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We wouldn’t be surprised if a pay raise was on your mind right now. With the U.S. inflation rate currently at 9.1%, it is a figure not seen since 1981. The 40-year high means people are paying higher prices for a range of consumer goods, energy, gas and groceries than they were a year ago and for many, salaries haven’t kept pace.
That means many people now have less money in their pockets, and as a result some companies are responding to the issue. In May, Microsoft doubled its global budget for merit-based salary raises. In June, Walmart upped wages for 36,000 pharmacy technicians by raising wages to more than $20 an hour, and online retailer Overstock.com opted to help its employees by offering stock to a broad group of staff.
But according to a survey from Mercer, the human resources consulting firm, 45% of employers are not factoring inflation into salary budgets. The company surveyed 300 U.S. employers in March and discovered that less than a quarter will make changes to their salary budgets because of inflation, despite the fact that 42% reported that they have been asked by their employees’ to take financial actions to help with rising costs.
Given the current climate, how do you go about making an iron-clad case that will get you a salary bump? Try these three tactics to ascertain your worth.
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Has your role changed significantly?
We often start a job doing one thing, and over time other responsibilities get added to our roster. You may have taken on the tasks of a departing team member too, so make a list of everything you are doing right now, compare it to your official job description and make your case.
How much are new hires being paid?
Existing employees are often subject to what’s known as salary compression, where new employees come into the company on better money — despite having equivalent experience for the same job. It is a kind of loyalty tax that is a hard pill to swallow, so making a comparison between your salary and that of a new hire doing a comparable job can be very useful.
Ask around — connect with friends in similar companies and see what the same job is being paid at their firm. Look at review websites such as Glassdoor to get an overview of the industry standard for the job you’re doing.
Once you have your information, ask for a meeting with your manager. Making a case needs to be a facts-based request, not one rooted in emotion. You may still not succeed, in which case you could consider asking for more paid time off, funds for training and development or other benefits that matter to you.
Or, you could consider a move to a new company: the one sure-fire way to get more money is to be the person a company is pursuing. We have three interesting roles to check out below, as well as plenty more on the Job Board.
The Excel Bloomberg Query Language (BQL) Developer will use financial market knowledge to consult with Bloomberg clients or prospective clients, helping them to develop and implement their investment strategies and research. You will need expert knowledge in MS Excel/ VBA and a willingness to learn other programming languages as well as previous experience working with front office in financial markets and expertise in one or more asset classes (equities, fixed income, commodities or FX, etc). Apply now.
The AI/ML Python Developer serves as a technical consultant and at times as a lead, and will consult with product managers to determine and refine machine learning objectives. You will design machine learning systems and self-running artificial intelligence (AI) software to automate predictive models and transform data science prototypes and apply appropriate ML algorithms and tools. You’ll need a Bachelor’s degree in computer science, or a related field. As well as three years’ experience as a machine learning engineer, and advanced proficiency with python and java code writing. Apply now.
The Tock engineering team is looking for a Senior Software Engineer (Full Stack) to help it build the next generation restaurant ticketing system. You will be a generalist, working with a mix of front and backend web development tools. You will need at least three years’ of experience building software and will understand all parts of a modern web-based application stack from frontend, backend to production. Apply now.If you’re thinking about making a job move, then check out thousands of open roles on the VentureBeat Job Board
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