5 Tips for Salary Negotiations During Inflation

Unless you live under a rock, you may be feeling the effects of inflation. Unfortunately, everyone around you, in some shape or form, is affected by it and has had to re-adjust to stay afloat in this ever-changing economy. According to a report released by the Department of Labor’s Bureau of Labor Statistics (BLS), inflation in the United States for the 12 months through May hit 8.6 percent, making it the biggest annual rise since December 1981.  

As the cost of living becomes more expensive and inflation is soaring at a fast pace, many are finding the only solution to keep up with everyday life necessities is to get a salary increase. The increase in prices means the dollar does not stretch as far as it used to, so earning a salary increase will undoubtedly help balance expenses. However, keep in mind that employers must also make their own decisions to remain in business, so come prepared to prove your value to the company.  

SkillGigs understands that having these tough conversations can be uncomfortable, especially in today’s economy. We know negotiating salary during inflation can be intimidating, but it is possible if you take the right approach. So, without further ado, check out these five tips we have compiled to help you negotiate your salary during these times.  

First... Research the Job Market 

Do your homework. It is important that you understand what the job market states your current role value is. Knowing what others in your position are getting paid will help determine if you are truly eligible. This is part of your negotiating strategy. When you figure out what that salary range is, analyze your current responsibilities. Have they changed? Do the responsibilities you have gained within the role lead to a salary increase or possibly a promotion? Remember, a well-informed person is your best defense against pay disparities and earnings. 

Then... Make a Case for Yourself  

Discussing salary should not be a demand for what you want but more of an opportunity to emphasize your contributions that merit the pay raise. The goal is to remind leadership that you are an asset to the company, whether you have helped increase revenue or continued to meet successful deadlines time and time again. This is your time to show how you have helped the company cut costs and ultimately bring in more business. Approaching the conversation with the things you have done for the company will resonate better than you addressing the inflation crisis, and how a raise will fix your concerns.  

Prepare the Facts 

To strengthen your case, if available to you, bring visuals to your meeting. In salary negotiations, especially with inflation being on the rise, you must put all the stops. Most people respond better to visual information than just conversational. In preparation for your discussion, you could create a PowerPoint presentation with data charts that back up the things you have mentioned in conversation. Focus on the things you’ve made better since your employment with the company. Show real examples of your accomplishments and what you truly bring to the table that no one else can. Have them realize with facts that losing you over money is just not an option for them.  

Add More to Your Skillset 

Maybe your current job responsibilities do not help your case in receiving a salary increase but inquiring about gaining more skills to be a greater asset to the company can. Not only is this good for your professional growth, but you are also reiterating to the company that you do not want to take your talents elsewhere. Your commitment to the company and its success is essential, and you want to be there for years to come. When negotiating salary, mention that you are ready and willing to gain new skills to have a more significant impact that furthers the company's success. Don't focus too much on simply needing more money due to inflation; that is an obvious reason for wanting a raise. It may be easier to negotiate a higher salary if added responsibilities are given to you that benefit both. It is a solution where everyone benefits at that point.  

Don’t Walk Away Empty-Handed 

As the discussion transpires, you may sense that you are probably not getting the raise, but other solutions could be worth considering. As an employee, you carry the power to shift things around if things don’t go as planned. Consider other company benefits that can be part of your negotiation. With inflation at its lowest, the worst we’ve seen in over 40 years, think about ways to keep you satisfied enough to stay or wait for your next opportunity to ask for a raise. Some employees negotiate more work from home days to save on gas. Others negotiate their paid time off. Negotiating is a form of art that brings individual parties to a mutual agreement. Mastering it even in a very present chaotic world ensures you are happy in the end. Moral of the story: don’t give up right away! 

SkillGigs wants to equip you to be a killer negotiator when it matters. Check out this blog post in which we discuss further how to effectively secure more money!  

SkillGigs is Always on Your Side 

Salary negotiations with our bidding technology are easy and ensure you are always in control. As the talent, you have leverage on how much you should get paid. Once you establish your salary expectations in our talent marketplace, employers can match with you. There are no hidden agendas. SkillGigs believes in complete transparency in the hiring process, from job responsibilities to salary. You no longer have to wonder if your salary expectations will be met. As an added bonus, our talent marketplace is always on your side, creating a pipeline of employment opportunities. So, you are always in front of employers when you are ready to connect. If you believe it is time to seek a higher salary, especially as inflation keeps rising, come check out SkillGigs, we are confident that you will secure a better paying job in no time.  

Sign up today! The future may be uncertain, but you hold the keys to unlocking the salary you desire.