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Nine Reasons to Ask for a Raise This Year
You’re entitled to a compensation conversation—even amidst economic hardship.
It’s no secret that we’re currently living through some strange economic times. The numbers say the job market is relatively strong, but inflation remains high—leaving many people bewildered when it comes to their next career move.
Even if you know you deserve a raise, you might be stressed out by the mere thought of broaching the subject with your manager or HR department. You don’t want to put yourself on the line and seem greedy or insensitive amidst economic hardship, especially if you can’t be confident that it will—quite literally—pay off.
It’s easy to feel that way, but you can’t put your career path on hold due to macro-environment factors that are out of your control. No matter the state of the economy, you’re always entitled to ensure you’re being properly compensated. Plus, only good can come out of asking: Sure, you might be denied the pay bump, but at least you’ll know where you stand.
But just because you can request a raise right now, why should you—besides wanting more money? Below, we share nine good reasons to ask for a raise, according to working women across the country.
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Nine Reasons to Ask for a Raise
You’ve taken on new responsibilities.
Teresha, CMO in commercial real estate
“Asking for a raise is never only about getting more money. It’s about recognizing your self-worth and asserting your value within the company. In my career, I’ve seen countless employees undervalue their contributions. I try to tell them that if you’ve taken on more responsibilities, significantly contributed to a project’s success, undergone additional training, or honed a new skill that benefits your role, it warrants a conversation about shifting your compensation to reflect the expanded scope of your role.”
You’re a valuable mentor.
Lisa, Founder & CEO in health & wellness
“If you are mentoring junior colleagues or helping them with training, then you should ask for a raise. By mentoring, training, or assisting with capacity building, you’re helping to improve their performance, which is greatly beneficial to the company’s bottom line. It’s only fair for the company to reward you with a raise and other perks for the value you’re adding to its workforce.
Mentorship also equips you with leadership skills that make you even more valuable to the company. As such, a sufficient raise would call attention to the additional value you’re bringing to the company thanks to the new skills you’ve gained.”
“It’s probably far cheaper for your employer to give you a raise than it would be to lose you to a competitor!”
It’s a hot job market.
Kate, compensation consultant & salary negotiation coach
“If you’re in a role that’s highly sought-after (hello, information security analysts and data scientists!), chances are good that salaries for your job have increased faster than the market in general. Your boss may be more likely to increase your pay knowing how quickly salaries are going up in your function. It’s probably far cheaper for your employer to give you a raise than it would be to lose you to a competitor!”
Looking for a new gig? Read our piece on how you can calm down before an interview.
You’ve received another offer.
Rose, HR manager at a law firm
“If your role is in high demand, or if you have received offers from other companies with more competitive compensation packages, it can serve as a negotiation point to discuss a raise. Make sure to approach this conversation professionally and respectfully, emphasizing your preference for staying with the current organization but also highlighting the external opportunities available to you.”
Your cost of living has increased.
Marian, Senior Vice President at a financial firm
“If the cost of living has increased significantly in your area, or if inflation rates have impacted your purchasing power, it may be appropriate to discuss a raise to ensure that your compensation keeps pace with these changes.”
“Emphasize your long-term commitment and how your experience and institutional knowledge benefit the company.”
You’ve demonstrated long-term loyalty.
Sheena, copywriter at a furniture brand
“If you’ve been with the organization for a significant period and have consistently demonstrated dedication and loyalty, that can be a valid reason to discuss a raise. Emphasize your long-term commitment to your organization and how your experience and institutional knowledge benefit it.”
To hold yourself accountable.
Teresha, CMO in commercial real estate
“A raise is a benchmark for setting new performance standards for yourself. It’s a declaration of your intent to elevate your positive impact on the company. An employee of ours recently sought a raise prior to her annual performance review, justifying it with her commitment to manage more key accounts. This wasn’t about money but about her ambition to play a more strategic role and be compensated accordingly. She did just that—excelling in her new responsibilities and validating her raise request.”
“While I wasn’t granted my raise request immediately, I was granted the freedom to determine my own hours, which was honestly just as valuable to me as a bump in pay.”
To re-negotiate non-financial forms of compensation.
Delisa, Assistant Manager in industrial supply
“After being in my position for three years, I wrote a letter asking my boss for a raise and listed the direct ways in which my contributions have led to increased revenue for our company. In addition to requesting a pay increase, I used the opportunity to ask for more flexibility with my schedule. While I wasn’t granted my raise request immediately, I was granted the freedom to determine my own hours, which was honestly just as valuable to me as a bump in pay.”
To keep your workload—and morale—in check.
Emily, co-founder and CMO of a non-alcoholic beverage brand
“While you always want to show that you’re a team player, there comes a point when accepting yet another responsibility starts to feel like you’re being taken advantage of. Maintaining a healthy work-life balance includes being properly compensated for your contributions.
As your responsibilities increase, you may have to invest more time and effort into your job, and it’s reasonable to expect that your salary reflects these additional demands and supports your financial wellness. A pay raise can help alleviate any financial strain caused by the increased workload and acknowledges your contribution, ensuring you feel valued and therefore maintain a good work product and positive attitude.”
