Please ensure Javascript is enabled for purposes of website accessibility

4 Ways to Get a Raise for 2018

By Maurie Backman - Dec 2, 2017 at 2:18PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

There's nothing like a pay increase to ring in the new year. Here's how to score one.

Hoping for a raise going into 2018? You're not alone. Most of us could use more money, whether it's to pay the bills, save for a specific milestone, or have a little extra breathing room for emergencies.

The good news is that most large companies plan to give out raises for 2018, according to consulting firm Willis Towers Watson. Furthermore, the average increase will be somewhere in the ballpark of 3%, which, if you're earning $60,000 at present, will put another $1,800 in your pocket next year, minus taxes.

Sign saying salary increase just ahead


Still, just because many employers will be dishing out pay increases doesn't mean you're guaranteed to get one. If you want to improve your chances of seeing a larger paycheck in 2018, here are a few key moves to make this month.

1. Volunteer for something big

Whether you volunteer to drive a new marketing campaign or do that research report nobody wants to do, going above and beyond toward the end of the year is a good way to secure a raise for 2018. After all, if the fact that you're stepping up is fresh in your boss's mind, he or she is more likely to consider giving you a pay increase.

What if there's no major assignment to jump on? It's simple -- invent your own. Come up with a proposal for an initiative that will better the business, and offer to be the one to spearhead it. This will show your boss that you're thinking big and aren't afraid to take on new challenges, which will hopefully work to your advantage moneywise.

2. Get a major assignment done ahead of schedule

If you want to prove that you're worthy of a raise, you'll need to do a good job of delivering on the tasks you're responsible for. But if you really want to increase your chances, don't just aim to meet deadlines. Rather, get your assignments done well in advance, so much so that your boss can't help but take notice. This especially holds true for major projects that others are depending on.

3. Do your research

A big part of landing a raise is knowing how much you're worth. If you're eager to get a raise for 2018, do your research to see what the going rate is for your title. And don't just do a general search. Rather, find out what people in your position are making in your geographic region, keeping in mind that earnings tend to be higher in or near major cities, for example. If you're not sure where to begin, Glassdoor has a helpful "know your worth" tool that lets you search based on specific criteria.

4. Ask for a raise before decisions are set in stone

Initiating that conversation where you ask for a raise isn't easy, but don't wait too long to have it. Often, your company will need to get its budget in place well before the end of the year, which means that if you first sit down with your boss during the last week of December, you might be too late. If your company gives performance reviews, you can probably plan on working that conversation into your already scheduled meeting. But if you don't have a formal year-end wrap-up on the calendar, be proactive and set one up with your manager sooner rather than later.

Scoring a raise often boils down to getting your boss's attention, proving your value, doing your research, and timing your conversation just right. As we prepare to close out 2017, be sure to hit on all of these points if you want a raise going into the new year. That way, you'll have even more reason to celebrate once 2018 rolls around.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/27/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.