Are you hoping for a raise this year? Almost every ambitious professional aspires to earn more money at their job; however, few understand how to approach this sensitive topic with their employers effectively. As you reflect on your performance and contemplate how to have this conversation with your boss, there are some important factors to consider first. Here are three questions to ask yourself before asking for a raise:
Has my value at the company increased? Looking back to when you first started your position, think deeply about whether you’ve truly added significant value to your employer since beginning your role. While your performance may be satisfactory so far, neglecting to take more initiative or going beyond your basic job description may go against you in the conquest for a higher salary. Rather than focus on individual achievements, do an honest evaluation of your performance results and how it’s benefitted the organization at large. If you can articulate a meaningful impact during your time with the company, you’ll have a more compelling reason to ask for a raise.
Is it the right time to ask for a raise? In many situations, timing is everything – and this is especially the case in asking for a raise. Suppose your company is currently undergoing major changes or drawbacks – such as a merger, significant financial loss, or other major transition. In that case, it may be better to wait for things to turn around before discussing your salary status with your boss. It’s also important to consider the timing regarding your position. If you started your job less than a year ago, chances are it’s too soon to ask for a raise. Instead, focus on proving your worth and excelling on the job.
Do you know how you’ll respond if your manager says no? If your request for a raise is denied, it’s best to think about how you’ll respond ahead of time. How you react to your manager’s feedback can set the stage for a future discussion. For example, asking your manager about revisiting the conversation can help establish a timeline moving forward. This is critical for setting appropriate goals for your performance that will warrant an increase in pay by the time of your next evaluation.
There’s no doubt asking for a raise can be intimidating – especially if it’s your first time doing it. Reflecting on the questions above will allow you to be fully prepared when the time comes to discuss your performance and ask for the raise you deserve!
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