Stuck in the Loop: Tips to Get a Better Paycheck in 2022
Stuck in the Loop: Tips to Get a Better Paycheck in 2022
The past two years have been tumultuous for people all over the nation, especially due to the COVID-19 pandemic and the massive effect it has on the economy and people’s lives. It has caused millions of people to lose their jobs, and even more people have received sharp pay cuts just to keep the business going. At this point, most people are thankful to be alive and safe from the coronavirus.
Since 2022 is just around the corner, there is one good news that awaits workers all over the United States. According to a recent report, Americans are slated to get a 3.9 percent increase in their salaries, which is the fastest wage growth since 2008. This might be able to do something to offset the devastating effects of the pandemic.
If you think you are stuck in the loop and can do better, you absolutely can. This article covers the tips you can follow in order to get a better paycheck in 2022.
Reasons Why You May Have a Shot at a Better Paycheck in 2022
If you are think that asking for a raise or better salary in the current economy is madness, then you would also have to consider the fact that the COVID-19 pandemic, coupled with the fact that many people have retired earlier than usual in the past year, has caused a massive labor shortage in the job market.
If you have gone through our introduction, you would already know that companies are expected to increase salaries across the board by 3.9 percent, which will make quite a difference. However, the increase might not be exactly beneficial if you have a new job, or if your salary was slashed when the pandemic began.
Another reason why you are justified in your demand for a better paycheck is because the salary increase isn’t the only thing that will be going up in the coming year – along with it, the cost of living is also expected to go up, which is another gift that the coronavirus has brought to us. According to the Bureau of Labor Statistics, the consumer prices are expected to go up by 6.8 in the start of 2022.
As a consequence, the benefits of the salary hike will be offset with the rise in consumer prices, because it will all the more difficult for workers to make a decent living. Last but not least, the aforementioned labor shortage has brought about more unfilled positions than before. Therefore, if you think you are working at an unfair wage, you may be able to land a new job, since employers are eager to pay higher wages to fill up their personnel.
Tips on Getting a Better Paycheck in 2022
Now that we have discussed at length on why you deserve a better salary in 2022, let’s have a look at the tips on how you can get it.
Research the Job Market
Whichever industry you belong to, make sure to research the suitable salary ranges for the jobs that you are qualified for, factoring in your geographic area, qualifications, skill level, etc. You can make use of online job portals and community platforms for this purpose. For instance, if you find that the average salary for a person with the same job as you, but having a 10-year experience is $100,000 per year, you can expect to earn a similar or higher amount if you have more experience.
This would provide you with a starting point for your salary negotiations, whether you ask for a raise on your current job or get a new job offer. Without the research, you won’t be able to justify your salary demands, and you may risk sounding greedy.
Understand Your Limits
If you think you are ready to negotiate for a better paycheck, also keep in mind that a higher salary or better job may come with more responsibilities and elevated expectations from the management, and you might not be able to live up to them. Make sure that you aren’t fazed by the extra zeroes in your salary and get trapped into fulfilling responsibilities that are above your experience and skill level.
If you manage to get your salary increased and fail to fulfill the responsibilities that are expected of you, you might be able to gain the wrong kind of attention in your company, i.e. the overpaid and underperforming employee.
Always Hear What the Employer is Offering
You may think that a sound strategy is to put your expectations on the table when you walk into an interview with your employer or a potential employer. They might ask you about your expectations, and you might rush things by telling them everything before learning what they have to offer.
If you are posed with this question, a wise strategy would be to redirect the conversation and tell them that you understand everything about the position. Then, you can flip the question and ask them what they have to offer. This strategy has proven to be more beneficial, particularly for female applicants who tend to undersell themselves.
Keep Your Priorities in Check
When you are in an active job hunt, make sure that you don’t keep an eye on the salary figure only. Rather, you should be able to research and find out what the position offers you. Ideally, you should be able to learn new things and evolve as a professional, rather than getting stuck at a dead-end job that pays really well and doesn’t let you evolve.
A higher salary may not always be the best thing for you to get. Growing and evolving as an experienced professional is much more valuable, and helps you climb the career ladder much faster.
Salary vs Equity
When it comes to startups and large corporations, you are often offered a modest salary, along with stock options or equity in the company. Although it may seem that you are getting lesser money than the industry average, equity in a high-performing and promising company can help you become richer and more successful in the long run.
Therefore, you should be able to choose between a higher salary with no equity, or a lower salary with equity in a progressive company.
This brings us to the end of our guide on getting a better paycheck in 2022. As you already understand, everybody deserves to earn a decent living and lead a comfortable lifestyle, and a simple 3.9 percent salary increase might not be enough to help you stay afloat. Therefore, you have to get in there and ask for a fair valuation of your skills and contributions to a company.