Durban - The South African Reserve Bank said yesterday that the risk of a spillover from the Russia-Ukraine war could negatively affect the country's financial stability through rising food and fuel inflation, as well as lower economic growth.
With inflation at 5.9%, the cost of living has gone up. And with all these increments, how is your salary faring?
If you can no longer cover your expenses with what you earn, or if you simply believe you deserve more, you can approach your employer with this matter.
Here is how you can ask for a raise:
1. Research how the company is doing financially
You first need to determine if the company is still doing well financially. Have there been any retrenchments?
Have certain budgets for various projects been decreased? If so, this may not be the right time to proceed with your request. Conversely, if the company is thriving, go for it!
2. Find out the average pay for your position
You must know the exact figures you are after. Use websites like payscale.com (a company that assists employees understand their worth in the job market) to determine the average pay for the type of work you do.
This will help put into perspective what salary increases you deserve.
3. Have a great track record
It will be much easier to convince your employer that you should be paid more if you have been exceeding at your job – for example, hitting your monthly targets or going over and above on projects.
Your employer will want to hear you justify why you deserve this raise. Have all your ducks in a row to make this process swift and successful.
4. Choose the right time
Only approach your manager when they are not busy. Pay attention to their workload and strategise when the best time to approach them is. It is also not the best time to approach them if they have been under a lot of stress.
Make a list of all the reasons why you deserve this raise. These should be professional and precise. Practise talking to your manager so that you may not feel anxious or afraid when you approach the subject with them.