SoFi Get That Raise Study: People Feel Really Underpaid

Burst/Matthew Henry

When payday rolls around, are you satisfied with what you’re making? If you’ve been working long hours and giving 110 percent, then you might feel like you’re not making what you’re worth. It might be time to ask for a raise.

According to a new survey from finance company SoFi, 57 percent of people feel they’re underpaid, yet only 33 percent say they plan to ask for a raise this year. In fact, more people — 70 percent — would take a job interview if they felt they weren’t getting the right salary or benefits over asking for a raise. However, 48 percent of people said they received 1 to 5 percent more when they did ask for a raise.

When it comes to salary, it’s really important to know what you deserve to be paid in your parrticular position. Negotiating a higher salary can really make a difference in your career — we’re talking millions of dollars different — so knowing how to ask for more is important.

First, do your research. SoFi has a new tool that can help you figure out what you deserve to be paid. Glassdoor has an entire section on company salaries. And Career Contessa has an entire salary project that allows you to see what others are making. According to the survey, 56 percent of people said that getting a $5,000 raise would make the conversation with their boss worth it. Once you know what you’re worth and want to ask for, you can go in and get it.

Burst/Matthew Henry

Second, come with evidence of your accomplishments. The survey found that 42 percent of people feel they won’t have a strong enough argument to ask for a raise and that they’ll get declined. However, you probably work harder than you think you do. Write down what you’ve accomplished for the company and how it’s made a positive impact. Facts are facts, and they’ll support your case when you ask for more money.

Third, this is not a personal conversation — it’s just business. The survey found that 46 percent of women said their biggest fear when negotiating a raise is that they’ll get emotional. Take a deep breath, practice what you’ll say in advance and go in there ready to make a deal. Business is business.

Even if your boss says no, just remember how prepared you were for that conversation. Be proud of yourself and think ahead. Consider asking again in six months after you complete another big, successful project for the company. Eventually, you will be paid what you deserve — whether that’s at your current company or a new one.

Have you asked for a raise and gotten it? Share your success story with us in our LinkedIn Group!

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