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Pay negotiations: Why now is the time to talk to your manager

Now is a good time for you to negotiate pay with your manager, says senior adviser at Finansforbundet.

4. Sep 2023
3 min
English / Dansk
“Money is out there right now, and the members might as well try get their hands on it”, says Senior Adviser at Finansforbundet, Rasmus Nørgaard Høgh.

Is now the time to ask for a pay rise? Or would it be better to wait?

Finding the right time to negotiate pay with your manager can be difficult.

But now is actually a very good time to do so according to Rasmus Nørgaard Høgh, Senior Adviser at Finansforbundet.

“Money is out there right now, and the members might as well try to get their hands on it,” he says, pointing to the fact that, lately, many banks have presented record-breaking results on end and adjusted their expectations for the year upwards.

ALSO READ: Record-breaking year: These banks have adjusted their expectations (in Danish only)

More money to go around during a boom

In the spring of this year, Finansforbundet and the Danish Employers' Association for the Financial Sector (FA) agreed on a new standard collective agreement that included a pay rise of 4.50 per cent this year for financial sector employees.

But there may still be more money to negotiate for, explains Rasmus Nørgaard Høgh, referring to the so-called wage drift, a term used to describe the actual salary development experienced by companies in the financial sector – in addition to the salary increases agreed through collective bargaining.

Looking at wage drift statistics in the financial sector since 1991, the tendency is clear.

“Not surprisingly, our analyses show that wage drifts are higher during booms like the present. This increases the amount of negotiable money in the companies, and that's why the individual employee shouldn’t refrain from trying to get a higher pay check,” says Rasmus Nørgaard Høgh.

(Artiklen fortsætter efter boksen)

Negotiating pay isn't something you can do with your eyes shut

He offers some good advice on how to go about it if you want your manager to pay you more.

“The trick is to be well-prepared. Negotiating pay isn't something you can do with your eyes shut”.
He recommends having a look at the salary calculator from Finansforbundet.

Check your pay level

In addition, it is a good idea to prepare your manager for the demands and expectations you will be bringing up at the pay negotiations, so the manager won't feel ambushed.

There is no quick fix in pay negotiations. It is often a process taking a long time! You should therefore look for those informal occasions to sow some seeds and point out the things you would like to negotiate. The next step is to make some ambitious demands,” says Rasmus Nørgaard Høgh.

 

“Almost everyone working in the financial sector is entitled to annual pay talks with their manager, so it's just a matter of getting started.”
- Rasmus Nørgaard Høgh, Finansforbundet,

Pay negotiations are a process 

When the actual negotiations start, it is important that you, and not your manager, open the ball, so that your wishes and demands become the basis of the negotiations, explains the senior adviser.
He also says that it is a good idea to prepare yourself for getting a no at first, which happens in all negotiations.
“But you should never think that being told no is final and irrevocable. It is important that you remain optimistic and keep going, and that you never make it personal by expressing indignation or frustration. Be tough on the problem, not the manager, and take your time to ask what is needed for your demands to be met,” says Rasmus Nørgaard Høgh.
And do not get frustrated if you leave your manager’s office with no extra money in sight the first time around.
“Remember that pay negotiations are a process that takes a long time, which means that you will often experience being told no many times before being told yes. And if you are told yes from the start, you might have sold yourself short, claims Rasmus Nørgaard Høgh, finishing on an encouraging note:
“Almost everyone working in the financial sector is entitled to annual pay talks with their manager, so it's just a matter of getting started.”

 

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