There should be no fear when asking for a raise, especially when you are deserving of one. Keep a journal of your achievements. Learn the perfect time to ask for a pay raise and how to negotiate for the salary that you deserve.
When to ask for a raise? 10 examples of situations when it's ok to ask
When is it appropriate to ask for a raise? You never really know when the best time is. Review your great work within the past year and the tasks within your job title. These are your supporting factors to bring up to your boss when asking for a raise.
The market rate is higher
If there comes a time that you find out you’re being underpaid, do your research. Make sure it is true and that you are supplying valid points when having the money talk with the big boss. This can be a great advantage for you if the compensation rates are really skewed.
Additional job responsibilities
When your job description is being run over with extra tasks. It may be the right time to let your boss know and for you to get a raise. If you are taking on additional responsibilities than what your job description entails then you should keep a record of all your additional tasks and bring it to your boss. This will help with your reasoning for asking for a raise.
Annual review
Typically within companies, your yearly review means you are going to be getting a pay raise. If that is the case in your company then you should also be keeping tabs on what achievements you have completed in the last year and make that known to your boss.
Note that if your boss has already been raving about the work you have been doing, then you should remind them. Make your statement and prove that you are an asset to the company. Don’t forget to provide a list of your accomplishments.
Offer from a competing company
Getting a job offer from a different company can be a bit risky while working at a reliable company. However, it could also be your ticket to getting the pay increase that you desire if you are looking to remain at the company you are currently working for.
It’s important to really weigh out your options between both companies and choose the best one for you. Just because one company has a higher salary doesn’t mean that it is the right pick for you.
Show your loyalty
If you are seeing the company excelling, you can show your effort and achievements that have contributed to the success to push for salary negotiation. This is the chance to show your loyalty and constant achievements to your boss.
Your numbers are excelling in the company
Whether the boss has asked you to take on more tasks or run a trade show, you’ve completed it. All of the additional tasks that you have been asked for should be recorded. Some career coaches have suggested that you keep a work journal that you can then present to your boss and achieve the salary increase that you’ve been waiting for.
You’ve added value to the company
Have you designed a system or tool that has positively impacted your company’s bottom line? Doing so while excelling in your current position could put you in a prime position to ask for a raise. It’s great to take pride in the achievements that you’ve brought to the company, and they should recognize your success too.
You’ve had a promotion
Whether you’ve been offered a promotion or you have your eye on one, you should be given a raise with it. Typically, companies will promote from within and refill the more entry-level positions. So the chances of you moving up to a new job and gaining a new annual salary are right around the corner.
You’re an asset to the company
Employers are in business to make money. If you’re the cash catalyst, you’re in the perfect position to ask for a raise. This is a great leverage point especially if you are the one that is consistently helping the company bring in a vast amount of revenue. Your hard work is a great contributor to the raise that you deserve within your company.
Consistently exceeded performance goals
Consistently showing up all your other coworkers? There are a lot of perks to being the top seller in a company. No matter what task you are handed, you get it done without complaint. Your boss should recognize that. This is the prime time to talk to your boss about a raise.
How often should you get a raise?
Don’t know how often to ask for a raise? Typically companies operate on a yearly payscale. However, there are a few exceptions. As we stated before, if you are gaining more tasks than your job description or received a promotion, then you should consider asking for a pay raise.
5 practical tips on the best time to ask for a raise
Looking for the best day to ask for a raise? Or maybe you are wondering how soon to ask for a raise? Look into these 5 tips to get you ready to ask for the raise that you deserve.
List your accomplishments
One of the best things you can do is prove how you’ve positively impacted the company. You should write down everything you’ve brought to the table. Whether that’s generating an influx of leads or making systems and processes run smoother.
What’s your competitive salary?
There are free sites you can utilize to research your salary and what you technically “should” be paid. Though keep in mind the size of the company and what benefits you have.
Prove to your boss you deserve a raise
After explaining what you have done for the company’s success, you should consider telling them about future plans that you may have. It would serve them a benefit to have you and new ideas around, and that is a good selling point for your boss to give you a raise.
Be confident
Remember to be confident when you walk into the boss’s office. It may seem intimidating, but you have everything you need to support or case. Plus, you deserve this!
Deliver your request in writing
Not only should you have a talk with your boss about receiving more money, but you should submit your request in writing too. The chances are that your boss will have to discuss your request with higher-up bosses. Plus you can keep this in your work journal as a record as well.
Key takeaways
Whether you find the salary you’re looking for in your company or a new company, you have to know when the best time to ask for a raise is. Don’t forget to keep a work journal of all your work achievements and any new task you are given outside of your job description.
FAQs
The questions you may have and the best answers for them!
When should I ask for a raise when I'm new in the company?
The recommended period is 6 months after you start a new job or 6 months with an entry-level role. You have to wait that long period to show your employers that you’re an asset to the company.
How much of a raise should I ask for after 1 year?
The typical rate is about 10%-20% above what you are currently making. Again, it is all based on your performance and what you have brought to the company.
Can you negotiate benefits when asking for a raise?
There is more than one way to negotiate a raise within a company. It doesn’t only have to be for higher pay. Keep in mind what you want to negotiate and make sure you have the supporting evidence to make it happen. Whether it’s for more sick time or vacation time they could honor all of those as a “raise”.
Should you get a raise every year?
Depending on the length of time that you have been with the company determines how often you should receive a raise. Typically companies operate on an annual raise and review.
When can I ask for a raise if the company has no performance review meetings?
If there are no performance reviews within the company you are associated with, then the time to ask for a raise is at your 6-month and 1-year mark of employment.