So, you're thinking about asking for a pay raise?

Welcome to the club. I hardly know anyone who would refuse more money. Especially with the current cost of living, even a small increase can make a significant impact.

The challenging part is figuring out how to make the request. It’s one thing to want more money, but without a solid plan, I’m sorry to say, you might end up disappointed.

In my quest to provide guidance for young people (speaking as a fellow Young Person, so please don’t take this as patronizing), I’ve taken the initiative to create a comprehensive guide on how to boost your earnings.

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‘Not Earning Enough To Live’: Thousands Of Gen Z Aussies Stuck Working Two Jobs

I had a chat with Soph Hirst, a Gen Z Career Coach and founder of Workbaby, a platform that equips young professionals with the tools they need to advance. If you're ready to start planning your next pay raise, keep reading.

What’s the current vibe?

Let me start by acknowledging that Gen Zs are a tremendous asset to any workplace. We're brimming with innovative ideas and even more daring styles. Don’t worry — Soph agrees with this assessment too.

Look at that power stance!!!!!! Image Credit: Supplied

However, during Soph’s experience as a career coach, having interacted with over 50 managers across numerous industries, there’s one clear takeaway.

“Many Gen Zs have unrealistic expectations regarding pay increases and promotions. Much of this stems from social media. If you check out TikTok, there’s advice suggesting you ask for a pay raise every six months,” Soph explains.

Alright. First off, I wish it were that easy. Secondly, it’s just not feasible.

“This mindset leads young individuals to assume they should simply request a pay raise after a set period, particularly if they perceive everyone else is doing it,” Soph tells me.

“In reality, you should be considering a pay raise if there’s been a change in your impact on the company, such as increased responsibilities or improved performance.”

We’ll delve into that shortly, but first, let’s explore what you need to know before asking for a salary boost.

Know your company (as well as possible)

Before you even contemplate requesting a pay raise, familiarize yourself with your company.

Many organizations lack transparency when it comes to asking for a pay increase or promotion.