This is the year Lisa (last name withheld) will ask for a raise. Two people from the marketing department where she works in Union, NJ quit last month and she doesn’t think her employer can afford to lose her.
“Plus they owe me a large sum,” she said, explaining that her increases were 3% or less for each of the six years she worked there. âLast year I was even promoted, but my increase was only 2%. They said it would have been more, without COVID. If they really think I’m doing such a good job, they should pay me a good salary. It’s only fair, âsaid the 33-year-old.
The consensus among compensation experts is that now is the time to speak up.
âI don’t know if there ever was a time when employees felt so empowered to have their voices heard,â said David Turetsky, vice chairman of the board at Salaire.com.
Amber Ferrari, Marketing, Communication and Sales Support Manager at Job offer, a company that helps employers attract and retain talent, agreed. âNow is the time to negotiate your salary,â she said. âCompanies want to perpetuate their culture, which is more difficult to do when many workers leave. ”
Experts also said the market for employees and job seekers is exceptionally competitive. âI’ve never seen companies advertise employees on TV saying things like, ‘Come work for us, we have a competitive salary and great benefits,’â Turetsky said.
Fast food chains like Chipotle and McDonald’s have come out in favor of higher pay or better benefits, in an effort to retain employees and attract potential hires. Bank of America increased the salaries of analysts by $ 10,000 and the salaries of partners and vice-presidents by $ 20,000.
The management of these companies is likely to know what other employers have not yet learned. “If a company does not offer [workers] whatever they want, another company may be willing to do it, âsaid Rich Deosingh, district president for Robert Half New York.
And for employers who plan to offer 3 or 4 percent increases in 2022, that’s not enough, according to Ben Cook, CEO of Riva, a Midtown-based salary negotiations consultancy.
âAny employee who gets a raise of less than 6.8% this year is essentially getting a pay cut,â he said, referring to the current rate of inflation.
Cook also said the difference in earnings between employees who ask for pay raises and those who don’t is about $ 1 million over a career.
So if you don’t get a big raise in 2022, ask for it. Here’s how to do it, according to experts.
Throw fear out the window
âSome workers fear they look like crooks when they ask for a fair wage,â Cook said. But, compensation negotiations aren’t about you or your personality – they’re business conversations where you ask your employer to pay you based on the value you bring to the company. âThere is nothing wrong with asking for more,â said Brian Cristiano, CEO of Bold all over the world, an advertising agency and business solutions company based in the financial district.
Make a bragging list
âList your accomplishments, especially when you went above and beyond your job description and exceeded expectations,â Cristiano said. âDid you help the business make more money or save more money than expected? ” He asked. âIf you’ve accomplished more than your job demands, you deserve a promotion or a higher salary. “
Do your homework
Use a website like Salaire.com to find out what others who do a job like yours earn, relative to the cost of living in or near you. This can be used to calculate your value based on your work experience and skills. âThe informed consumer is in the best position to negotiate,â Turetsky said.
Discover the decision maker
Identify who will decide whether or not you get a raise. âIf this is your boss’s boss, you’ll want to prepare to bring in your manager as an ally,â Cook said.
Get a meeting in the books
âAllow time for an open and honest discussion with your boss,â Deosingh said. You’ll need to allow at least 30 minutes for the conversation, be the one sending the calendar invitation, and let your manager know the reason for your meeting so they have time to prepare.
Make sure the timing is right
âThe first thing you should ask your manager is if he’s in a good mood,â Turetsky said. If they say no, reprogram. You don’t want your manager to be more interested in getting you out than listening to you.
Don’t make it personal
This is a business meeting. âDon’t start the conversation with family or the Mets,â Turetsky said. âGo straight to why you are here. “
Prepare your answers
“I need more money” is not a reason for a raise. âAsk to be paid for what you do,â Turetsky said. Present your request for a raise as a win-win situation for you and your employer, so it makes sense and pleasures to give yourself a raise. Also have a number for the raise you are looking for, so you will have a thoughtful response when asked.
Chances are, you won’t be given a “yes” or immediately told what a raise might look like because it takes time to get approval. Cook estimates that it takes an average of three weeks for an increase to be delivered.
Deal with rejection in a professional manner
Don’t threaten to quit if you’re immediately turned down due to tight budgets or company finances. Instead, “ask what you need to do to get paid more,” Turetsky said. Set goals with your manager and track your accomplishments. So when it’s time to negotiate a raise again, you’re good to go.