"Did You Know Many Employees Don’t Get A Raise Because They Don’t Ask For One?"
A salary.com survey found that only 12% of workers ask for more money during their annual performance reviews. And nearly half of the total employees (44%) never bring up the subject of a raise at all.
Passing up just one opportunity to negotiate for a higher salary can have staggering consequences over the course of a career. Michael Farr and Dick Gaither share the following example in their book Next-Day Job Interview:
“An 18-year-old high school graduate negotiates for $21,000 per year instead of accepting the $20,000 per year that was initially offered:
1. That graduate then gets an average 3% raise each year.
2. He or she works for 50 years (normal in today’s world).
3. The result is this person ends up with at least $112,000 more during the course of his or her career lifetime than a person who didn’t negotiate for that extra $1,000.”
Just $1,000 more a year -- a relatively small increase -- had an impact of over 100 times its original worth. And if even a portion of that extra income is invested, the impact could increase many times over.
Isn’t that potential worth any little bit of awkwardness experienced during a review?
Many people don’t ask for a raise because they’re afraid of appearing greedy, offending their employer, or being turned down, which are all common reasons for staying silent. Don’t let your fears keep you from earning the salary you deserve!
Here's what you need to know now to ask for a raise.
About M. William Hall
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Published October 7, 2012
by Laurenzana Press.
Business & Economics.