ATLANTA — The great resignation has lured many out of their jobs, but for others it might be a great time to ask for a raise.
The pandemic has been a time of reflection. If you’re content with your job, but not your salary, your boss might be so eager to keep you that you’re losing out if you don’t ask for a raise.
“This is a great time to really reassess what it is that you want for your career, your work, your home life, your work life balance and go ahead and make that ask,” explained Financial Planner Dr. Kenneth White of UGA’s College of Family and Consumer Sciences.
However, Dr. White added that you need to know exactly what you want, and be specific.
“Is it 10% more or is it 20% more? Do you want a $5,000 raise or do you want a $5 per hour raise? You have to determine what it is that you want,” he said.
Make sure you’ve done your research. Find out if your salary is on par with others in your industry with the same experience and education.
“Just keep in mind that your employer, it costs them money to attract new talent to fill the position if you were to leave,” Dr. White said. “So in most cases, your employer will try to retain you as best as they can.”
Once you’re ready to ask, act with confidence.
“Everything is negotiable and asking for more money does not mean that your employer is going to let you go,” White concluded.
He also said if financial constraints keep your boss for offering a raise, maybe you can negotiate benefits, like more vacation.