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Working Capital - Mission Blog

<<Mission Blog Home Posted: 08-02-2018

Person knocking on a door to "The Boss" office

The question is – how do we get more? Assuming we are doing a great job, hitting a significant portion of our goals, demonstrating value to our employer and working for a company that is performing well (yes, those are some important pre-qualifications) – asking for a raise is a worthwhile pursuit.

We came across some interesting data from PayScale.com that may help guide you through this process.

The first statistic that stood out was that, according to their surveys, 37% of workers have asked for a raise from their current employer. Turning that around, two out of every three people you work with has not asked their boss for a raise.

This gets better. According to the survey, 70% of those who asked for a raise actually got one. About half of those got the amount they were requesting while the other half got something less. But, they got something. There was one caveat, however, as it appears that people of color are less likely to get the raise they sought.

There are other factors that affect the success rate of getting a raise. The higher up you are on the corporate ladder, the more likely you are to get more compensation. Also, tenure plays a part as those with more time served in the company have a better chance of getting a raise than newer employees.

On the surface these statistics are compelling. There appears to be a direct link between asking and receiving. However, the simple task of the ask is not the easiest thing to do. While we all believe we are worth more, actually walking into your manager’s office and starting the conversation is daunting. Some of the reasons for this, as cited in the study, include “I’m uncomfortable negotiating my salary” and “I’m afraid of losing my job.”  Every situation is different, of course, but the decision to ask is something you should evaluate.

How is your relationship with your immediate superiors? What kind of feedback have you been receiving on your job performance? What kind of attitude do you bring to the workplace? When was the last time you received a raise? This is just the beginning of a self-evaluation process but asking yourself those questions will start you on the path to the ask.

The title of this blog post is “Why You Should Ask for a Raise.” The answer, at least according to the data we cited, is to simply do it. The odds appear to be in your favor and even if you are turned down it opens up a dialogue on your performance and future. Hopefully, it provides you with an opportunity to improve and grow.

How have you approached your current (or former) employer for a raise? We’d love to hear your stories!


Working Capital, Goodwill mission blog author
This article was written by: Steve Allan
SMThree.com


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