NY Post: Start the New Year by Asking for that Overdue Pay Raise
This is the year Lisa (last name withheld) will ask for a raise. Two people in the marketing department where she works in Union, NJ, quit last month and she doesn’t think her employer can afford to lose her.
“Besides, they owe me a big one,” she said, explaining that her raises have been at or below 3 percent for each of the six years that she has worked there. “Last year I even got promoted, but my increase was only 2 percent. They said it would have been more, but for COVID. If they really think I’m doing such a great job, they should pay me a great salary. It’s only fair,” said the 33-year-old.
The consensus among compensation experts is that this is the time to speak up.
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For employers who plan to offer 3 or 4 percent increases in 2022, that’s not enough, according to Ben Cook, CEO of Riva, a Midtown-based salary negotiations consultancy.
“Any employee who gets less than a 6.8 percent raise this year is essentially receiving a pay cut,” he said, referring to the current rate of inflation.
Cook also said that the difference in earnings between employees who ask for pay increases compared to those who don’t is about $1 million during the course of a career.
So if you don’t get a big raise in 2022, ask for it. Here’s how to do it, according to experts.