WEST PALM BEACH, Fla. — At the top of the wish list for many workers this year is a pay raise.
It seems you could be in luck, but there's also a catch. Projections show nearly 85% of workers that ask are expected to get a pay raise this year, but increases will be smaller.
One forecast called the Salary Budget Survey released by the company Payscale shows U.S. employers are budgeting for 3.5% raises this year. That's down slightly from 3.6% in 2024 and nearly 4% in 2023.
Job experts said those who stay in their current job are most likely to get a salary bump. They also said workers who can show their contributions to the company are more apt to receive the reward.
"Even if you're not asking for a raise right in that moment, you should be taking every opportunity when you're in front of your manager to not just talk about task, but to talk about contribution," said Jasmine Escalera with LiveCareer.
Career experts advise workers to keep a journal of their contributions and achievements so they don't have to play memory recall when the time comes to ask for a raise.
They also said the right time to ask is during a review period.
