WHEN TO APPROACH YOUR BOSS FOR A RAISE
In requesting for a hike in your compensation, timing is crucial so as not to end up being dismissed by your employer. Aside from this, you must also do an assessment of your company to have an idea whether it is a good time to ask for a pay hike. since there may be current issues that may block your goal of pitching for more cash.
Surprisingly, an overview of the economic market can also help you determine if you are likely to get a yes from your boss. For instance, when the unemployment rate is low and there is a steady inflow of jobs, you may be in a good position to ask for what you want. If you are wondering when the "perfect moment" to discuss about your appeal.
An economy that reaches full employment is usually a signal that companies are in a good condition to maintain their payrolls. This is also an indicator that anyone who wants to work can find one. As of last year, the joblessness rate in the US reached 4.9%, which is a remarkable recovery from a recession. Around 287,000 jobs were added, as compared to a previous figure of only 38,000. These numbers also show that laborers and work are in line with supply and demand.
For those seeking for a raise, a total employment can be of advantage if the management is willing to offer more for their skilled staff to stay. This is a tactic practiced by major firms such as JPMorgan, and Wal-Mart. They are among the prominent names to disclose compensation hikes for their employees lately. If you happen to be in a large business with a stable revenue, your chances of having your request granted may be higher.
Are more people quitting from their jobs?
Work is one of the most important aspects in a dwindling economy and impulsively quitting can be of a gamble. However, in a surging economic state, people are likely to leave their professions in search for greener pastures and higher payment. Last year, the rate of individuals leaving their work was 2.0%, while the layoff and discharge percentage was at 1.2%. This means that majority are quitting voluntarily than being fired. This suggests that more employees are changing professions aiming for additional money.
The main point here is you have to look at your company’s history and zoom in on the firing and layoff instances recently. If your seniors are not reducing workforce and are actively hiring more talents, you might have a decent shot in winning that raise as long as you convince them that it will be more convenient for them in terms of time and finances rather than recruiting a new trainee.
Demand for staff varies in sectors and sometimes, there are more vacancies than applicants. For example, in 2016, the hire rate was at 3.5% while the opening level fell at 3.7%. Divisions with the widest gaps in recruiting are healthcare, education, and finance. If you happen to work in one of these industries, this can potentially give you leverage in asking for your raise as it will be more practical than bringing in a newbie.
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