End-of-Year Raises: 5 Ways to Ask Now

Last year, two-thirds of workers in one survey intended to ask for a pay increase. This year, employees are feeling even more financially squeezed, with 76% saying that the cost of living is outpacing their wage growth.

But the big mistake, experts say, is stalling and not asking until the start of the New Year. Leaders, it turns out, typically determine salary increases and pay bonuses between January and April—and setting yourself up for a healthy boost requires months of preparation. “Now is the time to plant the seed,” says Tom McMullen, a leader of the North America total rewards practice at Korn Ferry. Leaders need to be reminded about your impact long before the pay-review cycle begins, so they have plenty of time to make your case to their own boss.

Experts advise pursuing a raise or promotion via a series of broader discussions in which you share your positive impact, receive feedback, and learn what it takes to earn serious consideration. “It’s a two-way discussion,” says McMullen. Here are the stages to manage.  

Plant the seeds early.

Don’t wait for your boss to bring up the subject, especially if you work at a small or medium-size company which might not have a built-in salary-review process. Give your boss a heads-up about what you’d like to discuss (no one likes surprises), and present them with a list of your accomplishments. Ask for their feedback and their guidance in terms of whether you’re on the right track, says McMullen. Then inquire about the mechanics of the process for a salary increase or promotion. “It’s a healthy question that a lot of people are afraid to ask,” he says.

Timing is everything.

Look for moments toward the end of the year after you’ve made a big impact—ideally, when the company is succeeding financially, says supply-chain expert Seth Steinberg, a senior client partner at Korn Ferry. “The tides may be in your favor,” he says. Your goal is to present a data-driven assessment of your work, thereby galvanizing your boss to make a positive argument to their boss.

Know your value.

Call up a recruiting pro and inquire about the going salary and benefits for your job. “Candidates seldom tap us for this,” says Steinberg. Online sources like the Bureau of Labor Statistics, Glassdoor, and job postings by competitors can also help.

If rejected, propose something else.

A salary increase isn’t the only way to recognize good work. If you don’t receive a financial boost, McMullen suggests asking for training or an assignment to an interesting project. “That sends a very clear message: I’m a go-getter, and when money does free up, you better treat me right,” he says.

Express gratitude.

Workplace relationships require you to play the long game, and your manager likely deserves a word of appreciation for their attention. “Thank your manager for their time and consideration, irrespective of the outcome,” says McMullen.

Learn more about Korn Ferry’s career development capabilities from Korn Ferry Advance. 

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