{"id":58011,"date":"2023-02-22T00:00:00","date_gmt":"2023-02-22T00:00:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/how-to-ask-for-a-raise-in-this-economy\/"},"modified":"2024-01-12T13:40:31","modified_gmt":"2024-01-12T18:40:31","slug":"how-to-ask-for-a-raise-in-this-economy","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/how-to-ask-for-a-raise-in-this-economy\/","title":{"rendered":"How To Ask for a Raise in This Economy"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/career-planning-development\/\">\n\t\t\t\t\t\t\t<span>Career Planning &amp; Development<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How To Ask for a Raise in This Economy<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Sarah Treleaven<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T130410.372.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"An office worker asks for a raise.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T130410.372.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T130410.372.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T130410.372.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How To Ask for a Raise in This Economy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/how-to-ask-for-a-raise-in-this-economy\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/how-to-ask-for-a-raise-in-this-economy\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published February 22, 2023 \u2022 6 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>With rising inflation and high interest rates, Canadians have been asked to stretch paycheques further and further. At some point \u2013 perhaps while eyeing your grocery receipt or the chunk of your budget earmarked for living expenses \u2013 you might have caught yourself thinking: \u201cA raise would be nice.&#8221;<\/p>\n\n\n\n<p>Wait, <em>can <\/em>you ask for a raise in times like these? Asking for more money at work might seem like a tough proposition with so much talk about a recession and high-profile layoffs, but many raise-seekers have more going for them than they think. Just ask Kathryn Meisner, a career and salary negotiation coach. She shared with us how, even in today&#8217;s economy, the only thing standing between a worker and extra cash flow could come down to simply knowing their worth. Read on for her tips for communicating your value, finding the upper hand in negotiations, and \u2013 when you&#8217;re feeling confident \u2013 popping the question.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tout your accomplishments<\/h2>\n\n\n\n<p>Being good at your job is important \u2013 but what&#8217;s most important when it comes to negotiating a raise is that the people around you <i>know<\/i> that you&#8217;re good at your job. \u201cIt&#8217;s great that you know what you&#8217;re contributing, but you also need to tell other people about that,&#8221; says Meisner.<\/p>\n\n\n\n<p>This is the kind of information that can be underscored in strategic meetings with managers \u2013 ideally, a weekly one-on-one. If that&#8217;s not happening, look for other opportunities to update your manager on what you&#8217;re working on, which skills you&#8217;re sharpening and your broader career aspirations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Find the upper hand<\/h3>\n\n\n\n<p>Making the case for more money isn&#8217;t just about being good at your job; you should also consider the circumstances of your position. For example, scope creep \u2013 when a role&#8217;s responsibilities expand without a proportionate bump in pay \u2013 is common, and can quietly take place over the course of months or years before you realize it.<\/p>\n\n\n\n<p>Recognizing such a scenario can give you leverage. \u201cYou should be paid for the work you&#8217;re doing,&#8221; says Meisner. Make a business case for why you deserve to be paid more for taking on additional responsibilities, she says. And this isn&#8217;t just an opportunity to ask for more money. If the scope creep is substantial \u2013 and you feel confident you can handle the additional work \u2013 try pitching a new title or even whole new role to match your raise.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Lay the groundwork for future raises<\/h3>\n\n\n\n<p>Maybe you don&#8217;t feel like you&#8217;re going above and beyond, but you&#8217;re still a crucial team player. In that case, Meisner suggests reframing your perspective. If you don&#8217;t feel like you can make a strong case for an increase in compensation right now, start investigating what you need to do to make the case down the road. Which benchmarks do you need to hit? Which relationships do you need to cultivate? And which skills will make you indispensable? \u201cMake this your to-do list for the next six months,&#8221; says Meisner.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make it part of your annual routine<\/h3>\n\n\n\n<p>Many workers save salary negotiation for major milestones, like securing a new job or being offered a promotion. But Meisner suggests that asking for more money should become an annual habit, ideally associated with positive performance reviews. \u201cEven if you get a &#8216;no,&#8217; that&#8217;s still useful because you are practicing your negotiation skills,&#8221; she says. \u201cYou&#8217;re practicing being assertive, you&#8217;re practicing communication skills, and you&#8217;re often making visible some achievements or responsibilities that your manager may not know about.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Know your manager<\/h3>\n\n\n\n<p>\u201cFigure out what works for the person you&#8217;re negotiating with,&#8221; says Meisner. \u201cI had a client who had a manager who preferred a PowerPoint sent to her in advance of the conversation of all the achievements, and I have had clients who have had managers who just have like a face-to-face conversation.&#8221; She also recommends talking to a colleague who successfully negotiated a raise to get the inside scoop.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Do your salary research<\/h3>\n\n\n\n<p>Meisner recommends doing substantial advance work to sleuth out the pay for comparable positions within the company. That means internet research, asking others in the industry, or talking to friends or former colleagues. \u201cTalking about money is very difficult,&#8221; says Meisner. \u201cBut once people start sharing, they open up, and it can really help you realize if you&#8217;re being underpaid.&#8221; It&#8217;s also your chance to find out if you&#8217;re getting competitive non-financial compensation. Meisner recommends that women ask male colleagues how much they&#8217;re paid.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consider your bigger financial picture<\/h3>\n\n\n\n<p>Meeting with a financial advisor can provide the spark you need to ask for more money, says Meisner. Even if you can comfortably afford your monthly bills, \u201cyou might realize that your salary doesn&#8217;t actually help you meet your financial goals,&#8221; she says. \u201cYou really need to figure out what your goals are and what you need to do to get there.&#8221; Putting together a financial plan can help you clarify your short- and long-term goals, and also give you a good sense of where to allocate the money when that raise finally comes through.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Don&#8217;t sweat the timing<\/h3>\n\n\n\n<p>You might be tempted to consider all kinds of factors before you ask for more money \u2014 your personal performance, your company&#8217;s financial situation, the industry outlook \u2014 but Meisner cautions against getting too hung up on the idea that there&#8217;s a perfect time for a raise. \u201cWhat I find with most people is that, if they wait for the right time, the right time never comes,&#8221; she says. Managers will likely be candid if now is not a good time.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Have a Plan B<\/h4>\n\n\n\n<p>Speaking of which, you&#8217;re not always going to get the answer you want. But Meisner says that getting a \u201cno&#8221; on a request for additional compensation isn&#8217;t the end of the conversation. \u201cEmployers don&#8217;t want to say &#8216;no&#8217; too often, because it&#8217;s assumed that if you reject someone&#8217;s compensation request more than once, they&#8217;re going to start looking somewhere else,&#8221; she says. \u201cConsider it the first step in the process.&#8221; Meisner recommends asking for direct feedback and revisiting the conversation in six months.<\/p>\n\n\n\n<p>After a few tries? \u201cYou have to ask if you want to stay,&#8221; says Meisner. As a start, there&#8217;s nothing wrong with meeting others in your field to feel out what positions or companies lie beyond your role. \u201cI&#8217;ve had clients that have switched roles into their dream salary.&#8221;<\/p>\n\n\n\n<p><em>Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-72c5ea2d-c5d7-470e-8f26-cbcbf4b9ae69\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How To Ask for a Raise in This Economy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/how-to-ask-for-a-raise-in-this-economy\/\">\n        <img decoding=\"async\" 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id-c3bca89c-8b71-4445-9858-ff9f545089ab\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/career-planning-development\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Career Planning &amp; Development<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full 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Work<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"673\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Digital form checklist\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg 6736w, 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