We all know that inflation has been at a 40-year high for the past year. We all also know that the government is working to slow down the U.S. economy to get inflation under control—and that this has stoked recession fears and led to thousands of layoffs.
So, is now the best time to ask for a raise?
It could be, if you ask diplomatically and present your contributions to your boss in a cogent way, Bloomberg reports.
Your boss may not be aware of all of your contributions to the company, says Laurie Weingart, the author of books on careers.
Set a time to speak with your boss in a collaborative way about your work, your responsibilities and your planned career path, Weingart suggests.
Don’t aim for a yes-or-no answer to the question of a raise, says Leanne Meyer, director of Carnegie Mellon’s Leadership and Negotiation Academy. Rather, create touchpoints over time to discuss your work and be open to other benefits at work, such as personal time off, flexible arrangements that might include working from home, and the like, Meyer says.
Time your discussions around company’s bonus, raise and reviews cycles, Weingert says. Treat them like deadlines, count backwards by a few weeks and plan your strategy accordingly.
Approach your boss in a positive, collaborative way, she adds, by saying something like, “I know you’ll be having compensation conversations with Kristin in HR soon, and I’d love to discuss my performance and compensation. I have some additional information to bring to the table.”
Finally, think about what you uniquely bring to the organization that is different from your coworkers, Weingart says.
“So much of it is about articulating the value add that you bring,” Weingart says.
These are some respectful ways to broach a raise without risking job security or your superior’s goodwill.
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