The Right Time To Apply For A Salary Increase

You may have been at your job for many years without receiving a salary increase. However, as we live in a time where the cost of living is continuously rising, this is unfair. If you are in that situation where you feel you are not happy with your pay, its high time you did something about it.

However, it’s very crucial to know when to ask for a pay rise. You don’t want to ask after bumping into your boss when he has just lost a deal. If you ask in the wrong way or at the wrong time, you might lose your job instead. If your timing is off, then your request will most probably fall on death ears.

If you have been wondering how to ask for a pay rise, here are some factors to take into consideration. However, if you are working at a job that refuses to provide you with more pay as your skills and expertise advance, you may want to consider applying elsewhere. But, before it comes to that – here is how to identify the right time to ask for a raise.

salary increase

When Your Company Is Doing Well

When you see bright prospects, it might be the right time to ask for a pay raise. During these times, your bosses are willing to invest more in both the company and its employees. This might even carry more weight if you have contributed to the growth in one way or another.

When You Ace A Big Project

Is there a deal you recently sealed or a significant client you acquired for the company? Then you have the right to ask for a pay raise. Recognition might come in the form of awards, promotions, or congratulations from the manager; however, if it’s a raise that you want, then ask for it. You worked hard for it so you deserve compensation for your excellent performance.

If You Think You Are Underpaid

Sometimes people earn less than they deserve, and in this case, asking for a raise would be the ideal solution. Are other people in your department doing the same kind of job and getting paid more than you? Then, you might consider asking for a pay raise.

The person you sit next to in the office might be earning more than you, which gives you the right to ask for a raise unless their skills, experience or job are more advanced than your own. Who knows, this conversation could spark a conversation which can lead to a salary increase for all other employees.

After A Performance Review

Most companies review employee’s performance yearly and review their salaries as well, and you can do the same. If you know the dates, they usually carry out these reviews, be sure to approach your HR department ahead of time. This will allow you to explain your case and also know if you stand a chance of a salary raise.

Some companies also have performance review calendars; if yours does, check when the salary increases will commence and be sure to ask them two to three months ahead of time.

salary increase

Bottom Line

There are several ways you can ask for a pay raise. If you feel you have performed well in the company and you feel you deserve a raise, then you have every right to make your case for one. If you are working with a company that will never initiate a pay raise, then you will have to take the first step. However, simply consider these factors and ask at a strategic time!