How to Ask for a Cost of Living Raise and Get It
Asking for a raise can be an intimidating process, especially if you're trying to secure housing in a market where your dollar doesn't have the same buying power. Cost of living raise is given to make sure that the worker's salaries are following the ever-changing housing market.
Typically, this value is around 3% per year but can vary. Need to ask for a cost of living raise, but don't know where to start? DoNotPay's award-winning tools can help you advocate for yourself when it comes to asking for a raise due to the cost of living. To learn more and get started with DoNotPay today, read on.
How Often Should You Get a Raise?
Even though your specific reason for wanting a raise is due to the cost of living, you might be surprised to know that you are more than qualified to get a salary increase anyway. If you've been working under your employer for several years, you can ask for a raise annually.
Your employer could potentially give you a counteroffer, which gives you the ability to negotiate your salary.
What if you just started a job recently, but need a raise? It's suggested that you wait at least three months before approaching your employer, and it's important to show reliability and work ethic during this time so that they're more likely to approve it when you do ask.
Reasons to Get a Raise
Employers should consider several factors before deciding whether to give an employee a raise or not. Some of the most common points are listed below.
- How long you've been working for the company. If you've been on board longer, you're more likely to receive a raise.
- Your work ethic/productivity level. Employers don't want to give raises to employees that don't put effort into their jobs. If you consistently turn work in late or don't respond to emails, this can greatly hurt your chances of getting a raise.
- Uncontrollable factors, like the cost of living. The housing market experiences fluctuations relatively often. If the market has recently experienced inflation and you're looking to purchase or rent a new property, your current income won't allow you to explore the same options it would have before the inflation occurred.
- Many employers give raises in accordance with the cost of living, so if you present this as one of your reasons, they're more likely to give you the raise you're asking for.
How to Ask For a Cost of Living Raise on Your Own
Asking for a raise can be intimidating for anyone, and knowing just the right way to go about it can be confusing! If you're ready to begin the process of asking for a cost of living raise by yourself, use the following steps as a guide.
|Gather Your Information||It's important to have proof to show your employer that the housing market has indeed experienced inflation, putting you at a disadvantage with your current income. You can get reliable information with a quick Google search, but if you're working with a real estate agent, having them create documentation for you is super beneficial.|
|Determine What You'd Like Your Raise To Be||This value can be in direct accordance with the housing market inflation value or a higher/lower value, depending on your needs.|
|Talk To Your Employer About The Situation||You can do this over the phone, through email, or in person. Email is helpful because you can attach documentation, but the discussions that phone and in-person conversations provide can be very helpful. If you're approaching them in person though, make sure to know when to do so.|
|Wait For Approval||Even if your employer gives you verbal approval, everything will still need to be put into the system and approved on the highest levels, which can take time.|
How to Ask For a Cost of Living Raise The Easy Way With DoNotPay
When it comes to asking for a cost of living raise, DoNotPay takes the intimidation and confusion out of the process. With only a few details from you, DoNotPay will get to work generating a professionally written letter requesting a cost of living raise, which you can present to your employer. To get started, follow these four easy steps:
- Search "negotiate my salary" on DoNotPay.
- Enter the name of your company and the industry you work in, so we can find the right wage statistics for your role.
- Answer a series of questions regarding your qualifications and achievements, relocation expenses, and other job offers if applicable.
- Enter the new base salary you would like to request.
And that's it! Generation of your letter will begin once your information is finalized. You can rest easy knowing it’s done professionally.
If you want to inquire more about salary negotiations, then DoNotPay also has you covered. Here are some of the things you can learn about with DoNotPay:
- How to ask for a raise through the mail
- How to negotiate salary over the phone
- How to ask for a salary increase through email
What Else Can DoNotPay Help Me With?
When it comes to assistance with everyday problems, helping you ask for a cost of living raise is just the beginning with DoNotPay.
Whether you're interested in other topics regarding your job, like knowing how to negotiate your salary and learning how much of a raise you should ask for, or you need help with something else, DoNotPay has you covered with their reliable and award-winning services. Explore the relevant links below to discover how DoNotPay can help you today.
- Reduce my property taxes
- Fight discrimination in the workplace
- Learn about chargebacks and refunds
- Discover how to cancel anything easily
- Negotiate my salary