We understand that, regardless of your line of work, it can be an uncomfortable subject, but we’re here to tell you that it’s perfectly fine.
If you pay attention, you’ll leave with the tools you need to ask for that raise.
We’ll go over a lot of information, so we’ll break it down into sections that are easy to read.
How Often Should You Request a Raise?
- Try to limit it to once a year at most.
- First, assess your own performance.
- Timing is everything
- Review the value of your position at the company.
- Consider pursuing a promotion.
- Have a backup plan.
That’s a quick rundown of everything we’ll be discussing today.
While you are free to skip around at your leisure, we strongly advise that you read every section thoroughly.
With that out of the way, let’s get right into the facts about how frequently you should ask for a raise.
Limit it to once a year at most
When it comes to asking for a raise, we know you’re eager to do so, but consider how frequently you can do so.
Remember that not all of the information in this section will apply to every job or industry.
Consider how often your performance is estimated.
Performance appraisals are usually the best time to ask for a raise, and the best part about these reviews is that you don’t always have to ask. It is because most businesses incorporate raises into their business model and award them based on performance reviews.
As a result, when it comes to asking for a raise, you’ll want to make sure that it corresponds to the frequency with which your performance is evaluated.
This is a good rule of thumb to follow, and it will keep your boss from getting frustrated with your requests every other month.
First and foremost, assess your own performance
When it comes to asking for a raise or determining how frequently to ask for a raise, the first step is to assess your own performance.
Most employers will not necessarily guarantee you a raise but will do so if your performance demonstrates that you deserve one.
It means that you must ensure that your performance is vital.
We don’t know how your workplace operates, but here are some things to think about before planning your raise:
Did you complete a project that had a significant impact on the company?
Is the work you’re doing valuable to the company?
Have you exhausted your quota?
Have you recently received an honour?
Has your boss acknowledged and praised your efforts?
Do you always complete tasks ahead of schedule?
Please do remember that these are only a few things to think about, but to be honest, you should be asking yourself these questions before you plan a raise conversation. If you’re crushing it at work, it might be time to ask for a raise. In this section, we mean that you must be able to back up your demand for a raise.
If you’ve been slacking at work, now is the time to shine and impress your boss.
Timing is everything
When it comes to asking for a raise, you must ensure that the timing is perfect. Don’t worry; it’s nothing out of the ordinary; make sure you’re not catching the boss on a bad day. It is because their mood can influence how well your raise holds up.
The boss also determines this, and it is more than just his or her mood. If your boss is pressed for time to complete a project, goals, or any other type of deadline, you should probably avoid adding to their workload.
That is because you may be at the bottom of their priority list if they are under a lot of stress.
Review the value of your position at the company.
Now that we’ve covered some of the nitty-gritty details of when to ask for a raise, it’s time to get into the meat of the matter.
The first thing you should always do is look up information about your company’s position.
Timing is also crucial in this case, as this approach should be implemented around your performance review time.
What should you mention?
It’s not so much about what you bring up as it is about how you bring it up. Sure, you can sit there and argue that people in your position are paid more, but you need to make an argument about it.
You need to do your best to appear as if you’re not complaining about this.
To do so, ensure that you have clear evidence of your role being better compensated elsewhere when the time comes.
Aside from the evidence you bring to the table, make sure you use some old-fashioned persuasion here.
Here are some valuable resources to help you make your case for a raise:
- Demonstrate the worth of your work at other companies.
- Make sure that your boss recognizes your worth as an individual.
- Even if it isn’t directly related to your role, mention characteristics that distinguish you as a person.
- Please remember that these are just a few things to think about, and you should always be creative in your approach.
- Make sure that your approach truly impresses your boss.
- Sometimes it’s not so much about how or when you ask for a raise as it is about your tone.
- So, instead of sounding like you’re complaining, act as if you know your time is more valuable.
- When you present such a case, your boss will find it difficult to dismiss you.
Consider pursuing a promotion.
When deciding how frequently to ask for a raise, keep the concept of promotion in mind.
It is because, while promotion may not result in a pay increase for your current position at the company, it can help you enter a whole new bracket of earning potential.
Check to see if one is available.
Before you request your boss for a promotion or ask to be considered for one, could you make sure that one is available? Most companies will not create a position just for you, and if one is not available at the time you ask, it can cause problems.
Check your credentials.
Not every promotion will be available to you, and this holds for any work you do. When asking for a promotion, make sure you have some performance or credentials to back it up.
If you fall short on either side, you may be denied the promotion you sought. When it comes to how frequently to request a raise, a raise isn’t always the best option.
While this may appear strange, depending on your circumstances, it may be preferable to request a promotion instead.
Furthermore, a promotion can increase your earning potential in the future.
Have a backup plan.
It will provide you with both confidence and an escape route.
We know we’ve given you some good advice so far, but sometimes things are beyond your control. You might get a negative response. Alternatively, the raise you receive is insufficient.
That is why we always recommend having a backup plan.
What exactly is a backup plan?
The backup plan is essentially another company that you’ve been considering for a while.
If that company has an opening for your role and appears to pay a little more, it’s a good idea to keep them in mind.
This is because you can use that company as evidence to back up your raise demand, and if that fails, you can jump ship into a new role.
When should you use a backup plan?
We understand that having a backup plan can be frightening, but we also don’t want you to panic.
We want to make sure you get the money you deserve, which is why we need to spend some time discussing how to put together a proper backup plan.
We want to start by saying that timing is crucial here because you don’t want to quit your job when you don’t get a raise.
So, it will first and foremost give you confidence when it comes to acting on a backup plan. That confidence comes from following up on a few leads, so make sure you’ve done your homework.
Once you’ve determined that you’re a good fit for your backup plan or that they’ll be open to speaking with you, it’s time to issue a request to your company.
Don’t call it a request, but make it clear that you’ll be considering other options if they don’t give you a raise.
When they are reviewing your case for a raise, they will have a sense of urgency, leading to a higher chance of success.
Plus, if they don’t give you a raise, you can go to your new place.
When it comes to asking for a raise, having confidence is essential, and to be honest, having a backup plan is sometimes the best approach.
It will give you confidence, a case to make for a raise, and a way out if you don’t get one.