A good time to ask for that raise could be right about… now.
The latest numbers from U.S. Labor Department show that the 7.1 million job openings now exceed the number of people looking for work.
The outsized demand for workers means more opportunities for you to find a new job with a bigger paycheck — with 3.6 million people quitting their jobs in July, you wouldn’t be alone in seeking greener pastures (pun totally intended).
But if you’re not interested in leaving your job, you can still use the hot labor market to ask for a raise.
We have plenty of tips and strategies to help you saunter into your boss’ office with confidence — including the ultimate guide to negotiating your salary and seven scientifically-proven ways to negotiate your salary.
And don’t let the negotiation stop at your paycheck. Before you ask for money, consider your entire compensation package, including the value of your company’s benefits.
If your boss tries dangling the carrot of a single lump-sum bonus, be sure to do the calculations on whether you’ll make more money in the long run with a raise — including any taxes you’ll owe on a one-time payout.
And if time is money, then negotiating for extra time off could mean more to you than a bump in your bank account.
Tiffany Wendeln Connors is a staff writer at Codetic. Data journalist Alex Mahadevan contributed to this article.