According to a new survey by Salary.com, most of us are filing “ask for a raise” into the same mental recesses as “exercise more” and “take a daily multivitamin.” That is, we know we should … but we don’t.
The survey, reported in MarketWatch, found that only 41% of employees are straight-up requesting more money, though 84% of employers expect that their employees will ask. Which means that employers are prepared to shell out more bucks, if only their employees would pull the trigger.
The problem is simple: If we don’t ask, we won’t receive.
Many of us stay silent because we worry about incurring the wrath of our employers, or even worse, being let go for our audacity. But we may be over-thinking things: The same survey found no employer that had ever fired (or demoted) an employee over a simple salary ask.
You might not think that small raises add up, but they do—in a big way. In fact, Salary.com also conducted a study that determined that at the end of a 45-year career, asking for a 4% raise every three years from a starting salary of $50,000 instead of accepting a 1% raise every year with a starting salary of $45,000 will leave you over a million dollars richer by the time you bow out.
So go ahead, ask. And (hopefully) receive.