Why now is a good time to ask for a pay raise

Global – This is a good time to ask for a pay raise as employers are increasingly struggling to find high-quality workers. Many employers are raising wages and salaries to fill open positions.

There are many highest-paying jobs because, in 2021, a record number of workers quit their jobs in what has become the Great Resignation. You can ask for a raise because employers are willing to pay more to high-quality workers. 

A Pew Research Center survey also revealed that workers quit over low pay and a lack of opportunities. The current labour shortage gives workers leverage in the job market, and employers will pay more so that employees don’t leave the job. Remote work has also opened up more opportunities for workers after the Covid-19 pandemic. 

Workers also have another advantage in 2022. It is more costly for your employer to replace you than to hike your pay. Nicole Victoria, a money coach and author of a forthcoming book on financial advice for millennials, also said, “The hiring process is very lengthy and costly, and with the labour shortage it’s in the employer’s best interest to retain the people they do have.”

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How can you get a pay raise?

If an employee wants a raise, they must demonstrate their value to their employer. Employees can highlight how they have made the company more profitable.

Pay transparency should also be discussed among all employees. Asking co-workers about their salaries is legal and helpful. This is also a good way to understand whether or not you’re in line with what the company generally pays for your position. You can also refer to sites like Glassdoor to get knowledge about fair compensation. 

Inflation is also high. Mentioning inflation as a reason to increase compensation can be a great idea. Another important tip is to negotiate your salary well with your employer.