Given the hot job market right now, it is a good time to increase one’s compensation. But, do you know to effectively ask for a raise?
Before reading below, take a look at these prior posts:
- Negotiating Your Starting Salary
- Enhancing YOUR Negotiating Skills
- A Great Tool for Salary Negotiations
Do You Know How to Effectively Ask for a Raise
No matter how skilled in salary negotiations that we think we are, we can always learn more.
On January 4, 2022, the Wall Street Journal published a very useful podcast. Complete with a full transcript. First, we present highlights from the transcript. Then, we show the audio of the podcast. [Note: The first few seconds of the podcast have special effects. This is not static.]
Companies are setting aside more money for wage increases than usual. So how can you be among the workers getting a raise this year? Wall Street Journal reporter Kathryn Dill joins WSJ Your Money Briefing host J.R. Whalen to discuss what you should (and shouldn’t) say when asking for a pay raise.
It is not safe to assume that a boss will automatically offer you a raise. Certainly, it’s more likely that the money for you to get a raise is there. BUT, you are still going to need to state your case to make it clear why you should be getting that raise specifically. What you’ve contributed. And if you’re sitting around hoping that they’ll notice you stuck around last year, you’ve been the one helping them hold it together, it’s not a given that management is just going to ladle these raises out to anyone who’s still there.’
While conditions are friendlier in asking for a raise than they may be typically, the way you go about this is still pretty much the same as it usually would be. You want to base this on your skills, on your contributions, really be digging into what it is specifically that you bring to the table, have brought to the table in the last year, and make it very specific to yourself. You don’t want to bring in outside factors like inflation> Although related to the compensation issue, they are not related to your specific performance. When you open the door to talking about something like inflation, your employer may also bring up that they are facing higher costs as well. You want to make it about your performance exclusively.
Listen to the podcast to learn more.