do this instead of asking for a cost of living increase

When inflation cover almost all costs Go up-in combination with of labor market Favorable job seeker-It makes sense that now is the time to ask for a raise.However You should think twice about how exactly to frame your request for more money. higher cost of living While fully justified these days, it doesn’t mean that an argument with your boss is the most compelling. rising inflation.

dThe Unique Aspects of Asking for a Cost of Living Increase

As previously covered, an increase in the cost of living is a salary increase that correlates to an increase in the cost of living from year to year. More than ever, it’s a perfectly reasonable request, but that doesn’t mean your employer will accept it. When you bring up the larger economic situation of record-high inflation, you risk giving your boss a convincing contrast. MeIt is only natural that they would decline your request, citing the fact that the cost of running their business has also increased..

How to frame a request for a raise

For most people, asking for a year-end raise is easier than, say, asking for a full promotion. But it’s no secret that many employers won’t likely give you a raise unless you ask for it.

So rather than bring up the pain of inflation, your best strategy is Focus on the value you bring to your employerYour strongest weapon is your personal contribution, not your financial state.

As for creating the rest of the request, detailed hereFor now, here are the basics:

• Do your market research and carefully consider the number you want. Salary increases are on average 2-3% per year.
• Carefully consider the possibility of a raise and what you would do if they said no.
• If your company decides to give you a raise, ask your boss or HR representative (it may not make sense to ask). rear salary budget has been finalized).
• List all evidence that performance exceeded expectations and use metrics specific to your job to help explain your case.

you can also check this formula If you need help scripting a raise request.

Takeaway

In a perfect world, as the cost of living rises, salaries rise accordingly. Until we get that justice, you have to be more strategic with your employers. Asking for a pay raise based on performance almost always works better than asking for a pay rise outright based on inflation. And with the new year fast approaching, now is the time to talk about that pay raise.