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Tags: Financial Markets | Infrastructure | Money | negotiating a raise

Now Is an Opportune Time to Ask for a Raise

making the case for a raise
(Dreamstime)

By    |   Tuesday, 04 January 2022 01:21 PM

"New year, new me", as the saying goes. As 2022 begins, analysts are suggesting a higher salary could be a welcome addition. A “consensus among compensation experts is that this is the time to speak up,” New York Post reports.

In a further sign that workers are flexing their muscle -- as evidenced by the record 4.5 million workers who quit their job in November -- experts believe there is no time like the present to bite the bullet and ask for a raise. Amber Ferrari of Jobvite, a company that assists companies hire and retain employees, tells The New York Post, “The time is ripe to negotiate your salary. Companies want to sustain their culture, which is harder to do when many workers leave.”

Not only do companies want to sustain their culture, but according to David Turetsky, vice president of consulting at Salary.com, companies are advertising enticing work environments to possible employees. “I’ve never seen businesses advertise for employees on television saying things like, ‘Come work for us, we offer competitive pay and great benefits,’” Turetsky says.

Evidence of this can be seen with employers raising wages, in some case faster than state governments. In October, Costco announced the company is raising wages to $17 an hour, Hobby Lobby announced it is raising its minimum wage to $18.50 an hour effective New Year’s Day, and T-Mobile stated last month that all hourly workers will see an increased minimum wage, with a wage increase to $20 an hour, per CBS. The latter companies are joined by others like Chipotle, where CEO Brian Niccol has previously praised wage hikes as an effective tool to recruit new workers.

Bankrate.com Washington Bureau Chief Mark Hamrick tells Newsmax Finance that companies across the board are going to continue to increase wages in 2022. Anyone currently in a job that they believe they are executing effectively could be in a strong position to ask for a raise, or additional perks, Hamrick says: “Many large companies have raised wages in order to accomplish their strategic objectives. Some have added benefits such as a willingness to provide free secondary education. I expect that will continue to be the case as needed.”

Furthermore, Hamrick says in a market where labor shortages linger, “among the questions yet to be answered in the year ahead is whether there will be a sufficient number of workers returning to the labor force to help fill existing positions. The unemployment rate is expected to edge lower. A big part of that would-be improvement would be an increase in the labor force. Workers will continue to seek some combination of wage improvement and better working conditions, where possible.”

© 2022 Newsmax Finance. All rights reserved.


StreetTalk
"New year, new me", as the saying goes. As 2022 begins, analysts are suggesting a higher salary could be a welcome addition.
negotiating a raise
447
2022-21-04
Tuesday, 04 January 2022 01:21 PM
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