There are thousands of articles out there with differing advice on how to go about getting a pay raise. But they all share one key principle: you actually have to walk into your boss’s office and do the asking. Too few people are getting past step one, it appears.
Less than 10% of U.S. workers report being satisfied with their pay, yet only 43% asked for a raise last year, according to compensation-data firm PayScale. Around one-third of those who didn’t ask for a raise didn’t need to – they were handed one before they had the chance. But the rest said they were uncomfortable negotiating salary and/or feared losing their job or appearing “pushy.”
Obviously, each situation is different. But the data suggests that if you feel you deserve a raise, you should definitely be asking. Only one-quarter of those who asked for a raise were denied.
Plus, the numbers are even better for those who have impressive salaries, like, say, bankers and other financial services workers. Around 70% of those making more than $150,000 who negotiated a raise got the full amount they were targeting. Meanwhile, the overall average was 44%, with those in the bottom percentile only receiving their asking price 25% of the time.
Another interesting part of the survey, first covered by the Wall Street Journal, is the gender gap, or lack thereof. Around 44% of men requested raises last year, just ahead of the 42% of women who did the same. Earlier studies have suggested that women are more likely to fear asking for a bump in pay.
However, the success rate for highly educated women – those with MBAs – is shockingly low, according to the Journal. Only 48% of female business school grads who asked for raises got what they requested. That number jumps to 63% for men. Female MBAs were also twice as likely as men to get no raise at all.
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London Whale Blame (Bloomberg)
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Hope Extinguished (Bloomberg)
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A Good VC to Work For (Fortune)
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Buzz Around the Office
An Extended Vacation (IBN)
An executive engineer at India’s Central Public Works Department was fired last week after not showing up to work for 24 years. Apparently he isn’t very memorable.
Quote of the Day: “When people tell me ‘you’re going to regret that in the morning,’ I sleep in till noon because I’m a problem solver.” – Zach Galifianakis