Every business or company around the globe is increasing prices of goods/services every year. I’m referring to companies, manufacturers, retailers, every entity. What is the reason for that.
The answer is simply the cost of leaving keeps rising.
They do so in order to generate rising profit. If a business entity does not increase prices yearly, the profit margin shrinks, a business might need to reduce its operations in order to keep running.
It’s an established practice that prices of goods/services must increase every year, even the government is compelled to increase taxes, levies every time it allocates budget.
Does your employer double your salary every 5 year period?
You need to check your previous 5 year payslip/payroll and calculate whether your salary had increased by 100% up to now. If that is not a case, then your income is not keeping up with inflation. You are then in trouble.
In order to live better financial life you need a consistent salary increase no matter what. The inflation rocks us all, business, people, government everyone. Your boss/employer doesn’t worry about your salary. To him/her, the worry is his/her business.
What the inflation does to your salary is your own problem. Thus it is essential that you bring to the attention of your boss that your salary should be adjusted accordingly.
How to deal with inflation crisis?
Don’t worry about your boss/employer worry only about yourself. You determine your own financial destiny. Establish your own business. You can establish it while you are still employed. A small business no matter what amount of profit it generates, it has a tendency to grow.
In your small business, you may generate $20 now, in 5 years it will generate $10 000 or more. Then you will deal with the inflation crisis. Your salary plus your small business profit will beat inflation.
From the employer’s point of view, this may sound crazy, but its a reality. Employers have dreams, which include, making profit, growing their business, year after year. If one talks about worker’s salary, that sound confrontational or bit political.
Employees too want their income increased to counteract rising costs of living. Experience has talk us that, increasing salaries of workers diminishes profit. From workers point of view, salary increase better the lives of workers.
Looking for new employment with better salary may not be possible due to economic slowdown. An alternative for you as current employee is to search for business/ entrepreneurial opportunities.
You have acquired from your current job skills & knowledge, it may be any skill. It’s now the time to test what you’re good at, rather than waiting for employment opportunities.
The only proven method to increase your income is your own business, part time or full time. Almost 80% of business owners were once employees of some kind. They left employment environment & explore business opportunities.
I know its difficult, especially if you had never imagined yourself as your own boss. Time now has come for your to try self employment avenues. Make sure that you double your salary every 5 years, by starting a business of your own