Ghana’s annual inflation rate accelerated for the 14th straight month to 31.7% in July 2022, from 29.8% in June.
With inflations pushing up the costs of nearly everything, you may be thinking about asking for a raise from your boss.
The cost of living keeps moving up, especially with an increase in utility tariffs (27.15 per cent for electricity, 21.55 for water)
Employee pay slips have, however, refused to hike up.
Employers are facing challenges in generating regular annual revenue for their businesses due to the inflation hike, making it tough to meet employees’ requirements.
The thought process of management is that if they give you a raise, they’ll have to do it for everyone. They’ll say it’s too expensive, especially as their business costs are rising too. The part that’s not said out loud is that they feel the job market will worsen and the odds are high that you won’t jump ship, as you’ll be the last one hired and first fired when things go south.
If you can’t get a pay increase, think of things to ask for that would improve your work life.
Things to Ask For Instead Of Money:
A-four-day workweek or shortened workdays
Remote and digital nomad options
Staggered working hours
More vacation and personal time off
Relocating to a lower-cost location for the same amount of money
Be careful, as, in challenging times, words may get back to your boss, and there could be a chance that you get fired.
They’d rationalize the termination by contending that the company needed to rightsize, and since you’ve shown that you want to leave, they’ll gladly show you the door.