 5 to 11) found.

This year’s Good Money Week, a campaign to raise awareness of ethical and sustainable finance, aims to encourage workers to start conversations about money, particularly around where their pension is being invested.

The survey found men are more likely to feel more excited and empowered when asking their boss to stump up more cash, while women tend to feel more awkward.

  • Men, 19%
  • Women, 8%

Men were also more likely to regularly push for a pay rise.

Nearly a fifth (19%) of men will ask for a pay rise twice or more per year, compared with just under 8% of women, the survey of 2,000 people across the UK found.

Charlene Cranny, campaigns director, Good Money Week, said: “This year’s Good Money Week campaign is focusing on banishing the ‘awkwardness’ around important conversations we should be having with our employers.

“It’s disappointing to see that women could be losing out in the workplace because they are concerned about seeming awkward or difficult.

“Not only are they potentially missing out on pay rises, but this reluctance to ‘be a bother’ to their employers could also mean that their pension funds are being invested in companies that do not marry up with their values.

“Women have huge potential in the world of ethical and sustainable finance.”

Here are some tips for asking for a pay rise:
1. Time your request. Try not to ask when your boss is busy and consider asking in advance if there is some time they can put aside to discuss your progress.
2. Gather evidence of your recent achievements at work to back up your request for higher pay.
3. Be realistic about potential pay increases and if you do not initially have success, look out for ways you could progress, perhaps by asking for some extra training or taking on a new role which could lead to more pay.

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