The cost of living is on everyone’s mind: gas, groceries, and energy prices are more expensive this year than they have been for some time. In fact, the U.S. inflation rate is currently at 9.1%, a figure not seen since 1981.
The unprecedented 40-year high means that for many people, salaries haven’t kept pace, which means many have less money in their pockets. If your company hasn’t adjusted your salary to compensate, you’ll be feeling the pinch. According to a survey from Mercer, the human resources consulting firm, a huge 45% of employers are not factoring inflation into their salary budgets.
Some companies are more proactive. Microsoft has doubled its global budget for merit-based salary raises, while Walmart has raised wages to more than $20 an hour for 36,000 pharmacy technicians, and Overstock.com is offering stock to its staff.
But what if your own employer has stayed noticeably quiet on the issue? These three tactics can help you to ascertain your worth before you ask your manager for a salary chat.
These three tactics can help you!
1. Then vs now
When we start a job, we often have specific tasks, which can telescope over time as other responsibilities get added on. Make a list of everything you are doing right now, compare it to your official job description, and make your case.
2. Look at loyalty tax
Existing employees are often subject to what’s known as salary compression, where new employees are offered better money – despite having equivalent experience. It is a kind of loyalty tax, so making a comparison between your salary and that of a new hire doing a comparable job can draw your manager a very clear picture of why you need a raise.
3. Assess industry standards
Connect with friends in similar companies and see what the same job is being paid for at their firm. Look at review websites such as Glassdoor to get an overview of the industry standard for the job you’re doing.
Now you have collated your information, ask for a meeting with your manager. Make your case using data, not emotion. And don’t forget that the trump card in the pack is always this: you could make a move to a new company. It is the one sure-fire way to make more money as you’re in a great position to bargain. Discover three interesting roles to check out below, as well as plenty more on the Job Board.
Staff Applications Engineer / Staff Software Development Engineer, Skyworks
Skyworks is looking for a proactive, detail-oriented, hands-on, results-driven Staff Applications Engineer / Staff Software Development Engineer to become an integral part of its automotive radio applications team. You’ll be passionate about making customers wildly successful, will welcome challenges with enthusiasm and will thrive in a fast-paced environment.
You will work with internal and external stakeholders to define, develop, and support the software necessary for customers integrating automotive radio solutions. You will need a BS in electrical/computer engineering or computer science with 10 years of prior experience in directly related fields, or a Master’s degree with eight years’ of prior experience. Strong knowledge of engineering fundamentals and methodologies is also necessary. Apply now.
Senior Manager, Innovation Labs Engineering, Customer Experience, Electronic Arts
The Senior Manager, Innovation Labs Engineering, will lead EA’s internal prototyping team to experiment with new technology and build proofs-of-concept. As a senior manager, you will harness your technology acumen to influence business strategy and product roadmaps critical to player experience.
You’ll manage rapid prototyping and agile software development projects, directly manage the Innovation Labs engineer(s) and identify, test, and assess emerging technologies. To do the job, you will need a Bachelor or Master’s degree in a technology or computer science field, as well as over five years’ of experience as an engineer and three or more years’ of experience in a leadership role. Apply now.
Senior Software Engineer, Backend (Core Services), Reddit
As a Senior Engineer, you’ll build and scale the exciting features and services needed to create real-time experiences and spark connections, which will fuel the next wave of Reddit’s growth. Your work will directly impact hundreds of millions of users around the world.
Developing and designing new and innovative solutions for scaling Reddit and building platform API projects that scale to the rest of the organization is also part of your remit. You will need over five years of experience identifying and executing high-impact projects, three-plus years of experience with go or python, and familiarity with API platform service architectures. Apply now.
By Kirstie McDermott, Senior Content Manager, Amply