5 Strategies Gen Zs Can Use to Get a Salary Raise

English Job Seeker Guide

5 Strategies Gen Zs Can Use to Get a Salary Raise

October 25, 2023

A recent survey by Edubirdie, a one-stop platform for students, found that 60% of Gen Z are dissatisfied with their present salary. And that makes sense—since the pandemic, the cost of living issue has swept the globe, upending livelihoods and financial security and depleting many people’s savings.

Roughly 72% of Gen Zers acknowledge that the education system has left them with a major lack of financial literacy, making it difficult to handle their finances and negotiate a salary raise.

According to Bankrate, one of Gen Z’s largest financial issues is a lack of emergency funds. Rising tuition, living expenses, and entry-level employment primarily bring on this problem. Therefore, it makes perfect sense to look for ways to increase one’s present compensation, such as starting a side business, asking for a raise or a promotion, or working numerous jobs where it’s legal and permissible.

Here are 5 strategies for Gen Z to get a salary raise at the workplace:

1. Determine Your Value

The power of knowledge. Investigate your current market rate; armed with this knowledge, you can better justify your request for salary raise.

Is your present pay commensurate with the going rate in the market? To find out what other firms are paying for your level of competence, look at websites like Indeed, Glassdoor, and LinkedIn.

You now have a reasonable amount to shoot for if your wage is below average. But if the time is off, don’t count on getting a yes immediately away. Promotions often come every two to three years when you first start your job, but as you move up the corporate ladder, the rate of advancement slows.

2. Make Good Use of Data

Prepare a visual for your manager to show off your current accomplishments and support your case for a promotion or pay increase. You might discover that a visual representation of your effort will get your manager’s attention more favorably. Prepare a brief deck that lists the obligations you’ve accepted, the transactions you’ve closed, and the revenue you’ve brought in. By doing so, you’re not simply requesting a salary raise but also demonstrating your value to the company.

3. Boost Your Advantages

You might not have a lot of expertise to support your request if this is your first negotiation, especially if you’re a young millennial or member of Gen Z. What do you do in this situation then? Utilize and market your strengths!

Are you a problem-solver or a creative thinker? Can you quickly pick up new technologies, which is a talent that staff with greater expertise struggle with? Employers value these skills greatly, so be upfront about where you thrive and where you’d like to grow.

Try using the STAR (Situation, Task, Action, Result) approach to create captivating and persuasive stories about your career accomplishments thus far, much like you would at a job interview, to promote your talents effectively.

4. Continue to Learn

Every skill you list on your CV can improve your chances of finding employment and salary raise your worth when negotiating. Seek out under-served roles, research the skills required, and then get to work in acquiring these skills. The more that you offer and the more competition there is for your skill set, the greater your value to your employer.

For instance, your perceived value in the job market can rise if you master AI-related technologies or improve your skills by learning a new language.

5. Continue to Monitor the Market

Maintain a constant eye on your LinkedIn page and employment boards. It’s time to revive your job market presence and highlight your best qualities. Start browsing job boards once more, even if you have no plans to give your notice, to get a sense of what is needed and to stay current.

Interviews provide excellent preparation for salary raise negotiations, and if you receive an offer, your employer will be more amenable to accommodating your needs since it will cost them six to nine months’ worth of compensation to replace you.

Before you start putting the above advice into practice, here’s a word of caution. Some actions will get you a flat-out no.

These consist of:

Expecting a fast response: Give your management time to consider their budget before asking a higher-up for approval.

Giving them an ultimatum: You might not get paid at all if they call your bluff.

Creating a commotion: Raising your voice and complaining won’t get you far. Instead, adopt a cheerful, self-assured attitude.

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