Asking for a raise can be awkward, money situations usually are. Essentially, you’re asking your boss if they think you’re worth investing more money in, and no one wants to deal with feelings of rejection should the answer be no. So, when is the right time to ask? Like everything else in life, a lot comes down to timing. If you’re respectful, prepared, and ask at the right time, you’re much more likely to get a pay increase. Here are some important signs to look for that tell you it’s a good time to ask for a raise.
The company is doing well
If your employer isn’t doing well financially, they’re not going to be able to give you more money. Take a good, long look at the financial well-being of your company before you ask for a raise. You stand a much better chance of getting what you want if everything else is falling into place.
You consistently over-perform
If you’ve been in your job for a while – at least long enough to have a performance review, then you can be comfortable with asking for a raise. As long as you can build a case as to why your work is worth the increase including your outstanding contributions to the company. To make a case for why you should get a raise, you’ll need to show that you’ve not only met, but surpassed expectations. If you can show that you made or saved the company money, you’ll be a lot more persuasive.
Your job description has changed
If your daily duties are changing and you’re taking on a heavier workload then it’s the perfect time to ask for a raise. You can pitch your boss on a salary increase if you’ve taken on a big new responsibility that makes the organisation money or saves money for them. If somebody quit or got laid off and you took over their duties, you’ve got a case to make, also.
You’re underpaid for the market
Have you added new certifications or skills that would make you a more valuable candidate if you were looking for a brand-new job right now? You might not need to jump ship in order to raise your pay. If you can demonstrate that your new skills add to the company’s bottom line, you can ask for a raise. Remember that money is a sensitive subject so approach with caution and stick to the facts. Say “I feel the work is worth more because…”, rather than “I’m underpaid and deserve a raise”.
Once you’ve figured out the right time to ask for the raise, you’ll need to go for it. But before you do, you should do research on how much to ask for and how to negotiate. Although asking for a raise makes many people anxious, few managers will be surprised or offended by the request. So, gather your facts, rehearse your presentation, and take the plunge. The worst that can happen is your boss says no.
If a raise won’t cut it and you’re looking for a new challenge, make sure you click through to our job section today. We could have the perfect job opportunity for you!