With cost-of-living adjustments like inflation happening every year, the increase in prices can be devastating to employees who have a fixed income or are in a position where they’re not up for a major raise. Cost of living is the amount of money that an individual needs to cover all their living expenses in a certain time period. It includes housing, taxes, transportation, food, healthcare, etc.
In the U.S., the cost-of-living adjustment is mostly determined based on the Consumer Price Index (CPI). The Bureau of Labor Statistics calculates the CPI by taking the average weighted cost of a basket of goods in a specific month/year and dividing it by the cost of that same basket in the previous month/year. This shows the annual increase in prices.
4 Steps to Negotiate a Cost of Living Raise:
- Choose the Right Time to Ask 🕰️
If your manager is under a lot of stress and pressure at work, it might not be the right time to ask them for a raise. By paying attention to their workload and moods, you’ll be able to identify a good time to catch them in a conversation.
If the company you’re working for isn’t doing well, it’s not a good time to ask for a raise. If you don’t know the financial health of the company, you can look for signs such as layoffs or cutbacks in spending. If you see that your company isn’t doing well financially, it may be better to consider looking for another job at a different company that will be able to pay you more.
- Do Research 📚
If you don’t know how much of a raise you need to ask for, you can write down a list of your expenses to determine how much you’re spending each month on necessities and compare your expenses with your salary to determine the percentage increase you need. You can do market research to determine how much other workers who have the same job title as you are earning.
By learning about the trend of your job title and city, you’ll have a foundation to base your raise expectations on. Remember to consider your qualifications and years of experience to make your request even more convincing!
- Set Up a Meeting and Prepare 🤝
It’s far better to ask for a raise in person rather than over the phone or via email. Ask your manager which day suits them best and remember to give yourself enough time to prepare.
Practice what you’re going to say before your meeting. This way, even if you’re nervous, you’ll be able to remember to focus on professional reasons instead of personal reasons when asking for a raise. Cite the research and/or calculations that you’ve done to arrive at the specific number you chose. Give reasons why you believe you deserve the raise by showing how you’ve added value to the company.
- Follow Up on Your Request 👩🏽💻
Your manager might not agree to give you a raise then and there. They’ll likely want to speak to the executive team or the owner of the company. Write a thank-you note or email that also lays out what you asked for in the meeting to help the manager to remember your request and the specifics you asked for!
By following these four steps, you’ll be more likely to successfully get the raise you need! To learn more about what Cost of Living Raises are and how to get one, read this article! 💸
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Great Info