Getting a Raise: More Than Just a Number
Whether it's an annual cost-of-living adjustment or a significant promotion, getting a raise is a win. Use this Pay Raise Calculator to verify your new salary and understand exactly what it means for your periodic paychecks.
How Raises Work
Most companies award raises as a percentage of your base salary. For example, a "merit increase" might be 3-5%, while a promotion could come with a 10-15% jump.
Inflation vs. Your Raise
It's important to compare your raise percentage to the current inflation rate. If inflation is 4% and you receive a 2% raise, your real income (what you can actually buy) has decreased. Aim for a raise that at least matches inflation to maintain your standard of living.
Negotiating Your Next Raise
- Know Your Value: Research salary data for your role in your specific city.
- Track Your Wins: Keep a record of your accomplishments and the value you've added to the company.
- Timing Matters: Ask during performance reviews or after successfully completing a major project.