Money is a tough subject to discuss, especially at work with your supervisor. Deciding whether you should ask for a raise can be tricky. Whether a raise is granted depends on factors within your control, such as performance and skillset, and factors outside of your control, such as the company’s financial health. Ask yourself these questions when deciding if now is the time to ask for a raise?
How is the Company‘s Financial Health?
If your company is exceeding revenue goals, expanding, and hiring new employees, then now may a good time to ask. However, if you notice budget cuts, failure to meet revenue goals, and not refilling open positions, you should wait until the company is doing better.
Have Co-Workers Received Raises?
If you are thinking about asking for a raise, keep your eyes and ears open about whether co–workers have asked for and received raises. If they were denied higher pay, you might want to wait a bit before asking. However, if they have requested and received, then you should ask too.
How is Your Relationship with Your Supervisor?
If you have a good relationship with your supervisor, then they will be more likely to grant your request for a raise or speak your praises to the person who has the final say. If your relationship is on the rocks, wait a bit until things settle down.
When is the Last Time You Have Received a Raise?
If you have just received a raise, it is not wise to turn around and ask for another one. However, if you haven‘t received a raise recently, then it doesn‘t hurt to ask.
Have You Taken on New Additional Responsibilities?
If you‘ve taken on new work since your last raise, then it is perfectly reasonable to ask for higher pay that corresponds with your new workload. If nothing has changed since your previous raise, it may be advisable to refrain from asking for more money.
Have You Earned a New Degree?
Completing a new degree or specialized training programs typically warrants a raise in the workplace.
Do You Have Other Job Offers?
If you have other job offers that are higher paying, but you do not want to leave your current company, then it is time to talk to your supervisor.
Can You Explain Why You Deserve a Raise?
No doubt, you will be asked the dreaded question, “Why do you deserve a raise?“. If you can answer this question, then you are good to go. If not, you better wait until you can answer this question before hitting your boss up for a raise.
Ready for a Change?
If you are stagnant at your current job, then it may be time to look for a new one. Salem Solutions can help you find the perfect job to fit your skillset and career goals. Browse current job openings today!