The Best Times to Ask for a Raise

The Best Times to Ask for a Raise How Do You Know When Its the Best Time to Ask for a Raise?Youve been on the job for a while but you havent had a raise. Look for these six signs its the right time to ask for one.In an age where the cost of living rises at an annual tarif of roughly two to four percent, most people understandably want their salary to increase as well. If youre unhappy with your compensation and according to one survey, most people are, even if theyre well-paid you need to do something about it. Sure, there will be times when youre given a raise without having to ask for it, but if that doesnt happen, you may need to take matters into your own hands.When asking for a raise, the timing must be right. For example, it would elendlage be beneficial to ask for a raise after your company announces major layoffs or after you receive some not-so-stellar performance feedback. If your timing is off, your manager will likely deny the request and remain closed to the idea of a raise for a while. If you want serious consideration, ask for a raise at the following times.After youve aced a big projectIf you land a major client or close a record-breaking deal, you rightly expect some recognition for your achievement. Recognition may come in the form of an award or congratulations from your manager, a bonus, or even an added responsibility. But if the thing you really want is a raise, then ask for it. Youve earned it A big win or a major accomplishment highlights your value to the organization and will help make your case.When your company is performing wellWhen business is good and the prospects for future growth are excellent, company decision makers feel better about investing in the business and employees. If your company just announced a major partnership or quarterly business results that exceeded expectations, it may be a good time to ask for a raise particularly if your performance has been strong and you can demonstrate that youve contributed to the positive company results.If youre underpaidSometimes a raise feels more like a necessity than a nice-to-have benefit. If you feel youre underpaid, then its best to speak with your manager or ask HR for advice. Companies have varying amounts of information about the competitiveness of employee compensation Some rely on anecdotes learned through recruiting efforts, while other companies have detailed survey data that shows competitive compensation for every position in the company. If you think youre underpaid, asking for a raise can lead to a discussion that helps everyone understand if you need a salary adjustment or not, based on company information.Related7 Powerful Ways You Can Improve Your Negotiation SkillsAt performance review timeMany companies typically review employee salaries at the same time that theyre assessing company and individual performances you can do the same. If you have an annual review coming up, its a good idea to approach your manager about a raise ahead of the meeting. That way, youll have another opportunity to get clarity on your chances of receiving a salary increase when you sit down to discuss your performance.Also, some companies have a compensation and performance-management calendar, and salary increases may be effective on a certain date every year. If you know that salary increases are effective on March 1, ask about a raise a month or two ahead of that date.If your job has changedMoving into a new job or getting promoted often comes with an increase in compensation, but not always. If you received a dry promotion assignment to a higher-level job without an adjustment in pay then you need to ask for a raise. Theres nothing worse than feeling like youre giving extra effort and taking on broader responsibilities but not being paid for it. Like any relationship, the one you have with your company requires a give and take balance. If youre in a new job and contributing more, its fair to ask that your compensation reflect your added responsibilities.After youve done your research If you love your company, the people, and the work you do, but your compensation is disappointing, you may be tempted to look at other opportunities. Before you start looking, do some research into what your positions market rate is. Using salary websites, such as Payscale, you can search salaries based on years of experience, geographic location, and more. If you find that youre making less than the market rate for your role, you should have an honest discussion with your manager. Explain what you found in your research, remembering to also showcase the value you bring to the company. Your request may not earn you a raise on the spot, but it may open the door to further conversations about your salary in the future.Thankfully, there are many ideal times to ask for a raise. If your performance warrants an adjustment to your compensation, then you can and should make a case for an increase. For those times when your company doesn t give you a raise without your asking, you can start the conversation instead.Click on the following link for more advice on salary negotiation.Does your resume reflect your worth? Check with a free resume review todayRecommended ReadingAsk Amanda How Do I Ask My Boss for a Raise?5 Phrases You Should Never Use When Negotiating SalaryHow to Close the Wage Gap and Earn the Salary You DeserveRelated Articles