A recent study reveals that 82% of employees who requested a salary increase in the past year were successful in obtaining one.

According to an October survey of 2,049 people from LendingTree, 66% of full-time workers received a raise in the last year, regardless of whether they requested one or not.

Asking for a raise can increase your chances of receiving a significant salary increase.

A majority of individuals received raises with their current employer, either through a promotion (47%) or a cost-of-living increase (45%). Approximately 11% of people obtained higher salaries by receiving competing offers from other companies and having their employer match them.

A small percentage of those who made more money this year did so by switching to a new job.

The pay raises received by individuals in the previous year were generally modest, with 51% receiving a raise of less than $5,000 and 24% receiving a pay increase between $5,000 to $9,999.

According to LendingTree data, only 35% of women discussed getting a raise, compared to 49% of men.

Workers aged 18 to 43 are most comfortable negotiating for a pay increase.

While 1 in 4 individuals experienced a pay cut this year due to layoffs or firings, the second most common reason for taking a pay cut, at 17%, was to secure a new job with less stress.

Approximately one-third of those who underwent a salary reduction in the past year experienced a decrease of less than $5,000.

Workers expect pay raises in 2025

The majority of individuals, 65%, are hopeful about receiving a salary increase in the upcoming year.

According to workers, achieving excellent performance (37%) and getting a promotion (22%) are the top two ways to increase income, slightly surpassing the number of people who believe moving to a new company (20%) is the best way to secure a higher salary.

Companies are investing more in employee retention, despite facing challenges with hiring.

The shrinking labor supply is causing businesses to prioritize retaining their current employees, resulting in continued salary increases and higher real wage growth as inflation decreases, according to Dana M. Peterson, chief economist at The Conference Board, in a September statement.

The average employer is planning a salary increase budget of 3.9% in the next year, according to The Conference Board, which indicates that workers can expect an average raise of 3.9%.

If their employer advocates for a five-day return to offices, some individuals may anticipate receiving a raise.

A significant number of remote and hybrid workers, 57%, would only return to a full-time in-office schedule if they received a raise, with 36% requiring between $5,000 to $9,999 more in order to make the transition.

Despite being offered more money, 7% of remote or hybrid workers would still quit their job if they were required to go into the office five times a week.

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