Want a Raise From Your Boss? Here's How to Ask.
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Here's your money briefing for Tuesday, January 4th. I'm J.R. Whelan for The Wall Street Journal. For a lot of people, their employer wants to give them a raise. Companies are trying to retain their existing staff and fill open positions. And that means they've earmarked extra funds for salaries in 2022. Some of that money can wind up in your paycheck if you know how to ask for it.
It's emotional and it's difficult to approach. And that doesn't change even with the market. But, you know, workers can at least take heart here that they're in an environment where they are more likely than in any time in recent memory to get a raise from a company that's got the money to give it to them.
But how should that conversation start? What topics should you bring up and what should you avoid when asking for more money? Our workplace reporter, Catherine Dill, will join us with the do's and don'ts of asking for a raise. That's after the break.
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Why are companies budgeting more for raises in 2022?
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Lots of businesses are budgeting big money for raises this year. We told you last month about a survey showing that companies are setting aside an average of 3.9% of total payroll for wage increases in 2022, the most since 2008. So how can you be among the workers getting a raise this year? Here to talk about it is Wall Street Journal reporter Catherine Dill. Catherine, thanks so much for being with us.
My pleasure.
So Catherine, can you just refresh us on why so many companies are boosting their budgets for salaries this year?
It's really indicative of the pressure companies are feeling in the labor market to fill jobs, but also to hang on to the workers that they've currently got. We're seeing some of the biggest raises in industries where there's been a great deal of turnover, where employers are reporting labor shortages. And we're also seeing wages rise across the board. And so employers are really aware now that they're going to have to shell out to hang on to the folks they've got and also to attract new ones. And hanging over all of this as well is, you know, the word of the day, inflation. So employers are just prepared for talent to cost them more this year.
So with companies budgeting more for pay increases, is it safe to assume your boss will recognize your work performance and is likely to boost your pay?
It is not safe to assume that. Certainly, it's more likely that the money for you to get a raise is there, but you are still going to need to state your case to make it clear why you should be getting that raise, specifically what you've contributed. And, you know, if you're sitting around hoping that they'll notice you stuck around last year and you've been the one helping them hold it together, It's not a given that management is just going to ladle these raises out to anyone who's still there.
But of course, some people might be too timid to ask for a raise. So what's holding them back? Why are some people reluctant to ask for more money?
Well, certainly it's a difficult conversation.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–1:44
2
Why are companies budgeting more for raises in 2022?
1:44–4:23
3
Does a bigger company raise budget mean your boss will automatically increase your pay?
4:23–6:50
4
What are the most effective points to make when arguing for a raise?
6:50–9:13
5
Why should you avoid citing inflation when asking for a pay increase?
9:13–10:17
Speakers
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