Negotiating a Raise: Strategies for Salary Growth When a Raise is Denied

Some companies aren't increasing wages in the new year. Here's what to do if you're in that boat.

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Key points

• Many workers are banking on a raise in the new year to keep up with rising living costs.
• If you're not getting a raise, you still have options for boosting your pay.

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Some companies give out a raise at the start of the new year to all employees as a matter of course. Other companies give out merit-based raises to those who work hard and earn them.

If you're getting a raise for 2022, you'd probably agree that extra money could not be coming at a better time. These days, everyday expenses are soaring thanks to supply chain issues and rampant inflation. And consumers are increasingly running the risk of having to dip into their savings or rack up debt just to keep up. Having additional money in your paycheck starting in January could therefore be a lifeline.

But what if you're not getting a raise in the coming year? It could be that your company is experiencing its own share of financial issues that make raising workers' pay impossible. Or, it could be that your company has a policy of only boosting the pay of its top performers, and you, unfortunately, didn't make the cut.

The good news is that if you're not getting a raise at work, you have the option to create your own. All you need to do is get a side hustle, and you could see your pay increase substantially in the course of the new year.

Take control of your earnings

The great thing about getting a side hustle is you'll be empowered to boost your income. And if you sign up for a gig that gives you the option to work as many hours as you can handle, the more time you put in, the more money you stand to earn.

What sort of gig is right for you? Well, it depends on your skills and schedule.

If you're great with numbers, you may be able to do bookkeeping work or medical billing from home. If you're a wiz with web design, you could create or update websites for cash. And if you're great with words, you could line up a series of freelance writing gigs.

Of course, not every side hustle is conducive to working from home, but there are plenty of gigs you can do outside the house that still let you set your own hours. If you sign up to drive for a ride-hailing service, for example, you can transport passengers around town when it's convenient for you. And if you sign up with a company that helps parents find childcare, you can take on babysitting jobs on the evenings and weekends you have free.

Don't sweat your absent raise

In an ideal world, you'd be looking at a pay boost for 2022, especially in light of the fact that living costs are up substantially. But if your company won't be increasing your pay, take comfort in the fact you can do so yourself with a side hustle.

And who knows? You might manage to earn enough money from your side gig that it well exceeds the boost your employer would've otherwise given you.