When They Tell You About That “Big” 5% Salary Increase | JobSearchTV.com

[svp]http://www.youtube.com/watch?v=eJUs-CFdB-s[/svp]

When They Tell You About That “Big” 5% Salary Increase | JobSearchTV.com

You’ve been working for a firm for a while and now they are excited to tell you about that “big 5%” raise. How should you respond?

You may also find, “The Offer Doesn’t Keep Pace with Inflation” helpful.

TRANSCRIPT:

I’m Jeff Altman, The Big Game Hunter. And this is going to start to be a more and more common occurrence this year. It’s 2022, by the way, and, at this time, inflation is at 7%, it could go higher, but you have to start thinking about inflationary times.

So your management’s going to come to you and say, “you’ve done a great job this year. And I know in the past, we gave you a 2% Raise. This year, we’re giving you 5%. 5% Raise. That’s two and a half times what you’ve gotten previously. Now I want you to think to yourself, “gee, inflation’s 7%. And for me, to get 7%, more spending power. If I’m in a 33%, bracket, that means I need 1/3, more on top of the 7%, or closer to nine and a half percent just to break even on my spending power.” That’s the reality to it. So their big 5% raise is really worth three and a half to you because government always takes its cut, right? And it doesn’t include gas prices. But that’s a different part of the conversation.

So here’s what I want you to do. When they come to you with that whopping 5% increase, and they’re so proud of it, and they’re selling it to you, I want you to pause for a second and go, “Gee, inflation is seven. And for me to make seven, just the breakeven, it costs nine and a half.”

“How do you figure that?”

“Because government takes a cut, too. So your 5% raise, and my tax bracket, I’m losing at least . . . (someplaces, it’s even more), so I would really appreciate it if you reconsider, and came back to me with an increase that fits inflation . . .plus.”

Now, when they come back and say, “Sorry, we can’t do that,” I want you to say “I understand,” and shut up. Because what they’re saying to you is the way you’re going to have to make that money, the way you’re going to have to keep pace with inflation is by changing jobs. That’s the fact of it. There’s no magic words that are could persuade your manager who’s pretty low level that he should go or she should go to his or her boss, who has to go to his or her boss, who has to take it up two or three levels, to get them to get your 10%.

So start dusting off your resume. Start practicing your interviewing, they can’t afford to keep keep you and to have you keep pace with inflation. That’s the fact. And you gotta consider moving on.

Hope you found this helpful. I’m Jeff Altman. My website is TheBigGameHunter.us where I’ve got a ton there to help you. Whether it’s in the blog, with scheduling time for coaching from me, or a free discovery call, or my courses, or my books. It’s just a lot there that’s helpful to you. And the courses and books are very inexpensive.

And frankly, if you haven’t changed jobs in a long time, you don’t know what to do. You’re an amateur. So come to me for advice and coaching. I’d love to help. Also, connect with me on LinkedIn at linkedin.com/in/TheBigGameHunter. And if you’re afraid to contact me, I don’t bite. I’m a friendly guy, and I know I can help.

Hope you have a terrific day and, most importantly, be great!

ABOUT JEFF ALTMAN, THE BIG GAME HUNTER

Jeff Altman, The Big Game Hunter is a coach who worked as a recruiter for what seems like one hundred years. His work involves career coaching, as well as executive job search coaching, job coaching, and interview coaching. He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with over 2200 episodes.

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