Watching your Wallet: Time to ask for a raise

Watching your Wallet: Time to ask for a raise
Published: Jan. 10, 2022 at 6:03 PM EST
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LANSING, Mich. (WILX) - Prices are climbing and it might be time for your paycheck to match.

According to the Federal Reserve, the United States saw nearly 7% inflation in November, the highest since June 1982.

More: Mid-Michigan food pantries feel the strain as food prices spike

Workers have a little more power this year -- they’re valuable and employers know it.

Michael Joyce, with the financial firm Agili, said now is a good time to ask for a raise that keeps up with inflation.

“It’s certainly reasonable to ask for a raise that will compensate you for the amount that inflation has gone up,” Joyce said. “You might have a lot of leverage because there are a lot of other employers that are looking to hire.”

Joyce encourages workers to look at your total compensation with an employer, the 401K match, the benefits -- is the employer paying any of your health insurance premiums?

While he doesn’t encourage folks to make threats of leaving without a job lined up, Joyce said if you don’t ask the question, the answer is always no.

Related: US businesses advertised near-record 11 million open jobs

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