In our economy where the cost of living is getting higher day by day, everyone is looking out for a salary raise. This is quite understandable as it seems everyone spends more than they earn these days even if you are prudent. There are times that you might not need to ask before your company gives you a raise. However, you might need to take matters into your hands by asking for a raise if this is not forthcoming. But, you can not just go and ask for a raise, you need to know whether the timing is right. Here are some tips on how to know when to ask for a raise.
If the company is doing well financially
One of the tips on how to know when to ask for a raise is to assess the company’s financial health. If the company is doing well financially, there is a high chance that they will be receptive to your clamor for a raise. Besides, if you have contributed immensely to the growth of the company, your chance of getting a raise has increased. On the other hand, if the finances of the company aren’t great or if they are laying off people, it is probably not the right time to ask for a raise. However, even when things are shaky, companies do all their best to retain their top talent. They might go as far as rearranging their budget to suit their top talent. So, if you are in that category, you can ask for that raise.
Related: How to Negotiate Salary In An Interview
After acing a big project
When the staff evaluation period is still far
Some companies schedule a time of the year to evaluate the performance of the staff. This is usually the time most staff members get a raise at work. If this period is not coming up anytime soon, you can ask for a raise. Besides, if you have not been given a raise within the last year, you can ask. But, if the performance evaluation period is close by, you might have to hold off till then and see whether you will be given a raise. However, you might have to initiate it before then, so the decision-makers will know what you want. Also, if you got a raise within the last year, we do not recommend you ask for a raise anytime soon. This is because asking will make you come off as a greedy person.
After taking up more responsibilities
Another tip on how to know when to ask for a raise is after you take up more responsibilities. There are times the company will task you with new responsibilities such as stepping in as a temporary manager or leading a big project. In times like this, you are in the position to ask for a raise. This is because you are taking up more tasks than your job description. But you should not ask for a raise immediately after you start the task. It’s either you wait for up to 6 months into the task or ask for a raise once you have successfully completed the task. However, if you have not recently taken up a new responsibility, you might have to wait till the performance evaluation period before you ask for a raise.
If you have researched the salary range
Researching the salary range is also one of the tips on how to know when to ask for a raise. When you feel disappointed by how much you are earning at a company, you might be tempted to ask for a raise. However, before you yield to temptation, make sure your research game is solid. You should ensure that you know how much others in your job role are earning in other companies. This will help you make an informed decision on whether to ask for a raise or not. However, don’t go with gut feelings on this, make sure you research to get the exact numbers. You can do research online and you can even ask around. If you have a recruiter in your corner, you can ask them as well.
If your boss is on your side
You can ask for a salary raise if you are on good terms with a top decision-maker in your company. If your boss or manager praises you (either to your face or to others) for your good work, then you can ask for a raise. You can quickly access a salary raise if they are in charge of it, if not, they can put it in good words for you. However, if you are not on good terms with top decision-makers in your company, you might need to hold off asking for a raise. This is because your proposition might be rejected and you might even lose your job in the process. It’s either you wait till you ace a big project or find a way to get into their good books.
When other staff have received a raise
Even though the management might not say that they are giving people a raise, words always have a way of getting around. So if you get a confirmation that some staff are asking for and getting a raise, then you might get one as well. If these staffs are on your level, or you have more responsibilities than them, then it is a good sign that you should ask for yours.
After you get a promotion
Another tip on how to know when to ask for a raise is after you get a promotion. Usually, promotions are accompanied with an increase in salaries and benefits. However, some companies give staff promotions without giving them a raise. If you find yourself in this category, then you should ask for a raise. You should not allow a company to devalue your worth. So, if you get a promotion without getting a raise, you should ask for one.
So, these are the tips on how to know when to ask for a raise. However, make sure that before you go ahead to ask your employer for a raise you should have a plan b. Plan b means what you will do when you do not get the raise. Because, to be candid, not every request for a raise is accepted. So, have a game plan of what you will do when your employer rejects your request.
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