The economy is seeing healthy job growth, but the odds of scoring a raise or bonus continue to lag for most Americans. According to Bankrate.com‘s newly released research, 52% of American workers didn’t get a raise is the last 12 months.
There was one bright spot, however, at least for high-income workers: Employees making more than $75,000 were the most likely to be taking home a bigger paycheck, with 43% scoring raises and a further 11% moving up to higher-paying jobs. A lucky 3% scored both a new job and a raise.
Here’s what to do if raises have been passing you by
If you haven’t been one of the lucky one, there are a few things you can do to put yourself in a better position the next time around.
Boost your performance at work
While there’s no guarantee that this will get you that raise, it could help you stand out for the right reasons.
After recommending steps like doing your homework on why you didn’t receive it and coming up with different “creative alternatives,” she writes: “Moving forward, armed with knowledge about why your request was denied and having shown that you understand and empathize with your manager’s reasoning, channel your actions toward being an indispensable, unforgettable team member. Try your best to anticipate your boss’ needs before he or she asks you to address them, or go the extra mile to deliver top results that will make the entire team look good. … If you’re doing valuable work that wouldn’t be possible without you, your management team will be much more likely to grant your future requests.”
Think about what’s ahead
“Suggest revisiting the conversation in another six months. This shows that you are thinking long term, and that your commitment to the company will continue. You will also want to do some reflection of your own. If you didn’t get the raise because the company truly does not value your input, perhaps it’s time to look for a new job. Make sure you are being realistic in your evaluation, and separating your emotions from your decision,” Keating writes.
Add to your professional arsenal
Bankrate.com chief financial analyst Greg McBride told Ladders you should be “keeping a lid on expenses” because you “don’t know when that next raise is coming,” but also pointed out what you can do from an employment perspective.
He said that “increasing your education level, acquiring additional certifications, upgrading your tech skills — those are all steps to distinguish yourself in the market place.” The odds of getting a raise at a current workplace “steadily” increases “with income and education level.”