1) When is the right time for a salary raise
Do you think there is an exact time to ask for a salary raise and what factors need to be considered before you request for a salary raise.
Below are 6 signs that will evaluate if the time is right for a salary raise.
1)Your Company’s Good Financial Health
If things are good, revenue is up, and goals are being met across the board, then have at it. You stand a much better shot of getting what you want if everything else is falling into place.
2)Other People Have Received Raises
If you’ve confirmed that other employees are asking for and receiving raises, and you’re either at their level or do better work, then that can be a positive sign to ask for a raise of your own.
The only thing we’ll caution you on here is not to reference the raises of other employees in your request. A raise should be about you, your work, and your potential future value to the company that makes you a worthwhile investment. Dont walk in to your bosses office and start whining.
3)It’s Time for Your Performance Review
Most companies plan out a schedule for performance reviews and subsequent raises. Try to coordinate your raise request with that schedule, because it’s easier for your boss to convince the top brass at the designated time for raises, as opposed to a request out of left field at some other point during the year.
4)The Company Just Had a Big Win
If your company had a huge win or, better yet, a string of big victories, then it might behoove you to strike while the iron is hot. And if you played an integral role in those wins, then all the better.
5)You’ve Picked Up a New Skill or Degree
Did you take a training course or complete a degree program that sets you apart? Then that’s a good reason to take action.
Proving yourself invaluable and indispensable is perhaps the greatest way to earn that pay increase. The more you can set yourself apart the better.
Any time you can prove you’re a high-performer with specialized skills that make you stand out in the crowd, that’s a positive.
6)You Have Other Job Offers
Fear of losing valuable employees to other companies is a company’s biggest reason to approve raises.
So if you feel you’re underpaid and you’ve tested the waters and been offered a more lucrative position elsewhere, that’s a valuable card to play. But play it wisely. Don’t be boastful or pushy about it. Highlight your performance, let the numbers speak for themselves, and simply let them know you’ve been offered something for more money.
But you have to be prepared to leave, and you should never bluff. If you’re not prepared to walk or you’re lying, then you’ll create a toxic environment with management and getting a raise in the future will be near impossible.