High inflation, soaring gas prices lead some to ask for a raise
NORTH TEXAS (CBSDFW.COM) - If record high inflation and soaring gas prices have you thinking about asking your employer for a raise, you're not alone. CBS 11 talked to jobs and negotiations experts about the best ways to secure one.
Trevor Houston produces and hosts the Who Ya Know Show, a podcast focused on jobs and networking. He said if you're ready to ask for more money, don't just wing it.
"One of the first things I would do is make sure that you have all of your data, all of your numbers, all your accomplishments, everything that you've done for the company," he said.
Then he said compile a list of what you'll be bringing to the table both short term and long term.
"One of the things that we know is that people who negotiate from the beginning of their career to the end of their career on average increase their earnings by over a million dollars," SMU Cox School of Business' Steve Denson said.
Denson is a negotiations expert. He said when it comes to determining how much you should ask for, look at industry information on websites like Glassdoor. Find out the average salary range for people with your skillset and years of experience and shoot high.
"Look at the total compensation package, not just the dollar amount," he said. "There may be ways for your employer to increase your compensation without increasing your salary."
When you're finally ready, ask in person and know timing can make a big difference.
"You don't want to ask if it's a stressful time for the boss or for the company," Houston said.
If you're denied a raise, it's a good idea to keep tracking your progress and ask again in about nine to twelve months.
"Certain times of the year it's easy enough to ask for a raise because people are starting to assess what the next fiscal year will look like," Denson said. "If you wait until the first or second month of the fiscal year to ask for a raise chances are you'll be put off for at least 10 months."
To learn more, Denson recommends reading Get Paid What You're Worth: The Expert Negotiators' Guide to Salary and Compensation and Women Don't Ask: Negotiation and the Gender Divide.
