Asking for a raise right now might sound a little crazy. With government job cuts, unemployment on the rise, and economic uncertainty looming, the timing seems less than ideal. But here’s the truth: life isn’t getting any cheaper, and your hard work deserves to be recognized. While the thought of negotiating a salary increase in the middle of a cost of living crisis might feel intimidating, it’s not impossible. In fact, it could be the smartest move you make this year. In this article you’ll learn 08 ways on how to ask for a raise in the current market, and how to do it right.

01. Arm Yourself with Research

 Knowledge is your power play when asking for a raise. Start by digging into the current market rates for your role —what are people in your industry with your job title earning? Websites like Seek, Trade Me, and Glassdoor offer great insights. Plus, knowing how inflation is affecting salaries across the board will strengthen your case. When you come prepared with the facts, you’ll feel more confident asking for more money. 

02. Pick Your Moment Wisely

Timing is everything in salary negotiations. While the economy may feel shaky, look for signs that your company is doing well. Is there a recent win you’ve contributed to? A completed project that exceeded expectations? These moments are your green light. If you can, align your raise request with your performance review for maximum impact. A red light moment might be that your company has just gone through a restructure and you’ve received an additional workload in the process. In this case, it may be best to wait a few months when the restructuring is over and there are signs that the company is back on its feet – getting positive results out of this additional work in the meantime will be the cherry on the cake as not only have you taken on this additional workload but have risen to the occasion. 

 03. Highlight Your Wins

 If you want a raise, you need to prove you’ve earned it. Employers need to know exactly what value you bring to the table, so don’t be shy about highlighting your contributions. Whether it’s leading successful projects, boosting revenue, or streamlining processes, give concrete examples of how your work has helped the company thrive—even in tough times. Your value is your leverage.  

 04. Mention the Cost of Living—But Don’t Lean on It

 Yes, the rising cost of living is real, and yes, it’s affecting everyone. But don’t make it your main argument. Employers are feeling the pinch too. Instead, weave it into your conversation as a secondary point. Lead with your performance and market value, and mention how inflation is impacting your ability to keep up. It shows you understand the bigger picture, while still advocating for what you deserve.