You’ve been working at your job for a while now, but how do you know when it’s time to ask for a raise?
Asking for a raise isn’t the easiest thing to do, but this might be something you need to ask for since the cost of living keeps going up each year. If you’re not happy with your salary and you feel like you deserve more then that’s totally fine! However, you should have a good sense of when it is a good time to ask for a raise. Knowing the right times is key to getting what you want. Here’s our take on when the best time to ask for a raise is.
If you’ve noticed that your company is performing well and business is increasing, then this could be a great time to ask for a raise. Keep an eye out for quarterly reports released from your company or announcements with new business partnerships. These are good signs for when you could bring up getting a raise with your manager. If you have a great track record and a strong performance history, you can use that to leverage a higher salary.
With that being said, don’t ask for a raise when your company isn’t doing well. It’s not the right time to ask for a higher paycheck when the company has announced layoffs or that they’re cutting down budgets. Use your best judgement to pick out the good times from the bad.
Most companies will conduct perform performance reviews with their employees so this would be another great time to ask for a raise. Whenever a company is conducting these reviews, typically your salary will be assessed too. What you can do is talk to your manager beforehand and give them a heads up that you would like to discuss your salary during your meeting with them. If you’ve taken on more responsibilities compared to the last performance review, you can use that as an example of why you deserve a raise.
Lastly, I would recommend doing your research for your job and industry. Sometimes we love what we do, but we’re not getting paid enough. When this happens we tend to start considering other opportunities. I would recommend doing some research prior to getting back on the job search. Use sites like Payscale.com to determine salaries based on experience level, location and other factors. Use these figures during your conversation with your manager to explain why you should be getting compensated more while at the same time going over the value you bring to your company.
You have plenty of opportunities to make your case for a salary raise. Know when the best time to ask for a raise and capitalize during those times! Thanks for reading this article I wrote guys! Please share this with your friends and colleagues as I would appreciate it greatly.
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