How to Ask for a Salary Raise Based On Inflation
DoNotPay can help you with your request for a
When the economic status in our country is one of inflation, the costs of everything around us go up. Our rents are raised, groceries are more expensive, and gas prices are elevated. Basically, everything that it takes for us to live is more expensive. For most people, we have to stretch our salaries pretty thin just to make ends meet. When prices go up, we cannot afford everything required to meet our needs unless our salaries go up to meet the increased pricing.
If your company has not responded to the economic crisis by giving its employees a raise, you may find yourself in the uncomfortable position of needing to ask for a raise on your own.
Why Do Companies Give Cost of Living Raises?
Companies give cost of living raises because they recognize the needs of their employees. Cost-of-living raises help with:
- Retaining good employees
- Ensuring your employees are able to focus and succeed in their work without having to worry about whether they can cover their basic needs
- Making your employees feel valued and safe. They may even refer you to their friends and family.
A cost of living raise is given to employees so that their wages are in line with their living expenses. As prices increase, so do their financial needs. A cost of living raise can also encourage employee retention and increase morale in the workplace.
How Has COVID-19 Affected Our Cost of Living?
The pandemic shut us down and affected everyone 's financial status by their inability to work in a normal environment.
The pandemic affected all of us. Research now shows that estimates that the cost of living increased faster than the official consumer price index. As most people transitioned to a work-from-home environment, their expenditures on food increased substantially while fuel costs decreased during those many months in lockdown. In addition to the cost of food itself, a good portion of the population chose to spend more money to either have their groceries or prepared restaurant meals delivered.
The pandemic also brought a reduction in numerous available goods and services. Among these was child care, which caused parents everywhere to scramble to get help. Children being kept out of school caused many families to have to upend their lives to make sure that they had everything they needed at home. Suddenly, low-income families who had never owned a computer were scrambling to buy one as it was a requirement.
What Details Should You Place in Your Salary Increase Letter?
Focus your details on how your financial situation affects your ability to do your job,
- Start your letter off by reminding them of your value to the company. You can remind them of how long you have been a faithful employee. Bring up your achievements, and remind them of your contributions to the organization.
- Do a little research before you start. Compare your salary to both the regional and national averages for a comparable position. Even if you make more than the national average, you are used to living within a certain budget, and inflation can put a strain on your budget as prices for everything rise.
- Make sure that you include information regarding the consumer price index and the national cost of living adjustment rates. If your employer can see the difference in prices on a statistical level, they should realize that a cost of living raise is appropriate.
- Include a proposal of how much of an increase you believe to be fair based upon your research.
- After you know that your employer has seen your letter, you should arrange a meeting with your boss to reiterate the achievements you covered in the letter and your request for a raise. Not only is this the professional thing to do, but it is also a good reminder of your value to the organization.
You can also find a few more examples of pay raise letters if you have a little time to spend on this.
Next Steps if You Can 't Write a Letter Yourself
If you are having trouble writing a letter for a salary request due to inflation, DoNotPay is here to help.
If you are having trouble with any aspect of writing your request letter, you can save a lot of time and aggravation by turning to DoNotPay for help. At DoNotPay, you can either get help with the research you need, view sample letters, or let them help you with the letter itself.
How to Submit a Salary Raise Request Based on Inflation using DoNotPay
DoNotPay makes submitting a easy.
If you want to but don't know where to start, DoNotPay has you covered in 5 easy steps:
- Enter the name of your company and supervisor as well as how long you have worked at the company.
- Select which industry your job position falls under so we can find the right year-over-year wage growth.
- Enter the salary increase (as a percentage) you would like to ask for. The recommended number is ~6%.
- List your recent goals and accomplishments to make a more convincing argument for your raise.
- Choose whether you would like us to email this request to your manager/supervisor on your behalf. If not, we'll generate the request as a PDF that you can deliver to them yourself.
Why Use DoNotPay for Your Salary Raise Request Letter
When you use DoNotPay, preparing your salary raise request based on inflation letter is as easy as clicking a button.
What could be easier than starting your journey with the click of a button? DoNotPay makes it easy to get help with a salary raise letter.
Information that you may have been having trouble finding, such as how to present the data to justify your case, DoNotPay has readily available to customize to your needs.
Salary request letters created by the DoNotPay tool take your personal information and present it in a manner that your employer cannot help but respond to.
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