Eyeing a raise as inflation soars? It’s a great time to ask, experts say

Canada's experiencing the highest inflation levels in three decades and the tightest labour market on record. Here's how to turn that into a raise at work.

Soaring inflation amid a tight job market could mean good news for Canadian workers hoping to bring home a little bit more to cover the surging cost of living, according to career experts.

Statistics Canada reported Wednesday that the annual rate of inflation hit a whopping 6.7 per cent in March, setting a new 31-year high, while the country’s labour market is at its lowest point on record, dropping to 5.3 per cent last month.

Experts say this has created a perfect window for anyone eyeing a bump in compensation to offset the rising cost of living.

“There’s probably never been a better time to ask for a raise,” says Michael French, national director at recruitment agency Robert Half.

Sarah Vermunt, career coach and founder of Careergasm, echoed French. She tells Global News the current economic conditions are a “rare opportunity” where job seekers and those feeling underpaid have a chance to boost their salaries.

“It’s actually a great time to ask for a raise because your company very likely wants to keep you in this job market. So you have a little more power than you usually do if you’re looking for a raise right now,” she says.

A recent survey from Robert Half shows employees are feeling the heat from inflation and might be well aware of their bargaining power.

Of the more than 500 Canadian workers surveyed in early March, half said they play to ask for a raise this year.