That’s the fastest increase in the last 20 years. Sounds impressive. 

But at the same time, inflation rose even faster than wages. CNBC reports that when you take inflation into account, the average worker lost 1.7 percent in purchasing power, even after their raise. Wages are a key factor in inflation, but rising energy prices and rising rents ate up that pay raise — and then some — for many.

CNBC reports that a stunning 62 percent of all American workers live “paycheck to paycheck.”

So what to do? You can ask for a raise.

But if you do that, you can increase your chances by following some common-sense guidelines. We talked with three local human relations professionals to get their views on the right way to ask for a raise. Contributing were: Tim Weston, Manager of Recruitment and Workforce Planning for Riverside Medical Center; Brittney Davis, Human Resources Business Partner for CSL Behring; and Amber Turner, Account Manager for Agente Staffing. All are members of the Kankakee County Chapter of the Society for Human Resource Management. Davis is the chapter president.

“Most businesses have an annual review,” Davis says, and that is the appropriate time to ask for a raise. A small business may not have a formal raise/review procedure. That means you have to ask, although Davis says that can be a tough thing to do.

If a firm does not have a regular procedure, the website Indeed recommends asking for a formal review. Set a time and place and “dress accordingly.” Send a message that this is important to you and you deserve consideration.

One plus, Davis recommends, is to make your boss aware of any new tasks you have taken on. A promotion or increase in responsibility is a natural point for a raise.

The website Indeed recommends making a physical list of accomplishments. That way you don’t forget and you can also leave the information with the person. Have a short initial speech and rehearse it. The same site also recommends that you should project confidence, but also be prepared for some questions and a “give and take.”

Weston says that employees should be aware of the general pay range in the community. “Not every job involves making the same widgets,” Weston says. He advises doing some market research, so you know the typical pay for your job in the community.

Davis says any presentation for a possible raise ought to be fact-based. If a firm is doing well economically, that’s another plus, she says. Your chances are better if the firm is making a solid profit. If it is struggling, this might not be the time to ask.

She adds that there are businesses that will give an inflation-based raise. Some firms might also rationalize that it is better to give you a raise than to see you leave for a better-paying job elsewhere. Then they would be tasked with hiring and training your replacement.

Turner says that asking for a raise is difficult, but you should emphasize your own positive performance.

Weston says that you need to know who will be making the decision. In some cases it is the supervisor. It some cases it is the Human Relations Department. What you don’t want to do is to go over someone’s head. “Be respectful of the process,” he says.

The business website Indeed recommends paying attention to the stress level of your supervisor. If he or she is under duress at the moment, it’s not a good time to ask.

You also have to know what is negotiable. Turner says that in some firms, it might be easier to negotiate an improvement in benefits rather than a salary increase. The discussion of benefits can fall along generational lines. Older workers, who are closer to retirement and may have more health issues, may be more tuned into benefits. Younger workers may be more interested in salary.

Whatever happens, make sure to thank the person across the table for their time.