With inflation rising to 7.9% at the end of February 2022, the highest since 1982, many workers are finding that their salaries aren’t enough to cover the subsequent rising cost of living. In the past year, we’ve also seen “The Great Talent Migration” resulting in an especially tight job market giving workers more leverage. So, if you’ve been waiting to negotiate a pay raise, now may be the perfect time. Here are the optimal situations to ask for a raise and some suggestions for how to go about it.
Taking on additional work and responsibilities
When you begin contributing more at work, and take on additional responsibilities, that’s a great time to negotiate a higher salary. Indeed has a great article outlining the basics behind asking for a raise stating, “tell them the increase or salary figure you’d like, cite the research you’ve done to arrive at that number, and close with examples of your work that justify a raise. When you give an example of your work, include a metric that makes the value clear.” Remind your employer how much more you’re taking on to make the case for your raise.
When you learn a new skill
Learning a new skill set is not only great for your resume but is also great for your employer. It illustrates that you are eager to continue furthering your professional growth and investing in your future. If your new degree or certification will benefit your job directly, you have more to offer your company and are more valuable. This is a great way to leverage a pay increase at work.
If you receive a promotion
There really isn’t a better time to ask for a raise than when you receive a promotion. If you’re receiving a promotion that means the company believes in you and your abilities. Most people assume that promotions come with a raise, but that isn’t always the case, and if you are receiving a raise, it may not be the salary increase you were hoping for. Especially with the current inflation rate, now is the time to negotiate a better salary.
Finally, the good news is that a lot of companies are open to pay increases for 2022. In fact, according to Forbes, “Almost 50% of those surveyed said they’re planning raises for current employees to keep pace with the higher pay they’ve awarded new hires.” Before scheduling a meeting with your manager to discuss your potential raise, make sure you’ve done research on what typical salaries are for your role in your area, have examples to demonstrate why you deserve a pay increase, and practice presenting your main points ahead of time so you can go into the meeting confident and prepared.