3 Things You Can Do in the Next 3 Months to Score a Raise in 2023

You could end up with a higher paycheck in the new year.

Some companies give out raises each year as a matter of course. These are typically referred to as cost-of-living raises, and their purpose is to bump salaries up just enough to allow workers to keep up with rising expenses.

But not every employer upholds this practice. Perhaps your company only rewards top performers with a raise, and that most people have to really fight to see their earnings increase.

If that's the case, don't resign yourself to the same paycheck in 2023 that you're collecting right now. Instead, make these key moves before 2022 comes to an end.

1. Research pay rates for your job

Maybe you earn a $60,000 salary and think that's a reasonable amount of money for someone in your position to make. But how can you be sure?

If you want a raise, one of the most important things you can do is research salary data to see how your compensation stacks up. If you can put data in front of your employer showing that the average salary for your title is $70,000 in your neck of the woods, that alone makes the case for a notable bump up in pay.

2. Take on a new project or more responsibilities

Some companies will only give out a raise to those employees who prove they can hustle. If you want to see your earnings increase, make yourself more valuable so your employer has a harder time saying no to a boost. Offer to take the lead on a new project, or pick up the slack on tasks your teammates refuse to run with. Better yet, learn a skill that no one else at your company has and put it to good use.

3. Prove that you're able to act on feedback

If your company gives out annual performance reviews at the end of the year, you may have gotten some feedback last December. Well, now's the time to make sure you've really taken that feedback to heart, because it could spell the difference between getting a raise or not.

Let's imagine that during your last performance review, you were told you need to pay closer attention to detail when writing up reports. If you make a solid effort to incorporate that advice and submit solid reports these next few months, you'll have more of a leg to stand on when you ask for a raise.

What could more money do for you?

These days, many people are spending more money than ever due to inflation. And so now would probably be a good time to see your pay go up. If you're serious about snagging a raise for 2023, make a point to take the steps above.

Even if you're not struggling financially due to inflation, a boost in pay could help you pad your savings and meet other goals, like coming up with a down payment for the home you've been wanting to buy. So it pays to make an effort to set yourself up for a raise to kick off the new year.