Want a Raise in 2023? Why It Pays to Talk to Your Employer Now

Waiting too long could backfire on you.

These days, a lot of people are struggling to make ends meet due to inflation. If you feel similarly, then you may be really eager to see your pay increase in 2023.

Unfortunately, though, not every company gives out raises automatically. And if yours doesn't give out annual cost-of-living raises, then you may need to work extra hard to score a pay boost for the new year.

But if a raise is something you want, now's really the time to bring it up. If you wait too long, you could end up losing out on the opportunity to snag a bump in your paychecks.

Why you shouldn't wait to talk salary

It's common for companies to establish budgets ahead of time so they know how much to spend. And your employer may currently be in the process of mapping out its 2023 budget. That could include deciding how much it will be spending on payroll in the coming year.

If you want to snag a raise in 2023, it pays to have that talk with your manager as soon as possible. If you wait too long, you may reach a point where your company's budget is finalized and there's no room to give you a boost in pay -- especially if many of your fellow employees get in there and ask for a raise before you do.

How to make the case for a raise

If your employer doesn't give out raises as a matter of course, then you may need to fight for one. And your best bet may be to prove that you're worthy of higher pay.

Think back on the events of the past nine months or so. Have you stepped up to the plate and taken on more responsibility? Have you been assigned more high-profile tasks because you're known to be diligent and reliable? Have you increasingly logged on after hours or on weekends to bail your team out of a jam? These are all points that could work in your favor, so don't hesitate to bring them up.

It could also pay to point to the different ways you've specifically made your company money or saved it money. Let's say you piloted a new accounting program that now costs your employer $15,000 less per year to license and maintain than the old system. Your company might be willing to share some of that savings with you in the form of a higher salary, so bring it up if you're angling for a raise.

Don't let nerves get in your way

Asking for a raise can be a nerve-wracking experience. But you shouldn't let that be a reason for you to avoid asking for a bump in pay.

These days, people all over the country are racking up higher credit card bills than usual to pay for basics. And a higher salary could really ease that burden for you.

Even if you aren't struggling financially, you still deserve to be compensated if your performance at work is solid. And so you shouldn't hesitate to ask for a raise -- and soon.