David Kelly, Chief Global Strategist at JPMorgan Asset Management, believes many U.S. workers are too hesitant to ask for a raise, despite the current job market offering around 8 million openings. In a recent interview with Bloomberg, Kelly emphasized that employers are well aware of the challenges in finding skilled employees, making it an opportune time for workers to advocate for higher pay.
However, discussions about potential layoffs can create a sense of unease, leading employees to believe it’s not the right time to request a raise. Kelly noted that companies often use such messaging to keep the workforce subdued. "There's nothing like announcing prospective layoffs to quiet down the labor force," he said.
If you’re considering asking for a raise, workplace experts offer the following tips to help you navigate the conversation with your boss:
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### 1. **Track Your Achievements**
It’s easy to lose sight of your accomplishments over time, so career expert Jasmine Escalera of MyPerfectResume recommends maintaining a "brag sheet." This document should highlight your key contributions to your role, team, manager, and the organization as a whole.
"What are the top things that really showcase the impact you've made?" Escalera suggests asking yourself. While the list doesn’t need to be exhaustive, it can serve as a foundation for discussions about compensation or even LinkedIn endorsements from colleagues or clients.
Escalera also notes that keeping a record of your wins can help you identify the right time to request a raise or promotion, even outside of annual review cycles. Many workers avoid self-promotion out of fear of seeming boastful, but Escalera emphasizes that advocating for yourself is essential for career advancement. "Self-promotion is the breadcrumbs that lead to titles, promotions, and pay raises," she said.
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### 2. **Know Your Market Value**
Understanding what others in similar roles earn can boost your confidence when asking for a raise. Maria Ross, author of *The Empathy Dilemma*, suggests that having this data can appeal to employers’ desire to remain competitive and align with organizational values.
Workers who are well-informed about industry pay rates and their employer’s financial health are better positioned to negotiate effectively. Ross also advises framing your request in a way that highlights the benefits to the organization. For example, a raise might come with added responsibilities or create opportunities for others to advance. "How can you frame the ask as a benefit to the organization?" Ross said.
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### 3. **Avoid Making It Easy to Say 'No'**
Julie Smith, author of *Coach Yourself Confident*, points out that while employees may feel fortunate to have a job, employers are equally lucky to have talented workers. Asking for a raise can feel intimidating, but Smith encourages workers to approach the conversation strategically.
Instead of making a one-off request, which can lead to an easy "no," Smith suggests initiating a dialogue. For example, you might ask your boss to consider a raise or discuss the possibility with senior leaders or HR. This approach keeps the conversation open and allows your boss to reflect on your contributions.
Smith also recommends seeking advice from colleagues who have successfully negotiated raises. "How did it go down? What can I take from that?" she advises asking. Additionally, practicing your pitch aloud—whether with a friend or on your own—can help you refine your message and eliminate apologetic language. "Don’t say the words out loud for the first time with your boss," she cautioned.
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### 4. **Demonstrate Your Adaptability**
With many employers investing in artificial intelligence (AI) and other technologies to boost productivity, staying ahead of the curve can enhance your value to the organization. Ger Doyle, Country Manager for ManpowerGroup US, advises workers to learn how to leverage these tools to improve their efficiency and effectiveness.
"Workers who think about how they can use tech—including AI copilots—to do their jobs better will stand out to their bosses," Doyle said. He suggests asking yourself, "How can you use that copilot to make your job, department, or company more effective?"
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Final Thoughts
Asking for a raise can be daunting, but with the right preparation and mindset, it’s a conversation worth having. By documenting your achievements, understanding your market value, framing your request strategically, and showcasing your adaptability, you can confidently advocate for the compensation you deserve. As Kelly and the experts emphasize, the current job market favors employees—so don’t shy away from making your case.