Fintech Top Tips For Getting A Pay Rise In 2024

This year asking for a pay rise is more important than ever despite the economic challenges fintechs faced in 2023. With interest rates in flux and expenses climbing, it’s time to seize the moment. There’s lots of encouraging data that proves asking for a pay rise will be worth your time and could result in positive news. Startups published their survey of over 500 UK businesses, where they asked whether they were likely to give pay raises in 2024. They described their findings as a ‘payday jackpot.’ More than half of all businesses in every sector said they were likely to give pay rises. Fintech businesses were at the top of the table with an impressive 80% likelihood of a raise. Even better news is from Mercer, the US Compensation Planning Survey, who stated that the average pay increase is expected to be 9.2%. On success rates of people actually asking and negotiating for a pay rise there are some eye-opening results. In 2018, Payscale surveyed over 160,000 people. They revealed that 70% who asked for a raise got one, with 39% scoring exactly what they asked for.

This gives even more reason to work on how you ask. Here are some tips from fintech experts on giving yourself the best chance of a pay rise this year.

Be fact-based

Isabel Pitt is a successful fintech Product Director and CTO. She recommends preparing for a “fact-based” conversation with the appropriate person in management. She says “I want to go in prepared.” To accomplish this, she conducts market research and gathers information on market rates. This entails analyzing job descriptions to comprehend the comparison fully. Taking it further, she encourages people to “write down the value” they are adding and how they go above and beyond the tasks expected of them. She says that doesn’t mean just what you are doing for a role but “also the intangible,” such as what you bring to the culture and how you improve the company. Isabel explained that it should be a “conversation and not a battle.” Both parties should feel valued and respected in the process.

Keep up the dialogue

Neha says asking for a pay rise “should be a continual thing.” Neha Mittal is a Fintech veteran holding positions of COO and CFO. She suggests tying the pay conversation to objectives and targets set during check-ins with your manager. She adds, “Do not be shy.” If you feel like you want to get to that stage, be sure to ask questions about expectations in terms of responsibilities and achievements. Give yourself the best chance by having regular updates on how you have completed these objectives and what is next. It is worth noting that you should book a meeting with your manager to discuss your pay rise privately and not expect an answer immediately. You shouldn’t be assumptive that you will get it; instead, see it as a continual journey of progress.

Know the Business context

It’s worth knowing whether the time is right to ask for a pay rise. If the business is in good financial health, you may want to capitalize on that. Knowing that the business faces financial difficulties doesn’t mean you shouldn’t ask. It does mean you should be aware of that and acknowledge it. You don’t want to seem ill-informed or out of touch. Will Marwick, the CEO of IFX Payments, say don’t forget the “mindset of the person receiving the pay rise request.” To increase your chances of getting a pay rise, avoid solely focusing on how it would benefit you and your lifestyle. Instead, Will encourages people to consider their role and effect on the wider team and business. Managers, he continues, “think about the team and the business and how those all interact with one.” Present evidence of how you go above and beyond your role description. This will put you in a strong position to secure that coveted pay increase.

A 2024 Business Insider report reveals that both US and UK employers are gearing up to boost their salary budgets by around 4%. Despite these figures, it doesn’t mean you will automatically receive one. It is essential to speak up for yourself; implementing these suggestions can improve your likelihood of succeeding.