Employment is not something easy to obtain, but once you get it, the hard work is not over. Sometimes you may want to promote, other times you may not be happy and may look for a change. Even if you are happy there, you may want to keep the living standards you have achieved. If your wage does not go up, prices will certainly do.
The higher inflation is, the less purchasing power you will have. That is the reason why you should try to get a pay rise to cope with the skyrocketing prices. The only good thing about this exorbitant inflation period is the fact that unemployment is low. So, if you are not happy with your monthly check, you can easily obtain employment anywhere else. As you may have nothing to lose, you could ask for a pay rise.
How much should you ask for if you are not happy with the conditions of employment?
Do a little research to see how much other employment possibilities offer in other companies or industries. Get an idea of what other people earn by asking friends, relatives, and online statistics. It is not rocket science, the inflation rate will not be enough to cope with exorbitant prices. Asking for a ten percent increase would be ideal. But is it realistic? It will depend on the financial situation of your company and how willing your employer is to carry it out.
It is more than likely that most workers would tend to think that they should try to obtain at least a pay rise similar to the CPI-W. CPI-W is short for the Consumer Price Index for Urban Wage Earners and Clerical Workers. For instance, the annual inflation rate in 2022 was about 6.5% according to the U.S. Bureau of Labor Statistics. It is something, but other offers of employment could be available.
Why is it a good moment to ask for a pay rise?
Getting a higher wage is always welcome regardless of the amount. However, those employers that are happy with their workers do not want to lose them. The main reason is that they may not be able to replace them. Firstly, due to a large number of employment opportunities. Secondly, because there might not be people as skilled as you in that position.
It is true that many employers offer salary increases depending on workers’ performance rather than on inflation. In this way, regardless of the type of employment they are involved in and the current inflation, their motivation can lead to a better and higher check. Remember that getting the highest salary possible is essential to carry on saving for retirement.
As there is a lack of workers, you will be able to negotiate more comfortably than in other situations when they could hire all the people they wanted. Sometimes the company may not be able to offer you a higher salary, but you could achieve other perks. Take for example working from home one day per week. That will allow you to save money and time. Whatever your employment field is, try to make the most of your salary and perks.