Best Time to Ask For A Raise
A raise is an increase in wages or salary. Usually, an employee at the time of joining an organization is told that there is room for growth, and a rise in pay inclusive. Some job contracts even state explicitly, the duration by which a raise would be given and the percentage of increase. A raise is different from a bonus or other perks of a job that involves money. Therefore, it is not unusual or unheard of that an entry-level salary of an employee is increased as he or she spends more time with a company and carries out duties in a satisfactory manner. However, some employers do not keep to their end of the bargain as a good number of employees have complained about waiting for a bigger bank alert or a heavier paycheck at the end of the month, and yet the situation remains unchanged. They have testified about how difficult it can be to change one’s entry-level salary from what it is to something better. Some brave ones have gone ahead to call a spade a spade and remind their bosses of their deal by asking for a raise. But these ones testified to how difficult the process of asking for a raise in pay can be and sadly, some do not get a favorable reply.
Are you in a similar situation? Have you put in years and effort for the organization you are currently working for and it still does not reflect in your pay? You may even have added responsibilities compared to when you joined the team and honestly, bills keep increasing every single day. Maybe it is time to ask for a raise. Some employees cringe at the thought of asking for a raise probably because they feel the request would not be approved or they feel guilty or ashamed to ask for more money. They do not want to come off as greedy, inconsiderate, and selfish. We definitely do not want you to look that way in front of your employers but we want to help you get what you deserve and that is why we have painstakingly prepared this article. Timing is very important. If you should ask your boss for a raise at a bad time, chances are that he will say no. What then is the best time then to ask for a raise? We have prepared not just one, but five tips to give you a heads up on the most favorable times to ask for a raise so you can be assured of getting it. Dig in!
Best Time to Ask For A Salary Increase
- When the Company is Doing Great: Did the company just land a new client? Closed a major deal? Increased sales by a huge percentage? Showed visible growth like an expansion to other markets and opening of new branches? Made the Fortune500 list? We could keep going on and on but we are sure that you already have a general idea of what we are talking about. As an employee, you have inside information and next to your employer, you are privy to the company’s success. You should be able to tell when things are running smoothly. Use it to your advantage. It is easier to ask for a raise in a month when the company has popped champagne over closing a major deal than when they just lost a big client, battling loss, cutting back on costs, and laying off employees. While asking for a raise at a bad time would present you as inconsiderate to your employer, the company may not be able to afford it. So wait till Management is in high spirits.
- When Your Colleagues Have All Received a Raise: So at the company dinner last weekend, everyone was talking about the rise in salary. Mark from Sales and Marketing, Susan from Accounting, and even the new tech-guy! Hmm… something fishy is going on. If you find out that you have passed over for a raise while everybody else is receiving a raise, it can be heartbreaking. But it is the right time to start thinking of asking for a raise. Find out from your colleagues if they requested their raises or if they just received them. Whether the case is the latter or the former, if you are assured that you do the same level of work as your colleagues, then nothing should stop you from asking for a raise. And while you are angry at being passed over, present your case politely and try to be as diplomatic as possible. Your plans might backfire if you barge into your boss’s office screaming, “I just asked everybody and they said you have increased their salary! What happened in my case?”
- When You are Saddled With New Responsibilities: If you just got promoted or the company recently increased your workload, then it may be time to talk about a raise, especially if the new responsibilities leave an obvious strain on your work-life like working longer hours, doing overtime or coming in on the weekends. It is quite easy to ask for a raise on this ground because new responsibilities obviously demand more time and energy. If you are wholeheartedly giving that, then your paycheck should definitely receive an upgrade.
- When Your Work is Being Commended: If you are doing your best at your job, you will produce excellent results and this will more than likely get noticed by your employer. You might be commended regularly on your good work or even given awards of recognition. When it is very obvious to all that you are doing a commendable job, then you can utilize that opportunity and ask for a raise. Your employer will be forced to review your performance and on account of your outstanding record, grant your request.
- When You are Overdue For a Raise Based on Your Contract: As we mentioned at the beginning of this article, some companies already have a set schedule for salary increases. It could be months or a year after you first joined the team. If the time when you are due for a salary is included in your contract and the company has not fulfilled it, then it is your full rights this time based on terms and conditions to ask for a raise. If the company misses your raise day by, let us say a month, quickly send a gentle reminder pointing to your contract. If you let it linger for months, the company may take it that you are comfortable with your present pay and it might become a struggle to get the overdue payments.
Asking for a raise might be nerve-wracking because you may be scared of hearing a no. But you will never know the chance you have till you ask. If you are a competent employee, the chances are that your employer will gladly take the option of increasing your salary instead of going through the stress of recruiting and hiring a new person. Plus, the value and cost of your skillset may have increased in the job market and so they would not want to lose you, especially to competitors. In a way, the odds are in your favor. So take advantage of the right moments while keeping in mind that you should be polite and follow due process. You also need emotional intelligence to help you ascertain the exact day or hour to go ahead with your request. It would be awkward and futile to ask your boss for a raise in the middle of a meeting or through a very informal text message or chat. The same goes for asking for a raise when your employer just lost a family member to death. In some companies, asking for a raise may require sending a formal email or letter. It might also require a meeting with management where there may be room for you to negotiate. Management might even ask you the “Why do you deserve a raise?” question. This means that you have to carry out research on how much your skills and qualifications are worth currently in your field, how well you have performed in the company, and then come up with a specific percentage of raise you will ask for. We wish you the very best and hope you get the pay rise you desire.