How Does a 3% Pay Raise in 2017 Sound?

Many employees dread their annual performance review, but appreciate the annual salary increase that usually comes along with it. According to Willis Towers Watson, surveys show pay raises for 2017 are expected to be around 3 percent. While a 3% increase in pay is great, doesn’t a 5 percent or 6 percent sound better?

It may surprise you to learn that most managers do not enjoy the responsibility of giving performance reviews any more than employees like receiving them. Performance reviews are a part of any manager’s job description, so it is their obligation.

If you want that extra 2 or 3 percent raise, provide your manager sufficient details and proof of what you’ve done over the past year. Feature what elevates your work above their expectations. They may be reviewing a large number of employees in a short period of time and you do not want to get lost in the crowd.

Some bosses do not know what you do on a daily basis and may only remember the most recent projects or accomplishments you’ve worked on.

Steps to Help Negotiate a Raise

• If you want more money, have written proof of your significant accomplishments throughout the year. Prepare a detailed list of your goals and projects and be specific about how these outcomes contributed to the health and success of the business.
• Before the meeting you should look up comparable compensation for people in your position. This will help you make your case with objective facts and figures serving as supporting material.
• Provide instances on how you took on additional responsibilities and learned new skills. All this can show additional wealth you bring to the company.
• Remember your boss probably cannot give you a definite answer on the pay increase without first checking with Human Resources or senior management. Keep in mind there’s usually a limited pool of money available for increases, so you need to really do your homework.

Be prepared to continue the negotiation process if your proposed salary increase is rejected. There are other ways to be compensated without actually being paid a higher salary. Many of these may be just as important to you in the long run.

Benefits to Request If You Don Not Get a Raise

• Who couldn’t use a more flexible work schedule? Between traffic, getting the kids to school, personal appointments and today’s 24/7 work environment, workers today are busier than ever. If your work is above average or excellent, make a case to show your employer how telecommuting or changing your work hours will boost your productivity and, as a result, the company’s productivity as well.
• Ask your manager to pay for training or tuition reimbursement to enhance your professional development. Do not ask for a specific dollar amount — rather, ask your manager to pay for a particular course or certification you’re interested in.
• Instead of asking for additional vacation days, ask for five days in the coming year to devote to volunteer work. This will allow you precious time to spend on work that you’re passionate about, and it’s an act of service on the company’s part too.
• Your boss may be willing to improve your title in lieu of your expected salary increase. An elevated job title can help tremendously with both internal and external contacts. The upgraded title on your resume will lead to higher level opportunities in the future.
• Perhaps you’ve wanted to belong to a professional association and attend meetings during work hours. Now would be a good time to ask your boss for this perk. Choose an organization that fits your company’s business model and explain how the new association will improve your job and networking skills.

Reviews can benefit both employee and employer and set the tone for the following year. Let’s hope you get that raise!