When to Ask for a Raise at Work
When Should I Be Asking for a Raise at Work?
Asking for a raise at work can be an arduous and daunting task, especially in this economy. However, it is important to take leaps in your career and stay on track, as well as combat inflation. If you have been in a position for over a year and have not received a raise, you are not keeping up with inflation. The general rule of thumb is to make sure that you are getting a raise of at least 7% per year. Otherwise, you are essentially taking a pay decrease. This is due to the fact that if your salary stays the same but the current cost of living is increasing, you are not setting yourself up for financial success. Whether you are just starting out in your career or established, knowing how to advocate for yourself is a powerful skill.
Some financial experts recommend that you ask for a raise every six months. In order to stay on this path, make sure to keep solid records of your achievements and milestones at work within this timeframe. Preparation is key when asking for a raise, and having enough evidence of your accomplishments in your arsenal is invaluable during this process. Avoid asking for a raise as soon as you enter a job, as you are still finding your footing and have not established yourself there yet.
How Should I Ask for a Raise?
Now that you are armed with more information on when to ask for a raise, the next step is to understand how to go about this process. As mentioned above, preparation is the biggest tool in your toolbox when it comes to asking for a raise. Come prepared for the meeting with HR and your supervisor! Make specific notes of your achievements, including whether your actions have increased sales, improved operations, or added to a positive work environment.
Remember that simply doing your job and meeting the bare minimum requirements for your position are not justifications for a raise. Instead, going above and beyond for your employer, consistently showing up with a good attitude, and working hard with proven results can be plenty of reasons why you deserve a raise.
How Much is Too Much to Ask for a Raise?
Although you should aim for an increase of at least 7% per year, you should also consider the market rate for your current position. The market rate for a position can change. Are you lower or higher than the average salary for your position in your location? If you are higher, don’t consider asking for more than 7%, as it may not be realistic for your employer. However, if you are significantly underpaid according to the research you’ve done for the market rate, then it may be wise to consider asking for more than 7% when meeting with your employer for a raise. Be mindful of current economic conditions as well, but make sure to know your worth.
When is it Time to Move on From My Company?
If you feel as though you’ve reached a plateau at work, it may be time to move on in order to further your career. In some cases, it may no longer be feasible for you to receive a raise at work simply because you have reached the maximum amount that your employer is willing to pay you in that current position. If a promotion is not an option, consider switching departments to a higher position or simply looking for a higher-paying job that offers more growth. This can be a scary prospect, and it’s best to have a new position lined up first, but if you don’t, visit this LoanMart to find a solution to cover expenses in the interim with a title loan. While many companies value loyalty, and you shouldn’t be jumping from job to job, it is important not to stay stagnant. If your goal is to grow within your company and you’ve reached the bar and excelled, but there’s nowhere else for you to go, then it may be time to mutually part ways with your employer and go on to bigger and better options!
