Is Now a Good Time to Ask for a Raise? What to Know

As inflation continues to soar, US households are payinghundreds of dollars more each monthfor essentials.

Successfully negotiating your next salary bump or promotion isn’t merely about the words you choose.

That’s important, but so is cultivating your relationships and doing some groundwork to help seal the deal.

verify you also review the salary data for your role.

In the current climate, you should know you may already be saving your employer money by not leaving.

“Turnover is expensive, both in terms of time and money.

“Your company will need to spend $50,000 finding your replacement and bringing them up to speed.”

Time your negotiation for maximum effect

It’s always important to time your salary discussion right.

Remember, too, that most salary negotiations aren’t a single conversation.

“Think of it as a political campaign,” Carter said.

“If performance reviews are in March, you don’t start your campaign then.

Negotiations can be powerful when leading with open-ended questions, rather than arguments.

In fact, you might get more money with this technique.

Carter suggests making a list of your career needs for 2022.

“For some, compensation will be paramount.

For others, flexibility is of the utmost importance.”

Essentially, she says, determine what takes priority to help guide your approach.

So, avoid asking questions like, “Can we raise my salary?”

or “Are there salary increases built into the budget?”

You may even discover that a raise is in your near future, just not the current moment.

However, if you’re receiving vague answers like “Hang in there!”

or “It’ll come soon!”

consider turning your eye to other career options andcreating your own opportunities.

You may also want to explore otherinvestment opportunitiesto helpgrow your money, while planning for your future.

Read more:What to Do After You Lose Your Job: 7 Timely Money Moves