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WHY NOW IS THE BEST TIME TO ASK FOR A RAISE AND OTHER PERKS AT WORK

The job market is tight so it’s a good moment to seek better benefits as the
risks of an economic downturn mount.


Source: iStockphoto/Getty Images
By

Alice Kantor

+Follow
July 15, 2022 at 1:00 PM GMT


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Now is the time to ask for a raise.

The labor market is extremely tight but recession fears are growing, making it a
good moment for employees to negotiate for better pay, bonuses and benefits
before it’s too late, experts say.




Job openings are at an all-time high and the unemployment rate is near a 50-year
low, meaning employees still have plenty of leverage, especially as high
inflation eats away at their incomes. However, layoffs are becoming more
common in industries including technology, cryptocurrency and real estate as the
Federal Reserve hikes interest rates, markets slump and the housing market
cools.

“It’s a job-seeker’s market right now so it’s a good time to ask for perks
before companies turn more conservative,” said Lauren Thomas, an economist at
job search site Glassdoor.

Here are the top tips from career coaches and financial experts on how to ask
for perks.


KNOW YOUR WORTH

The most important piece of advice is to know your worth.




Being able to evaluate your skills and the positive outcomes you’ve brought to
the company is the best way to get what you want, said work consultant Lauren
Rikleen. She suggests bringing detailed quantitative and qualitative evidence of
your performance over the last six to 12 months to back up your claims.

“Keep a file of your track record and come to negotiations prepared,” she said.



Upcoming performance reviews are a good time to have this conversation, as
employers expect to discuss output and demands. “The worst thing that can happen
is they say no,” Rikleen said.


UNDERSTAND THE WIDER PICTURE

Inflation or a potential recession shouldn’t be the determining factor when an
employee asks for a raise or perks. Asking for a 9% raise because inflation hit
9% likely won’t be effective. Yet being aware of how the wider economy, your
sector and your company are faring can dramatically improve your chances
of getting what you want, Rikleen said.



Doing research on vacancies in your industry, the demand for your skillset,
perks offered by other companies in your industry, as well as whether your
employer is expanding or starting to downsize, could be key in figuring out what
to ask for.

“You need to have an understanding of what is reasonable within the market and
of how much of a stretch your request is,” she said.


ASK SOONER RATHER THAN LATER

Asking for more money now is always better than asking later, said Thomas from
Glassdoor. Even if you asked for a raise in the previous year, it’s best not to
wait. If your employer says yes, you’ll get to enjoy it sooner, and asking now
will reduce the risk of an economic downturn scuttling your request. 



Also, it’s hard to reduce pay or benefits once they’ve been given. 



“It’s possible for an employer to take away perks, but it’s really hard to do
because it’s usually hugely unpopular,” she said. 


HAVE A PLAN

If you want to ask for extra vacation time or a leave of absence, having a
coverage plan in place is helpful, said career coach Alice Stapleton.
Suggesting who might take over your shifts when you’re away or helping your
employer with temporary recruiting makes it more likely your manager will say
yes. 



“Details on how little impact the desired perk enhancement would have on the
team can make or break whether your request is agreed to,” she said.


AVOID ULTIMATUMS

A “take it or leave it” approach to negotiations often fails, said work coach
Hannah Salton. Try and avoid rash responses in the heat of the moment. Instead,
thank your manager and ask for time to review their offer, to allow your head to
cool.

“You don’t want your employer to shut down. You want to keep the conversation
going,” she said.





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