Amid high rates of inflation, you may be looking to boost your paycheck in the new year. And although 2023 is not here yet, it’s best to start talking to your employer before the end of the year if you want to up your chances of getting that big raise.
Here are three reasons why career experts say it’s a smart idea to get a jump start on your raise negotiations.
1. You Should Start Conversations Before 2023 Budgets Are Locked In
“If your company determines raises based on an annual budget, bringing this up before final 2023 budgets are determined could help your manager plan ahead and ensure it gets approved,” said Steven Waudby, senior recruiter at Delta Hire.
If you wait until the new year, the budget for your position could already be set, and you may not be able to get the pay increase that you want.
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2. It’s a Good Time To Highlight Your 2022 Accomplishments
“Typically, companies base raises on performance, so asking for a pay increase towards the end of the year is a great way to show what you’ve accomplished, why you deserve it and how you contributed to the overall goals of the company,” Waudby said. “If you want more than a standard inflation-based raise, you need to be able to explain your efforts in detail, providing documentation if possible.”
3. You Still Have Time To Course-Correct
If you meet with your manager in advance of actually asking for the raise, you can find out what you should be doing now to ensure a raise next year.
“If there’s something you lack, i.e. a skill or experience, ask for an opportunity to fill the gap,” said Tim Toterhi, a career coach with Plotline Leadership.
Keep in Mind Your Company’s Financial Situation Before Making a Request
As a caveat to the above advice, it’s important to consider your company’s current financial situation before requesting a raise. Many companies are in the midst of hiring freezes and layoffs, and if this is the case for your employer, now may not be the best time to be asking for more money.
“If you feel your company has major cash-flow difficulties, you may want to think twice before asking for a raise,” said Bart Turczynski, a career expert and editor-in-chief at ResumeLab. “First, it’ll likely have the same impact as a fly on a windshield, and second, your request might come off as profoundly inappropriate and bruise your professional reputation down the road within the company. That said, if you know for a fact that your employer is not only making both ends meet but is thriving in this challenging climate, you can safely ask for raise.”
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This article originally appeared on GOBankingRates.com: Looking For a Big Raise in 2023? Talk To Your Employer Now