As of September, the annual rate of inflation was 3.7%, but many workers say their annual pay raises aren't keeping up with the cost of living.
With inflation still running hot, many employees are hoping to bring home a little extra in their paychecks next year. But if you're gearing up to ask for a raise, don't wait: Now is the time to strike."Rent is high, gas and electric is high, food is high," Donald said while preparing chicken and fries for his lunchtime customers.
He, like so many people, would like some more money to keep up with the nearly 4% inflation in the last year.Liz Supinski is the director of research and insights at World at Work, a human resources specialist firm.Based on their survey results, she predicts average raises of 4.1% in 2024 as companies fight to retain workers.
"There still remain more job openings than workers to fill them," she said."Competition for workers often leads to wage increases as companies compete to attract and retain employees.""When it comes to getting a raise, your performance matters," Supinski said.SEE MORE: US economy adds just 150K jobs in October amid massive UAW strikeWhen talking with your supervisor, she says,"Be prepared to talk about why the quality of your work justifies an increase.
Just going in and asking for more money to keep up with rising expenses rarely gets more money. You need to show your worth.What is the biggest mistake people make? Waiting until the new year, figuring that January brings the best chance of getting more money. "If you start talking to your manager now," she said,"that might allow them to include a pay increase for you in their 2024 budget.
Donald says he loves his boss, who owns his food stand. But he thinks a little more money in his paycheck would go a long way.Trending stories at Scrippsnews.com
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