How to Ask for a Raise to Match Inflation
Amidst inflation, a raise seems fair, but the last thing you want to do is be on bad terms with your employer. You might not be fired due to a labor shortage, but miscalculating things will get you in a lot of trouble.
So, a careful approach is necessary. Also, buttering will have little to no effect on your raise request.
Instead, it might backfire, putting the ‘raise’ to eternal demolition. Here are some intelligent ways to ask for a raise to match inflation.
Come With a Proper Plan
Generally, inflation is not the best time to ask for a raise. But, if you’re doing it, have a plan and appropriate data to support your argument. For example, the Consumer Price Index, at 8.3%, is the highest in the last four decades.
It’s also essential to analyze the salaries for your job position in other companies. If they are significantly greater than yours, use this as an argument. You can also use sites like PayScale to analyze the newly hired salaries for the same position as yours.
In addition, it’s important to understand how other companies pay their employees. Also, research the bonuses, allowance, or compensation.
The knowledge of the global economic crisis, stock exchange numbers, and strategic world conflicts should all be a part of your plan. This will give you a holistic view to understand things. Combining it with your other factors mentioned below creates a raise request.
Focus On Your Value
The values and achievement you brought to the company is the basis for your raise. Think of the moments your decisions brought significant results to the company.
We are talking about significant achievements here. For example, if you’re in an advertisement agency, landing a Fortune 500 company. Or something that became exceptionally viral.
However, don’t use these as blackmail. Instead, tell the employer that you enjoy the job and have put everything into it; quantify by your achievement.
Then tell them that you feel underpaid. It’s here; you should put forward your research on the standard pay. It’s essential to tell the company that X amount of money will make you happy.
Don’t make promises here; rather, focus on what you have already delivered. Don’t try to be angry and desperate. Instead, consider a raise your fair right and then negotiate on equal grounds.
Find Out the Company’s Stance on Inflation
It’s important to not just focus on yourself; knowing the company’s stance on inflation is also significant. The raise becomes challenging to ask if the company policy somehow accommodates yearly inflation.
Some Companies offer one quick-off bonus instead of a proper raise to tackle inflation. The best way is to ask about the company’s policy before joining it. You can ask the hiring manager about the company’s considerations for giving a raise.
Alternatively, you can bring this up after doing something successfully, as in focusing on your value.
Ask for a Peer Review
In addition to thinking about yourself, it’s good to ask your peers about your contribution to the company. An honest analysis will help picture things better.
But you can’t just randomly ask a question about your worth for the company. Instead, choose an appropriate setting.
If doing it as a part of formulating a plan, you can start with your close colleagues. Don’t just surprise them with your agenda; a contextual point-of-view is important to address here.
For example, you can ask, ‘What’s your opinion on my worth for the company? Or ‘What do you think I have achieved in the last year.’
Some might feel odd to answer the question, but surely, they will let you know. Compare their answer to what you have in your mind. If both of them are the same, don’t hesitate and go for a raise.
Alternatively, ask your manager the molded version of the question, and ask for your performance review. It’s better to ask this question in a formal setting and let your manager know the reason for asking it.
Make a Move at the Right Time, and Only When You’re Ready
Once you have done your research and are ready, it’s time to look for the appropriate movement. Many recommend asking for a raise right after you’ve done something big. However, this is not the best approach. In fact, with all-time high inflation, it will feel like you’re maneuvering things up.
Instead, let the dust settle and make your company know that you’re working more diligently after doing something remarkable. Then maybe in a week, ask for a raise, subtly. However, don’t just brag, but tell why you deserve it.
Asking Directly for a Raise
This is for the employees working for at least ten years and badly affected by inflation. In such a case, not preparing your case can do the job too.
This way, when asking for a raise, the focus should be inflation vs. your service. Let your company know, ‘How you have worked that long efficiently but now need a raise due to inflation.’
A statistical overview of facts and your personal connection with the company is the key to getting a raise here.
If You Don’t Get a Raise, Find Out Why
Ask yourself, other than inflation, what could be the primary reason for not getting a raise. Maybe you over-valued yourself, messed up the presentation, or chose the wrong time.
Alternatively, you can politely ask the employer the reason for not giving a raise. If you received a ‘No,’ that’s the time to ask why, rather than stirring up a new conversation.
If your company considers inflation the excuse for not giving a raise, negotiate for other things. This could include more paid time off, bonuses, remote work, etc.
Still, if you got nothing, ask that you’ll do more research. This will be a meaningful way to say that you’re going job hunting.
Final Thoughts
When inflation is at an all-time high, it feels intimidating to ask for a raise. However, things can turn out good if improvised properly, like making your company understand your value.
