Some employees may be in for a financial treat, as a majority of companies say they will be more generous with pay raises next year. While a pay bump might make it easier to stay on top of monthly expenses, in the meantime, a cash loan could keep you on your feet if you encounter any financial speed bumps.
Nearly 98 percent of 1,500 mid-sized and large companies surveyed by consulting firm Mercer plan to increase their employees salaries in 2022.
Employees can expect to see pay raises averaging 2.9 percent next year, the report said. This is a notable increase from 2021 and 2022 when employees expected to see pay bumps averaging just 2.4 percent. Meanwhile, some of the nation’s top employees could see pay increases by as much as 4.5 percent.
In contrast, just 1.5 percent of companies surveyed plan to freeze or cut salaries in 2022, down from 5.1 percent in 2021 and 5.9 percent in 2020. This trend could be a clear indicator that the overall economy is building momentum and employees are benefiting.
How To Negotiate A Raise
In the upcoming months, a pay raise may not come automatically for many employees. Instead, you may have to approach your employer and tell them why you deserve one. While this can be a stressful task, MSNBC has some advice on a few ways to improve the odds.
In a perfect world a pay raise would double or even triple your salary. Unfortunately, the world isn’t perfect and you need to be aware of how much extra money you’re actually entitled to and if your employer is in a position to give out raises.
For example, if you know the business is currently strapped for cash, you may want to put off asking for a raise. In contrast, if the company is doing very well, and you know you’re an intricate part of this success, now could be the time to approach your superior and get a realistic estimate of how much extra money you deserve.
Do Your Homework
There should be plenty of information on the Internet and in trade journals on how much money someone in your field of work should earn.
One great resource is the Occupational Outlook Handbook for the Department of Labor. This database can give you an idea of how much the average person in your line of work makes and you can base an appropriate pay bump request on this amount.
Preparation Is Everything
Similar to a job interview, approaching your superior and asking for a raise takes careful planning. To keep from getting nervous, try to rehearse what you are going to say and make a list of personal achievements that recently benefited the company.
To take this process a step further, consider sitting down with a close friend of family member to practice your pitch.
Ask For Perks
If a pay raise is out the question, your employer might be able to offer you certain benefits or perks as compensation. These can range from extra vacation and personal days to educational benefits and added car allowances.