Who doesn’t want a raise? No matter what your current financial situation, more money is never a bad thing, right? Yet if you’re like most employees, you’re probably scared to ask. There’s no way to guarantee that your request will be granted, but timing your request can help boost your chances of getting a raise. Here are 4 signs that there’s no time like the present.
1. The Company Is in Good Shape
When a company is struggling, raises are often the first thing to go. So it’s worth doing your homework to find out how your company is doing overall. Ideally, time your request for shortly after the company announces a big win, like a new acquisition or a successful IPO (initial public offering).
2. Your Coworkers Got Raises
Technically, discussing salary is against the rules at most companies. But word always seems to spread. If you’ve heard through the grapevine that other people are getting raises, it doesn’t hurt to try for your own. But don’t mention anyone else’s raise. Focus on your own contributions to the company and why you feel you deserve a raise.
3. It’s Been Awhile
If it’s been a long time since your last raise, you may be due for another one. This is especially true if your job duties have changed, you’ve taken on more responsibility, or you have earned certifications or other credentials in the meantime. Be prepared to explain the factors that make you feel it’s time for a raise.
4. You Have Another Offer
This is a tricky one. It’s not fair to other employers to apply for a job just to use it as leverage against your current boss. But if you’ve been headhunted, or you have an “in” at a company that pays better, it can create an opportunity. Don’t threaten to leave unless you’re serious, but mention to your boss that you’ve been offered more money, and you hope that you are able to stay.
There’s no perfect time to ask for a raise, but choosing your timing can help boost your chances of success. Make sure the company is doing well financially, and that you have a strong case for why you deserve a raise, and then go for it. If you handle the situation professionally, you just might get that raise.
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