The Easiest Way to Get a Raise and Promotion

If, for some reason, you need any urging to become more aggressive about your career and financial future, a recent study from Accenture should provide it. The study was designed to figure out how satisfied men and women are at their jobs, and what they plan to do about it. But buried within the results are some eye-opening statistics about who gets a pay rise or promotion–and why.

Accenture surveyed 3,400 professionals at medium and large-sized companies in 29 countries. Some 500 of those people were in the U.S. Respondents were split evenly between men and women and between three age groups: Generation Y, Generation X, and Baby Boomers.

According to the survey, only 43% of people are satisfied with their jobs. Why are the rest so glum? The leading reason, cited by 45 percent of people overall but by 52 percent of those in Generation Y, is that they’re underpaid. That’s not completely shocking, given that the survey also found that in the U.S., only 44% of women and 48% of men say they have ever asked for or negotiated a pay increase.

What happens when people do ask for a rise? In the overwhelming majority of cases, people who ask for a rise are at least thrown a bone. And in a significant number of cases, employees who do ask for a pay rise actually get more money than they were expecting.

Here’s how it breaks down:
• Some 25% of people said they got more money than they were expecting
• An additional 38% said they got the rise that they were expecting
• 17% got more money, but not as much as they were hoping for
• 5% did not get a rise, but they did get some other type of incentive
• Only 15% got nothing

To summarise that: Of those who asked for a raise, 85% at least got something. Some 63% got at least as much as they asked for.

So why don’t more people ask?

Another big reason people said they were dissatisfied with their jobs was lack of opportunity for growth, mentioned by 34% of people. (Another 25% said they were tired or burned out, which should be its own wake-up call to employers.)

Yet only 28% of U.S. women say they have ever asked for a promotion and only 39% of men have asked either. Of course, there are cases where employees badger for a well-deserved promotion for years and never get anything. But perhaps more often, people who believe they are underappreciated or stuck in their jobs should just ask for the job they want.

According to the report, here’s what happened to those who did ask for a promotion:
• 17% got a new role, and it was a better one than they’d hoped to land
• 42% got the role they asked for.
In other words, 59% of people who asked for a promotion got one. Things didn’t go badly for the other 41%, either:
• 10% got a new role, but not the one they asked for, and not one that was a clear promotion
• 10% of the time, nothing happened.
• 5% of those who asked for a promotion got new responsibilities instead. Even that’s not so bad. While it may sound like these people just got more work dumped on them, among U.S. survey respondents, 47% of people said that taking on new responsibilities had helped move their career forward.

I think that it would be an interesting comparison if Accenture carried out the same survey in the UK and whether the percentages would be similar.

When we interview candidates one of the things that we are always looking for is whether their motive is simply to get a job offer and then go back to their own company and to use it as a bargaining tool, so if you look at it from our perspective it would make our life easier if candidates took the initiative and asked for a promotion or a pay rise.

Fortunately we have very rarely been through the offer as a bargaining tool scenario, but if you’ve never asked for a promotion or a rise, why not?