When Is The Best Time To Ask For A Raise? | Here Are Some Tips
The first thing to ask yourself before you ask for a raise is whether you really deserve one. Once you have that set, it's time for you to rehearse your pitch and initiate the conversation with your manager. However, all this is easier said than done. Once you are past all these stages the next question is, is this the right time?
How Soon After Starting A Job Can One Ask For a Raise?
Let's be honest, there is no right time to ask for a raise. The best time to do this is when you feel that you make a strong case about it and support it with your work. Recapping your value is step one, asking the right questions like, "What are the things that wouldn't get done if I wasn't here?" or simply evaluating your contributions to the company.
Below are certain scenarios in which an employee typically looks for a raise.
Increased Workload
While most responsibilities are already mentioned in your job description, a gradual increase in workload with time is not unnatural. Perhaps you've taken over a few projects or even taken up your colleagues' work if for some reason they have to step away, yes you deserve to be compensated accordingly in these cases. However, timing in such cases is crucial. You need to evaluate if you have been able to prove your work in the past or do you need to prove yourself in this new role before asking for a raise.
Not Getting a Raise In Over a Year
In many industries, it's a given that employees' salaries will see increases annually. However, if your company does not automatically do that, then you might have to advocate it. The best way is to approach your manager after spending a significant amount of time in the company. Ask the manager to set up a meeting and in the meeting point out the things that will make a strong case for you.
Performance Review Meeting
For many companies, this is the time they consider raises for an employee after evaluating their performance. However even in this case you need to be prepared, you can even try to find out when the company's annual budget report is and can speak to your manager for a raise before they have to submit their raise requests.
If You Found Out You are Making Less That Your Co-Workers
Yes, in this case, it's always a good idea to ask your manager to set up a meeting. Some companies are known to set a certain pay band for certain jobs based on the skill and responsibilities you need to assess your salary and if findings say that you are not at par with the external or internal standards, then it might be a good time to ask for a raise.
Should I Negotiate My Salary Before Saying Yes To an Offer?
Not a raise, but equally important and confusing. Negotiating an offer can be intimidating for some people but this is why you should never give in before trying. According to The Riveter, "People can get 20%, 50%, and even 100% increases by applying for and accepting a role at a different company, when it is rare they’d even get a 10% raise staying in the same role at their current company."
Then why should you not ask for the same when applying to a different company? The company's initial offer is always to establish your starting salary. On your part, it's crucial to try and increase the offer. Also, if you don't ask, you will never know and it's always good to start something new on an honest note. Lastly, the only thing that matters when it comes to negotiating your remuneration, is timing. Keep the pointers in mind and ask yourself, "What is it, that you're hustling for?"