Soft Skills Subject: Pay Increases & Career Advancement
Pay raises are on the rise – Here’s how to ask for one
With the country opening back up for business, companies are finding it difficult to recruit workers. Reasons vary for this, including: apprehension around new work environments, concern about vaccination rates in various industries, and more employees enjoying the work-from-home/gig economy that has flourished during the pandemic.
The cumulative effect of of this situation has increased the competition amongst employers across a number of industries to compete for more qualified talent. It’s also put pressure on employers to offer higher wages and perks to attract new workers and retain the one they already have. Tech, health care, pharma, financial services, and media are estimating an increase of over 3% in pay increases through 2022.
And, for top-rated employees, raises are already pushing beyond the 4% level.
Soft Skills Guide to Asking for a Raise
Soft skills come in many forms and asking for a raise is one soft skill that begins with understanding the temperature of the market and the value you bring to it.
- Know the market value of your job title and the role you play in your company.
- Accurately estimate your performance & accomplishments in your role and, again, to the company.
- Speak up! While demand is high for experienced talent in your industry, now is the time to confirm with your boss that you are a key contributor and that you want to be valued as such.