Didn’t Get the Raise You Wanted? What to Do Next

Has your annual review come and gone without the pay raise you were hoping for? That’s a huge bummer. But it’s also an opportunity to make some important changes.

Here are five things to do right now if you didn’t get the raise you wanted.

It’s important to ask for feedback about why your raise request was denied. This can feel awkward, but it’s the only way to get better results in the future.

And there are a lot of reasons why your employer may decide not to give you a raise. Some of them — like pay equity policies, salary caps, pay raise schedules, or budget allowances — are out of your control.

However, that doesn’t mean there’s nothing more you can do.

If your raise request was denied because of performance concerns, ask for specific benchmarks you need to reach in order to be approved for a salary increase next time. Is there a skill set you’re missing? A level of achievement you need to reach? Metrics you aren’t hitting?

Once you have this information, map out a plan of action that will get you where you want to go.

It doesn’t matter how well you perform if you can’t demonstrate the value of your work. You have to build a compelling case that your performance is raise-worthy.

“Make a portfolio of your work so that next time, you can show up with evidence that you deserve a raise,” said Dino Ha, CEO at MBX. “Include performance metrics as well as any accomplishments or examples of growth within the company.”

Don’t wait until your next annual review to draw attention to your contributions, advised Steven McConnell, Director of Exceptional Resume Writers.

That doesn’t mean you have to go around tooting your own horn all the time. Make an effort to build a network of people within your organization who will support you, advocate for you, and celebrate your successes publicly. (And be sure to do the same for them.)

Sometimes, even a strong case with lots of evidence that you deserve a raise isn’t going to be enough to get you one. At many companies, the only way to get more money is to move up the ladder.

So your next move is to work towards a promotion: How can you step up? What extra responsibilities can you take on? How can you make a bigger impact and get better results?

One hiring manager told us that just being “good at your job” is rarely enough to justify a promotion. You were hired to be good at your job. If you want a promotion, you may need to think about what extra value you can bring to the table.

But maybe a promotion isn’t in the cards for you. Maybe your company can’t — or won’t — give you the money you want. Maybe it’s time you need to leave your job for greener pastures.

If more money is your top priority, job hopping can be the quickest way to get there. According to the latest ADP Workforce Vitality Report for 2021, today’s job-changers are enjoying a 6.6% increase in wage growth, compared to the national average wage growth of only 3.3%.

In the late-stage-pandemic economy, employers across many industries are competing for talent by offering better pay, better benefits, and better perks. Job-switchers in information technology, manufacturing, professional services, and finance are seeing the biggest salary gains.

So if you have an in-demand skill set, now is the time to take advantage of a job-seekers market to find a position that will pay what you’re looking for.

Finally, it’s worth investigating whether you’ve simply hit the wage ceiling in your current career. If so, it might be time to start thinking about a career change.

Venturing onto a new professional path altogether may sound scary, but you’ll be in good company: since the pandemic began, 20% of Americans have changed careers. Another 50% of Americans want to, in large part because they also want to make more money.

At the same time, employers are increasingly making hires based on skills (over and above degrees), which is more good news for industrious folks who are willing to do the upskilling required to break into a more lucrative career.

Feature Image: Klaus Vedfelt / DigitalVision / Getty Images