The UK Statistics Office have announced today that the UK economy run rate for inflation is now at a staggering 0%. For those of you who like me are a little older, this contrasts starkly with the inflation rate of 8% that I remember so vividly in 1991. We genuinely thought we were going to lose our house as the interest rate spiked to around the 15% mark, a day to forget I suppose but one I vividly remember
A period of low inflation can actually help an economy. We’ve been through a tough period in the last few years and the economy seems to be starting to increase in strength. Salaries; however are not increasing, a symptom of low inflation so we aren’t getting to feel much better as far as our spending power is concerned.
In reality, low inflation means low salary increases. Employers argue (quite correctly) that they are struggling to generate higher prices for their goods to their customers so can ill afford to give money away in salary increases.
So, What Are My Options?
If you are stuck in low salary inflation, you have three options:
(1) Stay where you are and put up with it
(2) Ask for a raise or look to get promoted
(3) Look for a better job
In my opinion, staying where you are is not an option, you owe it to yourself and your family to get the very best deal you can for them. Some people are afraid of change and think that job security is important. Truth is, there is no such think as job security. if your employer is in financial difficulty, they will cut costs.
Asking for a raise may be a good option. If an employer sees the value that you deliver, they will often give you a raise, particularly if you are of importance to them. Pluck up the courage and go for it. What have you got to lose?
Looking for promotion or progression within a company is a great idea. Ask about the promotional prospects, see what you need to do in order to progress and above all, deliver value for your employer.
If you’re thinking about changing job roles, now is a great time to move, opportunities are opening up for people all over the world. If you have a CV, dust it off and send it over, we’ll be happy to look over it at no cost to you: https://cvthatworks.co.uk/free-cv-review/
Author: Glenn Hughes
I’m a professional CV writer who also writes website content, LinkedIn profiles, helps people with bespoke job applications and more. I’ve been writing for the internet since 2009 and have many published articles.