Harriet | May 16, 2022 | 0
8 Things to Know When to Ask For A Raise: Earn More, Stay Motivated
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Have you've been wondering when to ask for a raise? Now could be the best time to get the raise you deserve.
As a career expert, with published works in Outwit Trade, Up Journey, and Her Campus, I know how asking for a raise can be nerve-racking. But at the same time, it can also lift a load on your chest, especially if you get the raise you deserve.
Without further ado, let's start.
When To Ask For A Raise: Simple Steps To Follow When Asking For A Salary Increase
Knowing when to ask for a raise will let you know if it is still worth it to stay in the company or find new opportunities elsewhere.
If you like your current company and see yourself there in the next five or so years, it is indeed a good idea to ask for a raise. If you let fear take over, nothing will happen, and you will regret this later on.
It takes courage to ask for a pay increase. It would be best if you also justified why you deserve it in the first place. However, be ready for whatever your employer's response will be. Regardless, it never hurts to ask for a salary increase, given that you follow the tips below.
Here are 4 steps on negotiating a raise:
Step#1: Two words: timing and preparation.
Before asking that nerve-racking question, ask yourself whether it is a good time to do it. If you are satisfied with your current company except for the pay, then better if you speak up and ask for that salary raise you think you deserve.
Step #2: Research current salary trends
One way is to check job portals as they usually present salary ranges and salary data for different jobs and industries. Know that other industries naturally offer a higher salary.
Step #3: Know how much of a pay raise you want.
Other things to consider in a pay raise request are:
- Your qualifications (Ex. Personal information such as work experience, education, skills that can be valuable to the business, etc.)
- Your accomplishments that added value to the company
- Your preferred percentage increase or salary range (labor statistics agree that a 3% increase can already be generous enough)
Step #4: Prepare and practice
It is best to set a meeting with your boss at an agreed time. Come up with an opening line stating the purpose of the meeting, then cite reasons and justifications why you deserve your desired salary.
4 Things You Need To Consider Before Asking For a Salary Increase
Career growth and living the best job of their lives are personal goals. Of course, people also want to get the pay they think they deserve.
When should I ask for a raise? is one of the many questions to ask yourself if you want to succeed in your career and life.
Here are 4 things to consider before asking for better compensation:
Consideration #1: Is the company doing well financially?
As a good employee, you may have an idea of your company's financial situation. If there are spending cutbacks or layoffs here and there, it could be that the company has issues financially. In that case, now is not the right time to ask for higher pay.
Consideration #2: Is the manager experiencing a lot of stress due to the workload?
Make sure not to ask for a pay raise if your manager is in a bad mood and stressed at work. If you do, you can already expect what happens – and you won't like it.
Consideration #3: Do you have a past and current project(s) that contributed significantly to the company?
Think about at least one significant accomplishment that contributed to the company. Have a performance review to justify to the human resource manager a well-deserved increase. Again, timing is the key to getting a positive salary negotiation discussion.
Consideration #4: Is this the best time to ask THE question? (Experts suggest asking it by the end of the fiscal year)
As already mentioned several times, you need to choose the right time to ask for a raise. Consider the manager's mood (additional responsibility to deal with means extra stress on their part) and the company's financial situation.
Frequently Asked Questions
You might also wonder how often should you get a raise. Is it even considered rude to ask for a pay increase in the first place? People feel differently when it comes to asking for a salary increase. Nevertheless, here are frequently asked questions you need to know before asking for an increase:
Is it professional to ask for a raise?
A salary conversation is a normal thing between employers and employees. There is nothing to be ashamed of when asking for a raise.
You are only asking what is due and being fairly compensated for your hard work. There's no such thing as free lunch nowadays – inflation is real, and we all need to earn to buy our wants and needs.
How do you respond to a low salary increase?
First of all, say thank you and maintain a respectful tone. Think of it positively – it's still an increase, after all. However, you can still try to negotiate. Use a salary calculator and salary review data if you must.
A pay raise conversation is not easy, and it is understandable. But sometimes, it is okay to be honest, too. Tell your boss that the offer is too low and if it is fine, set another day to discuss the matter.
Should I quit if I don't get a raise?
It is up to you. But make sure not to do it out of heightened emotions. Also, it means no income for the next months if you decide to quit unless you already have an upcoming job interview or a business venture.
How long is too long without a raise?
According to a career expert, two years is considered the longest time you can do without a pay increase. Much better if you do not let it reach that long. If this happens, it would be time to talk to your manager about a salary hike.
More Interesting Article To Explore
Asking for a raise can be a big deal. But if you don't ask, you wouldn't know whether you get it or not. If you think you deserve to get a salary increase, ask anyway – you deserve to get paid right for your hard work!
Check out these other work-related articles for more career advice :
- Make sure to know how to keep employees happy and well-appreciated.
- These common interview questions for managers will help weed out the wannabes from the much-deserving candidates.
- Get to know job applicants with these interesting interview questions. These work on dates, too!
Knowing when to ask for a raise can be nerve-racking but also necessary. It is all about the right timing and understanding a good pay raise, regardless of job title.
Be prepared for any possible questions that may come up. It is also possible that you won't get the raise you want - for now. Nevertheless, thank your manager for the time and send a follow-up email to recap the conversation.
But if there is no progress after several attempts, perhaps it is time to find a new employer willing to pay you better.