I rejected and approved hundreds of raises at Nordstrom, Verizon, and Yahoo. Here's my advice for getting a raise in the current market.

"During my time at Nordstrom, Verizon, and Yahoo, I managed hundreds of employees and had just as many conversations about raises and promotions. Some I approved, while others I had to turn down. I realized that those decisions weren't always about performance. More often, it came down to whether someone understood the bigger picture - how the company made decisions, how budgets worked, and when to make their ask."

"Right now, there are more qualified people competing for jobs in nearly every type of function and company than I've seen in years. Hiring has slowed sharply across sectors, even while companies still post roles. Economic growth is tepid, inflation and interest rates remain headwinds, and many businesses are holding the line on workforce expansion. I recently spoke with a recruiter who told me that for single midlevel strategy and marketing roles at a consumer brand and a tech company, she had several dozen resumés"

Companies face a surplus of qualified candidates across functions, so hiring has slowed and employers hold more leverage. Firms feel less urgency to stretch compensation to retain employees and may replace departing workers with lower-cost hires or eliminate positions. Raises remain attainable but require strategic timing, awareness of company pay bands, and consideration of alternative forms of compensation. Managers and employees should understand how budgets and decision processes affect raise approvals. Thoughtful, self-aware requests aligned with organizational constraints and pay ranges improve the chance of a successful negotiation.

Read at Business Insider