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You can only build you case , and ask for a pay rise, look at other jobs on the current market to back your case, maybe don’t use the fact about other colleagues, be self assured at you own worth , and put your case to your manager , it seem you quite enjoy working for your current firm , but it might be time to consider moving company’s to feel more financially valued if you don’t get any results from asking for a pay rise 20k is quite a difference to you quality of life !
You really have two options: either continue suffering in silence and letting it gnaw at you, or go to your manager and tell them you either want more comp or fewer responsibilities. You can present that option to them respectfully and dispassionately. It's nature of business and employment: Employees should be paid based on the value they provide. All else is irrelevant--education, prior experience, friendships, etc. If those don't add value to your work, they shouldn't matter.
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The company is not going to raise your salary unless you have significant leverage to use.
I.e you have an actual job offer from another employer, a competitor, and therefore it can be demonstrated to your existing employer that you are underpaid.
Unless you are crucial to their operation, in such a way, that losing you would make their life very difficult, they're not going to raise your salary by £20k just for asking.
Any payrise (if any) would be meagre, and not come close to being equal to, or more than the junior analyst.
The best way to increase your salary is to negotiate a higher salary by jumping ship to another company, but then you have the risk of not enjoying working for the other company. So you will have to do your research on the other company, including but not limited to on here.
The Junior analyst may have moved around more, they may have lied about the salary they were on at the other company, in order to get a higher salary at the company you work for.
How did you find out that you colleague was making more money? It will matter as to how you bring it up to management.
That makes your conversation with managing a little dicey. Will your colleague mind your taking on this battle based on a private conversation?
This is why employees should never discuss their comp with one another. If you negotiated your salary on the way in and you haven't been there that long it is on you. That said, I do think you should present your case to your manager by referring to your independent research in the market. I would not refer to the other employee or compare your workload to some else. You build your case based on your experience and accomplishments alone.
This is exactly why employees should talk about their comp. More senior staff should be paid more.
If you are an employer & you pay a junior more than their senior, expect to lose experience from your own fault.
You have just insulted your employee, it is worse if you have the senior training them.
I think you should ask for a pay rise based on your own experience, not referring to your colleagues, because some organisations are very sentimental about who they like and who they hate so based on that judgement, promotion is done.
Do you people really think the company's gonna raise their pay? You people are so delulu
I'd build my case and find supporting analysts to back those claims I intend to highlight. I would also be looking for another potential job in case plan A doesn't pan out. Also, you could ask for a raise or fewer responsibilities that are consistent with your pay grade. Wishing you the best.
Tell the company to increase your pay
The possibility of your junior colleague being your senior is high before you bargain for a paycheck rise, how competitive are you? your junior may have more experience and also education besides he may be in to learn the system before taking leadership responsibility for your company or departments.
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Go have the discussion and ask them to outline what they think is stopping you from having the pay rise in line with your peer(s).
That way a) you know the reasoning b) you have a way forward c) you went in with not just a demand but a conversation willing to explore d) you have then made them nail down some specifics - if you have those or go away and get those, then what excuse can they have left & e) you may just leave the meeting with a pay rise agreed rather than having to jump through hoops, if you can clearly demonstrate you are meeting requirements. Good luck!
Sounds like this is protected under pay discrimination if it is gender or other factor based and not based on experiance/education - totally worth it to bring up.
You are not being unreasonable! Know your worth!