How to get a pay rise in 4 steps next year
Start planning now to make your case compelling.
By Bhavana Smith, Founder, Until There Are Nine
It’s nearing the end of 2024 and you’re reflecting on the year you had at work.
Beyond surviving another twelve months of emails, Zoom calls and worrying about whether your company is going to call you into the office five days a week, you’re probably also thinking of how you absolutely crushed it: or at least how hard you worked.
Hopefully, your boss will recognise your efforts and put you up for a raise or promotion, right? Maybe you’ve thought that for years in a row, and hope this will be the year it actually happens.
Stop waiting and ask.
The UN estimates it will take 257 years to close the pay gap and one reason of many is women’s reluctance to ask for a pay rise. Each year, women lose over $1 trillion in the US alone due to it.
But getting paid more isn’t only about asking. It’s not something you can do in one move. You have to be strategic and plan over the next twelve months, so that you have the evidence to make your ask compelling.
A conversation with your manager is less daunting when you’ve been preparing for it throughout the year, and have shared your goals from the beginning.
Here are four critical strategies to close your own pay gap in 2025:
1. Set goals that matter
Most people look at goal setting as projects they want to get done over the year. While this is okay, you also want to think about the goals that matter – the ones to get you promoted. Ask your manager and other senior execs, which ones they value and consider a shoe-in for advancement, then keep benchmarking yourself against them over the year.
2. Identify decision makers
it’s not enough your manager thinks you’re great, because these decisions are typically made at higher levels. Find out who the decision makers are and build a relationship with them throughout the year. Let them hear from you directly about what you and your team are working on.
3. Quantify your impact
During performance reviews, you’re naturally trying to list all your achievements but to make your case for a raise or promotion, you need to quantify their impact. This is the “so what?” equivalent that ties back to your goals. Quantify at least two or three achievements, which means writing a $, % or # sign next to them. For promotions, demonstrate how you’ve saved the company time or money or directly helped increase profitability or revenue.
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4. Assess your market value
Women are paid 20% less, so to close your pay gap, you have to find out how your salary compares to the marketplace. Data is your friend and no one can refute “I’ve done the research and competitive pay for similar roles is 15-20% higher than my current salary. What can we do to solve this so I feel valued for my contributions?” Take the time over the year to gather pay ranges from job descriptions at similar companies, talk to recruiters, and check third party tools like Payscale. Talk to women and men so you get a balanced view.
If you haven’t yet, start planning, and then start asking.
Ask for the raise. Ask for the promotion. And if you don’t get it, ask for actionable feedback, and try again in six months or a year.