Do It Instead of Asking for a Cost of Living Increase
With inflation driving up the cost of just about everything, coupled with the job market favoring job seekers, it makes sense that now is the time to ask for a raise. But you should think twice about how you phrase your request for extra money. While asking for a living wage increase is completely justified these days, that doesn’t mean it’s the most compelling argument for your boss. Here’s what to consider before asking your boss to raise inflation.
Disadvantages of asking for a cost of living increase
As we have said before , an increase in the cost of living is an increase in wages that correlates with the increase in the cost of living from year to year. Now, more than ever, this is a perfectly reasonable request, but it doesn’t mean your employer will go for it. When you bring up the broader economic context of record high inflation, you run the risk of providing your boss with a compelling counterargument: it would be natural for them to turn down your request because their costs of doing business have also risen. .
How to request a raise
For most, asking for a raise at the end of the year is easier than, say, seeking a full promotion. But it’s no secret that many employers are unlikely to give you a raise unless you ask.
So, instead of talking about inflation issues, your best strategy is to focus on the value you bring to your employer . Your strongest weapon is your personal contribution, not the state of the economy.
When it comes to handling the rest of your request, we’ll take a closer look here . For now, here are the basics:
- Do your market research and think carefully about the number you want to request. The average growth is about 2-3% per year.
- Think carefully about the likelihood of getting a promotion and what you will do if they say no.
- Ask your boss or HR manager when your company will decide on a pay increase (it can be pointless to ask after the payroll budget has already been approved).
- List any evidence you have that performance has exceeded expectations, using any metrics specific to your work that can help support your argument.
You can also check out this formula if you need help scripting your raise request.
Takeaway
In an ideal world, as the cost of living rises, your salary will increase accordingly. Until we achieve this justice, you must be more strategic with your employer. Asking for a raise based on your performance will almost always have better results than directly asking for a raise based on inflation. And with the New Year approaching, it’s time to talk about a pay rise.