With inflation at a 40-year high, the dollar you earn is not going nearly as far as it used to.
But getting a promotion or a raise is not that simple.
But right now unemployment is low which means it’s harder to hire. In this labor market, employees have the upper hand.
Many companies are focused on keeping their employees from walking instead of struggling to find someone else to fill the position.
It never hurts to ask but the key is to be prepared.
Experts found the average employee gets promoted every three years but that’s no guarantee.
They say the best way to move up is to be the most effective employee, creating value for your boss and your company.
Researchers with the Harvard Business Review examined more than 63,000 employees around the world at various career stages and identified common pieces of advice people receive about their careers.
Number one, take your future into your own hands, and that includes pay.
More than 60% of people will ask for a raise this year because of the increasing cost of living, according to a recent survey,
If you are one of those folks, ask for a meeting to discuss your pay.
Also, do your research on websites like Glassdoor to see how much others in your industry make.
During the meeting, focus on what you do and how you’ve brought value to the company so they know you are a much-needed member of the team.
If your company’s answer is a no, that doesn’t mean you’ll never get a raise or promotion, ask for feedback so you can see what you can do or improve on.
Then suggest a follow-up meeting.
If it’s a constant no, it may be time to find another job.