My performance review…3% raise.
I’ve been with this company for almost 2yrs and have built a lot of confidence in my skill. Earlier last year I was promoted to a new title without a raise and my boss agreed that I’ve been doing super well. It was a great meeting.
Later on I received a notice about my raise details. A 3% raise. Wow thanks…
Tbh, I really like this job but my purchase power has basically died in recent years. Do I reject this raise and ask for more? Or do I accept then push on them to work toward a more substantial raise soon?
Receiving a modest 3% raise can be disheartening, particularly in today's economic climate. Many employees face similar situations, questioning the value of their contributions as inflation rises and the cost of living continues to increase. It's vital to evaluate your current position, salary history, and job market trends in your industry before making a decision. Consider discussing your performance and contributions with your manager. Prepare a list of your accomplishments, highlighting how you’ve added value to the company. Use this data to frame your case when asking for a more substantial raise. Keeping communication open with your employer about your career path and compensation expectations can ensure that you are on their radar for future salary evaluations. If you choose to accept the raise, express your appreciation and clarify that you’re looking forward to working towards a more meaningful adjustment soon. It’s also important to keep track of your performance and market trends so that when the next review period comes around, you’re ready to assert your value confidently. Your career growth should align with your financial goals, and being proactive in these discussions is key.
3% is definitely the standard raise per year but as you mentioned you got a new title with no raise… if it were me I’d ask for 5% or more depending on what you think you’re valued at.