Annual Raise coming up:

Current salary is X where X = $75k + an annual bonus that only applies if the company does well that year

Desired salary is Y where Y = a range from 80 - 89.999

Problem is I've been told that salary typically only gets raised 3% each year, without deviation.

To reach Y, I would need at least a 0.0667% increase or so.

Am I boned or.. ?

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Job hoppers make so much more money and have a far more accelerated pay path than loyal employees for a reason. Not a bad option to consider

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You’re better off getting almost 10-15% instant raise going somewhere else than stick around and become undervalued over time relative to your experience

uplifting

Sorry to be nitpicky but you would need a 6.7% raise not 0.067%

helpful

Just multiply my % by 100 like I did mentally but didn't write down in the post correctly 🤠

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If your company has a hard raise structure, I think it will be difficult to ask for more. With that said, you can always renegotiate if you don’t like the raise. However you need to be prepared to explain why you deserve x amount. Did you go above and beyond this year as an employee? Did you do additional responsibilities not originally included in your job scope? Also another item to consider is that raises are not guaranteed (unless explicitly listed in your contract), so if you don’t receive a stellar review, you will probably struggle even more with getting a higher raise. If you don’t get the raise that you desire, best to start looking for new jobs that will pay what you want if you want that salary now.

helpful

I see. Even in that case, reviews are a good time to renegotiate your salary and you can explain that I’ve accomplished x and see the national average for my role is x. You can then ask to reconsider increasing your salary even more for those reasons. Although I wouldn’t bring up inflation for why you want a salary increase (at least not the main reason, should be more of a comment). Unfortunately, there are no laws that requires salaries to be based off of inflation. If that were the case, everyone would be getting an 8% increase this year and we know that’s not happening. Better to start a job search if you are asking more than what a company can offer and you know your worth.

helpful

3%? Sounds like an annual pay cut since that’s less than inflation

uplifting

How long have you been in that position? If you have been working there for a while, you can either ask for a raise or get another offer and ask you company to match it.

Loyalty doesn't pay well. Could job hop till you can't or till your comfortable

Loyalty CAN pay well, but it's highly dependent on your company. Many companies default to a 3% raise each year but then offer out of cycle raises to boost that for high performing employees. I have doubled my salary in the last four years without changing companies because of that strategy.
But you have to have good managers and be willing to speak up and self advocate, as others have mentioned. Argue for the raise with data to show the value you're providing the company. And decide what your response will be to a "yes", a "no", and a "not yet" BEFORE you talk with your manager.

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For the best response to your post, please include the following:

Your location or HCOL/MCOL/LCOL ("high cost of living" city etc), years of experience, and any other relevant information for context.

Example:

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