Times are changing quickly, and more Canadians realize that their dollar isn't stretching too far these days. They are also wondering when their pay will catch up with the same. If you have the same thoughts, read on to know why now is the perfect time to ask for a raise and how you should go about it.
The Job
Market is Growing
The labor market
is quite tight at the moment, so companies are willing to pay more to retain
existing talent. They are also paying more to hire new talent. So, it can be
the right opportunity to ask for a higher salary.
New Hiring
Trends
The hiring
trends are also changing. Many
US companies are hiring Canadian employees to work remotely for them.
Worker shortages are also at a higher level than usual. So, wages are rising to
attract new talent.
More
Transparency
Thanks to social
media platforms, people are now discussing their worth and salaries on
platforms like Reddit or Glassdoor.
This makes it easy for anyone to know what their peers are making. If you think
you are making less than your peers despite putting in the same effort or time,
it's time to ask for a raise.
Track What
Others are Offering
Whenever you get
an opportunity to talk to a recruiter about potential job opportunities, you
should ask what they offer (salary and benefits), even if you don't want to accept
a new job. It will help you to negotiate the salary with your current employer.
Industry
Matters
Which industry
you are working for also matters. There is a high demand for accounting,
finance, engineering, and technical departments at the moment. So, if your job
or skills are in demand, you should ask for a raise.
How to Ask
for a Raise?
Highlight
Your Skills
Though labor
market conditions and inflation matter a lot when asking for a raise, you
should ensure that you also highlight your efforts and achievements when asking
for a raise. If possible, quantify your achievements and present the employer
with hard facts.
Consider
Perks
In case your
company cannot offer you a raise, you can accommodate them and ask them to
enhance your benefits instead. The benefits vary from higher insurance coverage
to flexible work hours.
Remember the
Financial Position of the Company
It is also
essential to get an idea of the company's financial position. Don't expect a
raise when the company faces losses or is in trouble as it might appear to the
employer that you are quite selfish.
Ask for
Guidance
If someone in
your company or department has asked for and got a raise, you should ask them
for guidance. They might share some useful tips with you.
Follow Up
If you have
talked to the higher-ups about a raise and haven't gotten a response until now,
you might need to follow up with them. It might have slipped their mind. A
gentle reminder can work wonders.
Sources:
https://www.thestar.com/business/personal_finance/2022/01/31/costs-are-up-your-salary-is-not-heres-how-to-ask-for-a-raise-if-its-long-overdue.html
https://newsbeezer.com/canada/do-you-want-a-raise-now-is-the-perfect-time-to-ask-career-experts-say/
https://www.cbc.ca/radio/costofliving/the-price-of-food-is-going-up-maybe-your-salary-should-too-1.6388201/want-a-raise-now-is-the-perfect-time-to-ask-for-it-career-experts-say-1.6403924