Inflation Devouring Your Paycheck? Here’s How to Ask for a Raise.
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Here's your money briefing for Wednesday, June 29th. I'm J.R. Whalen for The Wall Street Journal. Inflation at more than 8.5% is devouring more and more of the money you bring home in each paycheck. Financial experts say this is as good a time as any to ask the boss for a raise.
It's important to do this to signal to your employer that you're someone who knows to ask for these things. If you don't do this, your boss might see you as a wallflower or someone who is content to sort of take a backseat to these things.
But wanting a raise and knowing the right way to ask for one are two different things. Coming up, Wall Street Journal personal finance reporter Julia Carpenter will join us with tips on closing the deal and getting more money in your check. That's after the break.
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How is inflation affecting take-home pay and why now is it a good time to ask for a raise?
When's the last time you got a raise? Last year? If it was less than 8%, that raise has been no match for inflation, which has spiraled to levels not seen in 40 years. Financial experts say that and the strong job market mean that now is the time to ask the boss for a bump in pay. But promoting your skills and settling on a number can be tricky. WSJ personal finance reporter Julia Carpenter has been checking in with financial experts and career coaches on what workers should and should not include when they ask for a raise. Hey Julia, thanks for being here.
Thank you for having me.
So, you know, Julia, inflation might up the urgency for getting a raise now, but how often do career coaches say that people should sit down with the boss and ask for more money?
Career coaches, financial advisors, personal finance experts, I'm sure even your friends and colleagues all give pretty much the same answer, which is around once a year, around your performance review time. That's the time when it's most appropriate for you to bring up, hey, I'm thinking about compensation as we're reviewing my performance. This is our appropriate time to talk about it.
Yeah, but people might be reluctant to ask for a raise because they don't want to hear the word no. Why is it important for workers to ask for more money?
I was speaking with Lynette Calfani-Cox. She's founder of Ask the Money Coach, a personal finance company. She said that it's important to do this to signal to your employer that you're someone who knows to ask for these things. If you don't do this, your boss might see you as a wallflower or someone who is content to sort of take a backseat to these things. They're not going to come to you and bring up the question on their own. You're going to need to go to them and advocate for yourself. So I thought she made a really interesting point that way, that doing this telegraphs a message that I'm keeping a pulse on this industry. I'm watching my own compensation and measuring my worth. And it actually signals something really good for you, something about your confidence and about your own understanding of your worth and your position.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–1:54
2
How is inflation affecting take-home pay and why now is it a good time to ask for a raise?
1:54–8:58
3
How often should you schedule a salary conversation with your boss?
8:58–11:20
4
Why is it important to proactively ask for a raise rather than wait for your employer?
11:20–11:54
Speakers
3 identifiedMore from WSJ Your Money Briefing
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