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Video

8-out-of-10 employees who ask their boss for a raise get one

By Joe HitiNov 20, 2024

If you’ve been looking for a reason to ask your boss to give you a little extra in your check, look no further, as a new study has found that 82% of full-time workers who ask for a raise got one this year.

The study comes from LendingTree and included responses from 2,000 Americans as it worked to uncover how their salaries have changed over the past year.

The survey found that not only did a majority of those who asked for a raise get one, but another 66% received a pay increase without asking.

As for how much they received, the report found that 51% of those who asked for a pay increase saw their salaries increase by less than $5,000. Another 24% said they received raises between $5,000 and $9,999.

Men were more likely to ask for a pay raise than women, with only 35% of women asking for more money, while 49% of the male respondents did. Despite this disparity, women and men were similarly likely to receive raises at 63% and 67%, the report found.

LendingTree also reported that Gen Zers were the most likely generation to ask for a raise, with 50% talking to their bosses about getting more cash this year.

However, not everyone saw their salaries increase this past year, as 24% of respondents shared that they experienced a pay cut in the past year.

Among those who saw pay cuts, 26% were laid off or fired and took a lower-paying job. Another 12% said they took a pay cut to avoid losing their job, while 17% said they chose a lower-paying role that was less stressful.

LendingTree analyst Matt Schulz shared in the report that while pay cuts can be “really tough,” the best route sometimes is patience.

“Patience can be key because it can take a long time to find that next role, especially if you’re a high-salary employee,” Schulz said. “One of the best things you can do is to have enough savings built up to take some of the pressure off you to find a job immediately. That can certainly be easier said than done, but the effort can be worth it.”

For those who saw pay cuts, 34% said the decreases were under $5,000, but 19% said their losses were $20,000 or more.

Still, when looking to the future, the report found that a majority of workers are optimistic, with 65% expecting their pay to increase in the next year. When it comes to how they expect to secure a raise, 37% said excellent performance, 22% expect a promotion, and 20% said switching employers.

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