Thinking about asking for a raise? How do you know when it’s the right time to approach your boss with a raise request? You don’t want to jump the gun and blow your chances, but you also can’t leave it too late as you’ll run the risk of being overlooked time and time again.
So how do you know when to ask?
When you get a promotion
Congratulations, you’ve been given a promotion, so you’ll get an automatic raise too right? Well, no, not always. If you haven’t been offered a raise then now is the right time to ask for one. Open the negotiations during the performance review as the odds are in your favour. You know that you are performing well (as you’ve been given a promotion) and your new role is likely to come with added responsibilities, which you should be remunerated for.
When you’ve upped your skills
If you’ve upped your skill set or completed any professional courses that you use in your work you can argue that you are now more valuable than your were before, and your salary should reflect it. Now that you have more skills you can expect to be given more responsibilities, which again, you can use as leverage for a raise.
When the company is thriving
Just because you have been performing well doesn’t mean the company has the funds to give you a raise. Find out how the company has been performing – are there plans to grow, or are they cutting numbers to stay afloat? If they are doing well then you can feel safe that asking for a raise isn’t going to be harmful.
If you have had a better offer elsewhere
Be careful with this one. If you have been offered a better salary for the same or similar job elsewhere and you are happy to take it (that is important), then you can go back to your employer to see if they are willing to negotiate your salary to keep you. But be warned, they might not be able to match or beat your new offer, so if you are not wanting to leave your job don’t play this card.
Main photo credit: jabberwocky381