Baby Boomers

3 Things Millennials Can Teach About Asking For a Raise

More than half of millennials have asked for a raise in the last two years. Have you?

Millennials are taking the old adage "ask and you shall receive" to heart when it comes to workplace pay, and older generations should take a hint from the willingness of Generation Y to step up.

As NBC News reported, one earning trick that can be learned from millennials is to be more open about salary and talk about what you earn with trusted friends and colleagues. This doesn't mean to go trumpeting what you earn to anyone who will listen but to think strategically about what you share and with whom. Opening up about pay with colleagues you trust can help determine whether or not you’re being compensated fairly and how much your skills are worth on the open market. 

And know your worth. More than half of employers are expecting you to negotiate when they send out an offer letter. So whether you’re evaluating a new job offer or your salary at your current company, pay transparency sites like Glassdoor and PayScale can show you the typical going rate for your position in the city you live in.  Do your research, print out the numbers and get comfortable talking about them. Practice conversations in a mirror or with people you trust.

Know your numbers too. Stefanie O’Connell, author of "The Broke and Beautiful Life," says that millennials aren't afraid to ask for a raise if they have the metrics to back it up.  "If more workers become familiar with the job description and the way success is measured," she says, "there’s no limit to what we can ask for."  

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