If you were looking for a sign to ask your boss to increase your compensation well then here you go. Now more than ever the average American is struggling to make ends meet in the current inflated environment. While government calculated inflation numbers are telling us inflation is below 10%, look around at the things you buy daily and ask yourself how much more expensive has this gotten since last year. In the US this time last year, April 2021, the average US gas price was around $2.75 a gallon. This has increased to $4.10 today which is nearly a 50% increase in retail prices. Food prices have also fallen victim to inflation with prices up around 15% year over year. Add rent on top of this, which could be up a 25%-50% increase depending on where you live, and your salary last year just isn’t going to cut it. In other words, unless you’re a boomer or a trust fund baby times are hard and you need to look out for the best interest of you and your loved ones.
Inflation is a tax. If you were making $100k last year, with 10% inflation since last year you are now able to afford $10k less in purchasing powering. Who to blame inflation on is less important than acknowledging it is actually happening and trying to solve this problem rather than just complaining about it. Everyday workers need to be compensated in order to be able to provide for themselves and their families.
Depending on your relationship with your boss and company it could be a very tense conversation when asking to be compensated appropriately for your services. IT IS IMPORTANT TO REMEMBER THAT WHAT A COMPANY PAYS YOU FOR YOUR TIME IS A SIGN OF RESPECT. If it is obvious that there is a lack of respect on your employers end than maybe it is time to find a team that will value you. I HATE the argument that asking for a raise just because of inflation makes you look like an idiot. Why? Companies have been raising their prices for months because of inflation but now that you want to raise yours just to get by you’re the bad guy? Wrong. Just because the USD devalued it doesn’t mean your time, energy and worth did too. But, using just inflation as your leverage isn’t always the most effective way to get that raise you need.
To help increase the amount of leverage you have in a salary negotiation it may help to go interview at other companies in your industry to see what your value is on the open market. Now is a great time for employees as there are numerous labor shortages in US labor markets. Again this is not out of disrespect of your current company but you looking out for your best interest. At the end of the day if you aren’t looking out for yourself than who is?
Times are hard and tightening economic conditions is difficult on everyone. Make yourself and family a priority and ask to be accurately compensated for your hard work, time and energy.
Leave A Comment