Getting that pay increase amid inflation
It’s no secret that the cost of living keeps going up, but what can you do when your salary doesn’t seem to be keeping pace? One solution is to negotiate a raise. Here are some tips on how to get that second pay increase.
Why is inflation eating my raise?
Inflation is the rate at which the general level of prices for goods and services is rising. It is measured as an annual percentage increase. When you’re getting that deserved pay raise at work, but to find out that your paycheck isn’t even enough to cover the cost of living for a single month. The solution? Negotiate another raise. Check out some tips on how to get that second raise.
There are a few key things you can do in order to put yourself in a position to successfully negotiate for – and receive – another raise. As always, do your research and due diligence first.
Keep track of your accomplishments, increased responsibilities, and be able to articulate them clearly when the time comes. Make sure to time your request appropriately – you don’t want to ask for a raise too soon after receiving your last one, or during a time when the company is facing financial difficulties
Before asking, be sure you’ve done your homework
When it comes time to getting that second raise, timing is key. Strategically plan what you will say, when you will present your case, and why you deserve another increase.
One way to build a strong case is to keep track of your accomplishments. This way, when you go to ask for a raise, you can easily point to all the ways in which you have helped the company succeed. Another key step is to make sure you are articulate when asking for a raise! Be confident and calm when explaining why you deserve an increase, and be prepared to negotiate if necessary.
Following these steps, you can put yourself in a strong position to receive another raise – even in the face of inflation. So don’t be discouraged if your paychecks don’t seem to go as far as they used to – with a little effort, you can make sure you’re always staying ahead of the game.
The good news.
Companies are more open to negotiating and many plan on giving bigger raises in 2022, more than 3%, which is the biggest pay raise in six years.
You’ll have more success in getting the raise you deserve, outlining the wins you have recently had, and the value you bring, and how you contribute to the bottom line.