This is the year Lisa (last name withheld) will ask for a raise. Two people in the marketing department where she works in Union, NJ, quit last month and she doesn’t think her employer can afford to lose her.

“Besides, they owe me a big one,” she said, explaining that her raises have been at or below 3 percent for each of the six years that she has worked there. “Last year I even got promoted, but my increase was only 2 percent. They said it would have been more, but for COVID. If they really think I’m doing such a great job, they should pay me a great salary. It’s only fair,” said the 33-year-old.

The consensus among compensation experts is that this is the time to speak up.

“I don’t know if there’s ever been a time when employees have felt so empowered to use their voices,” said David Turetsky, vice president of consulting at Salary.com.

Amber Ferrari, marketing manager, communications and sales support at Jobvite, a company that helps employers attract and retain talent, agreed. “The time is ripe to negotiate your salary,” she said. “Companies want to sustain their culture, which is harder to do when many workers leave.”

Experts also said that the market for both employees and job-seekers is unusually competitive. “I’ve never seen businesses advertise for employees on television saying things like, ‘Come work for us, we offer competitive pay and great benefits,’ ” said Turetsky.

David Turetsky, vice president of consulting at Salary.com.
David Turetsky, a vice president at Salary.com, emphasizes employees to evaluate their “work experience and skill set,” in order to start negotiating a higher salary.
Twitter

Fast food chains like Chipotle and McDonald’s have been vocal about providing higher pay or better perks, aiming to retain employees and lure potential hires. Bank of America raised analyst pay by $10,000, and salaries of associates and vice presidents by $20,000.

It’s likely that management at these companies knew what some other employers have yet to learn. “If one company isn’t offering [workers] what they want, another firm may be willing to,” said 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.

Service workers demanding a 15 US dollars minimum wage gather to protest outside the Rock N Roll McDonald's restaurant in Chicago, Illinois in 2016.
Global fast food chains such as McDonald’s have raised their minimum wages in response to protests over the past decade.
EPA/TANNEN MAURY

“Any employee who gets less than a 6.8 percent raise this year is essentially receiving a pay cut,” he said, referring to the current rate of inflation.

Cook also said that the difference in earnings between employees who ask for pay increases compared to those who don’t is about $1 million during the course of 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

“Some workers worry that they’ll look like money grubbers when they ask for fair pay,” said Cook. But, compensation negotiations aren’t about you or your character — they are business conversations during which you ask your employer to pay you according to the value you bring to the company. “There’s nothing wrong with asking for more,” said Brian Cristiano, CEO of Bold Worldwide, an ad agency and business solutions firm based in the Financial District.

Brian Cristiano, CEO of Bold Worldwide,
Brian Cristiano, CEO of Bold Worldwide, argues employees who deliver more profits or savings to their companies “deserve a promotion.”
Instagram

Make a brag list

“List your accomplishments, especially where you went beyond your job description and exceeded expectations,” said Cristiano. “Did you help the company make more money, or save more money than expected?” he asked. “If you accomplished more than your job requires, you deserve a promotion or to be paid more.”

Do your homework

Use a Web site like Salary.com to research what others earn who are doing a job like yours, relative to the cost of living in or near your location. This can be used to calculate your value based on your work experience and skill set. “The educated consumer is in the best position to negotiate,” said Turetsky.

Discover the decision maker

Identify the individual who will decide whether you will get a raise or not. “If it’s your boss’s boss, you will want to prepare to get your manager onboard as an ally,” said Cook.

Get a meeting in the books

“Schedule time for an open, honest discussion with your boss,” said Deosingh. You’ll want to allow at least 30 minutes for the conversation, be the one who sends the calendar invite and let your manager know why you are meeting so they have time to prepare.

Business man and woman giving handshake in the office
Robert Half New York district president Rich Deosingh suggests scheduling a 30 minute one-on-one meeting with the manager.
Alamy Stock Photo

Make sure the timing is right

“The first thing you should ask your manager is whether they are in a good mood,” said Turetsky. If they say no, reschedule. You don’t want your manager to be more interested in getting you out the door than listening to you.

Don’t make it personal

This is a business meeting. “Don’t start the conversation with the family or the Mets,” said Turetsky. “Get straight to the reason you’re there.”

Have your answers ready

“I need more money” is not a reason for a raise. “Ask to be paid for what you do,” said Turetsky. Deliver your raise request as a win-win for you and your employer, so it makes sense and feels good to give you a raise. Have a number for the raise you’re looking for, too, so that you’ll have a well-considered answer when asked.

Follow up

Chances are good that you won’t be given a “yes” or told what a raise might look like right away, as it takes time to get approval. Cook estimates it takes an average of three weeks for a raise to be delivered.

Angry business man in suit who is screaming and pointing with finger
David Turetsky recommends not ditching the company entirely following a rejection for a higher salary.
Alamy Stock Photo

Deal with rejection professionally

Don’t threaten to quit if you are immediately turned down due to tight budgets, or the company’s finances. Instead, “ask what you need to do to get paid more,” said Turetsky. Set goals with your manager and keep track of your accomplishments. That way, when it’s time to negotiate a pay raise again, you’ll be ready.

Source: NYPOST

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

James Lindsay: Why wasn’t I told THIS about conservatives?

On “The Rubin Report” this week, BlazeTV host Dave Rubin spoke with…

Thousands of bees swarm Adelaide woman’s car

Thousands of bees have created a headache for a woman at an…

Armed man killed in police-involved shooting in Paterson: Officials

PATERSON, New Jersey (WABC) — At least one person was killed in…

US Navy fires laser weapon in the Middle East

The US Navy announced on Wednesday that they fired a laser weapon…