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Bill Branstetter
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over 6 months ago

In 2021 and 2022, American workers hoping for a bigger paycheck had two powerful words at their disposal: I quit. During the Great Resignation, millions switched jobs for higher-paying ones — then sometimes, mere months into a new role, turned around and pounced on an even better-compensated opportunity. For job hoppers, the money was there for the taking.

Today, though, most of us are resigned to staying put. The hiring frenzy has cooled off, and the economic outlook is murky at best. The question is no longer: How much of a pay bump can I get by switching jobs? Now it's: How much of a raise can I expect in 2024 if I stay in my current job?

To get an early read on raises for next year, I looked at the latest employer surveys conducted by four leading providers of compensation data: WTW, Salary.com, WorldatWork, and Payscale. They found that employers are planning to increase their salary budgets by about 4% next year. That's actually down a bit from this year's average of about 4.3%. But with everything from car prices to grocery bills beginning to moderate, the Congressional Budget Office expects inflation to slow to 2.6% in 2024. That means workers could expect a net gain next year of about 1.4%.

Doesn't sound like much? Sure — but it may wind up being the biggest boost in purchasing power that workers have gotten in years. In 2021 and 2022, inflation ate into paychecks so much that the value of the average worker's wages — what they can actually buy with their money — tumbled all the way down to 2017 levels. Compared with that, an inflation-adjusted boost of 1.4% is a definite improvement — though not enough to make up for the pandemic-era declines. By the end of next year, workers still won't have worked their way back to the purchasing power they enjoyed in early 2020, when the value of their wages peaked.

"With inflation being where it's been over the last two years, it's been a roller coaster," says David Turetsky, a vice president of consulting at Salary.com. "We might see that some organizations are going to have to put more money back into market adjustments to be able to get their people to where they think they should be."

Of course, 4% is the average projection across the entire workforce. Raises will vary widely by geographic region, company size, seniority level — and, most of all, by industry. According to the Payscale survey, employees in education and healthcare can expect a pay bump of 3.5% or less, while workers at energy companies will enjoy raises of 4.5%.

The 4% raises are a bit of a surprise. If prices are moderating and the job market is cooling off, why aren't employers eagerly reverting to the annual raises of 3% that were the norm in the decade leading up to the pandemic? For starters, unemployment remains near a five-decade low — which means companies still have to pay a competitive wage if they want to hold on to their existing staff. What's more, new pay transparency laws in states like California and Washington are forcing employers to post salary ranges for every job opening — meaning their own employees can see if they're getting lowballed.

"We are still in a tight labor market," says Ruth Thomas, the chief product evangelist at Payscale. "Employees still have agency and power right now."

As always, most of that power is wielded by the top performers at a company: Superstars get rewarded more than quiet quitters. If you think you deserve a raise that's higher than the 4% average, pay experts have a few tips. First, ask for what you think you're worth. "Be open and communicative about your needs," says Turetsky of Salary.com. "Don't just take what's given to you." Second, make your request early — perhaps a few months before your annual review — while your boss still has some wiggle room in the budget. Third, check job listings to see what competitors are paying for comparable roles. And fourth, anchor your expectations to your industry's averages: A 7% raise will be a tougher sell for someone in education, say, than for someone in the energy sector.

These days, as the hiring frenzy subsides, you're not as likely to get a bigger raise simply by switching companies. But that doesn't mean you can't get a pay bump by switching jobs at your current company. "Look at your employer's careers page and see if there are opportunities that could open your horizon to a new pay range or new promotional opportunities," says Turetsky. "Sometimes pay isn't just about the job you do today and what skills you have right now — it's also about where you're going to go."

Above all, don't put off asking for a raise until 2025. Some economists expect the economy to take a dip next year — and if they turn out to be right, your boss may not have the money to give you a bigger raise, even if they agree you deserve one. "Businesses across the economy are trying to watch their cost structures," says Aaron Terrazas, chief economist at Glassdoor. "I think we are on the cusp of substantially slower wage growth across the economy." Which means that 2024 may be your last, best hope for landing an above-average raise — perhaps for years to come.

Source: https://www.businessinsider.com/salary-increases-raises-2024-jobs-negotiate-inflation-employees-wage-growth-2023-10?r=US&IR=T

#jobsearch #raise #compensation

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James Moody
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over 6 months ago

Small company where I work is being taken over by a bigger company. The deal has already been finalized and the new company name is already on the building. Is this a good time to ask for a raise?

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Eleana Bowman
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over 6 months ago

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:

  1. 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.

  1. 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!

  1. 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.

  1. 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! 💸

FULL DISCLOSURE: We as Jobcase Community Specialists are only sharing the latest job openings. We are not the hiring managers or recruiters, and we do not represent these companies, so apply today and contact the employer directly through these links! If the job has expired, you can follow us for other openings and more!

#Jobsearch #Interview #Resume #Application #Motivation #Stress #Raise

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Eleana Bowman
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over 6 months ago

My friend works in a customer service role and wants to ask for a raise. She has been working her tail off and is often getting called out for her positive demeanor and willingness to go above and beyond for her customers. She has been with this company for a little over 2 years.

I gave her some advice on how to approach the situation, but I wanted to see what you all thought?

What advice would you give someone who wants to ask for a raise?

#advice #raise #customerservice

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Colin Rocker Rice
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over 6 months ago

Over the past two years, in the midst of record unemployment and a global pandemic, I was able to secure two promotions.

I don't say that to gloat, but I do think there were a few key things I did over the last few years that demonstrated my value, and prepared me for each of my promotions. I've listed them below:

  1. Create a Brag Book
  2. Come to your Year End Conversation Prepared
  3. Bring Enthusiasm and Optimism

For more details on how I did these things check out this video from my TikTok page

#workfromhome #jobsearch #motivation #promoted #raise

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Ashleigh Magallanez
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over 6 months ago

Hello, so I have been at my current job for almost two years. It's in a grocery store, and I have learned 4 departments. I want to ask my boss for a raise but I want to ask it in the right way. How would I go about doing it? #raise #firstjob

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Ashley Wilson
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Content Manager at Jobcase

Hey Ashleigh!! I have gone through this in a few jobs and gotten raises so I will share my knowledge! The first thing to do is request a one on one with your manager. The second is to gather your info. How have you helped the store grow? What did you start off doing and how has that changed over the last two years? Make sure to bring this back to the company and what you have provided. You can request a raise or let them know that you have an interest in leading a department (which would most likely guarantee a raise). You never know to you ask, so make sure to prove to them why they need you and why you have earned that raise!! Also just know that if a company TRULY values you and your contributions they should 100% provide a raise. Good luck : )

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Lawrence White
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Quick question @Ashleigh Magallanez , does you company conduct quarterly or yearly performance reviews? This is typically a good time to bring up raises as your strengths and areas for opportunity are commonly the main topics of discussion.

I'm not sure what you job entails but make a list of your daily tasks/responsibilities and try to pull hard data (metrics) to show how you're over-achieving in each area. Increased daily transactions by 10% and exceeded sales goals by 25% are good examples of how you can show your performance is raise worthy.

Don't leave out any areas where you volunteered to take on added responsibilities or examples of when you went above and beyond expectations. These are great ways to show your value and how your contributions have helped achieve team/company goals.

Schedule a one on one with your manager soon and keep us updated on your progress with this important goal. Good Luck!

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Karen Murphy
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over 6 months ago

I just read that Starbucks is giving every barista in the US a raise. It's great to see companies giving raises, especially during the holiday season!

#motivation #hiring #starbucks #jobs #barista #raise #morecoffee

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irene soria
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over 6 months ago

i have been working at my recent job for over 15 + years and i honestly thought i would always be there. but it recently, about 3 years ago, got once again bought and well corporate world moved in. now i was recently demoted and my hourly cut by more than $6.00. not because of my work ethics which have not changed, nor have i never gotten written up and always work beyond the bosses expectation , i was demoted just because i do not have the college degree however i have more than 15 + years in this company and over 25+ years in total in accounting field. Now i am finding myself having to truly look for work elsewhere and i am so scared of the unknown. my recent employer continues to give me fault hope saying they are trying their hardest to try to meet me half between what i used to make and what i am making now and that everything is a process. but its been 2 months, and how quickly they were to changed my status and $$$ but how uneasy they find to change it back. i would love some feedback. thank you all.

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Ash Gajjar
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over 6 months ago

Hi all, Work for manufacturing industry. Times are tough and company was barely a float for 7 years. Now a new company has bought us out and I am transitioning at my same pay. Should I ask for more money? They have reviews every jan/Feb. Is it better to wait and show my self worth til than?

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Danielle Davis
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over 6 months ago

I've work for this company going on 2 years. I love working in this industry. I put my sweat and tears making sure the family and friends are fine, every and anything the company or family needs I do. I just got a raise a month ago, I didn't know it because my check was still the same. I'm a single parent of three but I am worth to them $.25. What can I do with that? I'm doing what GOD wanted me to do but really. But when a new individual comes alone, she gets baby, she don't do what I do no matter how I teach her, she does what she want to do. I LOVE THIS FIELD. I might need to go elsewhere, so I know I would be appreciated. Thank you guys for reading. Im going through but by the GRACE OF GOD I can make it. Be bless.

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