Inflation directly erodes both your near-term purchasing power and your ability to save for big ticket items. But asking for an inflation-based increase is a sure-fire way to get the minimum market-based adjustment.
High Potential employee lists aside, when it comes to compensation, HR typically operates with a broadsword mentality in times of crisis. They focus on company-wide programs aimed at reducing turnover and stabilizing engagement. This often comes in the form of a slight cost-of-living increase for key departments. The strategy can work for the organization, but it does little to help you.
Your move? Simple. Switch the conversation from the general to the specific. Instead of focusing on inflation which impacts everyone, focus on performance, and demonstrate your value to the business.
We aren’t there yet, but if the downward trend continues, we could see a full-scale recession. If that happens you don’t want to be the one asking for more money for doing the same work. You want to be the “go-to” person your employer needs to retain…and happily pay a premium to do so.
So, volunteer for that extra project. Demonstrate rock star performance in your current role. Then talk compensation. The conversation is a lot easier when you have something to say.
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