How to ask for raise as employees see more leverage in job market

How to ask for raise as employees see more leverage in job market

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LAS VEGAS (KLAS) — With so many employers currently focused on employee retention, now might be the best time to ask for a raise.

8 News Now has the steps you need to take and advice for women on why you want to ask sooner rather than later.

“As an employee, it really is time to go to your employer and put best business case forward for a raise,” said career advisor Rachael Evans.

The “great resignation” and the COVID-19 pandemic have pushed employees to look for a better lifestyle. Higher inflation and a labor shortage is also giving workers the upper hand, Evans said.

“There’s something your employer has on their mind in the moment that is going to work in your favor,” she continued.

She said that you may have leverage because your employer doesn’t want the hassle of replacing you.

“It’s going to cost more than your current annual salary if you leave and they have to recruit and retrain someone all over again to come up to the standard that you were at, that’s the leverage you have right now,” she said.

Compare salaries to see what someone in a similar role in your company is making. If you don’t have access to that information, find out what you’re worth in the market.

“Put together a business case, talk to your employer about your service, about how much you love working inside the organization but how you believe you are worth a little bit more,” Evans suggested.

If you’re a woman seeking a raise, she added that it’s better to do it soon.

“For every month you think ‘I might just hold off,’ you’re actually robbing your future self of additional retirement funds,” she said.

Evans said that when it comes to retirement, women on average have up to $2 million less than they have earned over their lifetime compared to their male counterparts.

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