What do you do if your boss is hesitant to give you a promotion or raise in the insurance industry?

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You work hard, deliver results, and have a positive attitude. But your boss doesn't seem to appreciate your value or reward your efforts. You feel stuck, frustrated, and demotivated. What do you do if your boss is hesitant to give you a promotion or raise in the insurance industry? Here are some tips to help you handle this situation and advance your career.

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Tony Ca?as, CPCU, MBA, AU, ARM, ARe, AIC, AIS

Insurance and Insurtech Talent Matchmaker | P&C Insurance Nerd | Best Selling Author | Speaker | 27k+

1 Assess your performance

Before you approach your boss, make sure you have a clear and realistic view of your performance. Have you met or exceeded your goals, quotas, and expectations? Have you demonstrated your skills, knowledge, and professionalism? Have you taken on extra responsibilities, projects, or challenges? Have you received positive feedback, recognition, or testimonials from your clients, colleagues, or managers? Gather evidence and examples to support your case and show your value.

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2 Know your worth

Next, research the market and industry standards for your role, experience, and location. Find out what the average salary, benefits, and perks are for someone like you. Compare your current compensation with the data and see if you are underpaid, overpaid, or fairly paid. Use reputable sources, such as industry associations, salary surveys, or online tools, to get accurate and updated information. Be prepared to negotiate and justify your desired salary or promotion based on the facts and figures.

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Tony Ca?as, CPCU, MBA, AU, ARM, ARe, AIC, AIS

Insurance and Insurtech Talent Matchmaker | P&C Insurance Nerd | Best Selling Author | Speaker | 27k+
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Do some research on Salary.com and similar websites. Talk to others both internally and externally about pay for your role. Look at job postings for your job and the next level of your role both internally and externally. Some companies like Liberty Mutual post their pay bands on all opening. Talk to recruiters to get a feel for your value in the market today. Keep in mind that to fully capture your value in the market you probably have to change companies, especially if you're a very high performer whose value has grown quickly.

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3 Communicate your goals

Once you have done your homework, schedule a meeting with your boss to discuss your career goals and expectations. Be respectful, confident, and professional. Explain why you deserve a promotion or raise, using your performance evidence and market research. Highlight your achievements, contributions, and potential. Express your enthusiasm, commitment, and loyalty to the company and the team. Listen to your boss's feedback, questions, and concerns. Try to understand their perspective and address any issues or objections.

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Tony Ca?as, CPCU, MBA, AU, ARM, ARe, AIC, AIS

Insurance and Insurtech Talent Matchmaker | P&C Insurance Nerd | Best Selling Author | Speaker | 27k+
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Make it very clear to your boss that your goal is to get promoted and try to get their support. Ask them what numbers you need to hit to get promoted.

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Rajesh Sundaresan

Expert in P & C Insurance | Leading product solutions (Guidewire), Functional Optimization, People Management | Cultivating Talent | Innovation
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Outcomes are crucial. Showcase the initial aspiration setup and the outcome. And navigate through the steps to achieving those challenges and learnings along the way. And one offers to the industry and community.

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4 Explore your options

If your boss agrees to give you a promotion or raise, congratulations! You have successfully made your case and earned your reward. However, if your boss is still hesitant or unwilling, don't give up. Ask for a specific timeline, criteria, or action plan to achieve your desired outcome. Follow up regularly and show your progress and results. Alternatively, ask for other forms of recognition or development, such as a bonus, a commission, a training opportunity, or a mentorship program. Be flexible and creative, but don't settle for less than you deserve.

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Tony Ca?as, CPCU, MBA, AU, ARM, ARe, AIC, AIS

Insurance and Insurtech Talent Matchmaker | P&C Insurance Nerd | Best Selling Author | Speaker | 27k+
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Even if you do get an internal promotion chances are it'll only be 10% to 15% of pay. If your research makes it clear that there's a huge difference between your current pay and your value in the labor market you'll probably have to change companies and negotiate hard to get 30% or 40%.

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5 Evaluate your situation

Finally, after you have tried everything, evaluate your situation and decide if you are happy and satisfied with your current role and company. If you are, continue to work hard, improve your skills, and build your network. If you are not, consider looking for other opportunities elsewhere. You may find a better fit, a more supportive boss, or a more rewarding career path in another organization. Don't be afraid to explore your options and pursue your goals. You have the skills, experience, and passion to succeed in the insurance industry.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Tony Ca?as, CPCU, MBA, AU, ARM, ARe, AIC, AIS

Insurance and Insurtech Talent Matchmaker | P&C Insurance Nerd | Best Selling Author | Speaker | 27k+
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Often the people who are significantly underpaid compared to their value in the market are those that have been at the same company for 5+ years, especially if they started there right out of college and have really invested in themselves by doing things like getting their CPCU. Often if you love the company the only way to get paid what you're worth is to leave for a year or two and come back later. The way companies pay external hires is often much more generous than internal promotions for the same roles. Quite simply you simply don't have much negotiating power as an internal candidate.

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What do you do if your boss is hesitant to give you a promotion or raise in the insurance industry?

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1 Assess your performance

2 Know your worth

3 Communicate your goals

4 Explore your options

5 Evaluate your situation

6 Here’s what else to consider

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