According to Indeed, only 19% of workers in the U.S. are comfortable with their salaries. So if you fall in the other 81%, and you have been in the same position for over a year, you may be at a point where you are considering asking for a raise. It might feel awkward or uncomfortable, but you cannot rely on your employer to take the first step. It is time to speak up. Here are some tips for asking for a raise.
How Soon Is Too Soon?
Generally, you should not ask for a raise until you have been working somewhere for at least six months. You need to give yourself enough time to prove that you are an asset to your company. If you want more buffer room, your one-year review is an adequate time to request a bump in pay.
Choose the Right Time
Before asking for a raise, consider your company’s financial health: Has it been laying off workers or cutting spending? You might also want to make sure that your manager is not under stress. Asking for a raise may add another thing to their plate, and they could dismiss you quickly.
You may also want to consider the times of the year when it is customary to ask for a raise. Some companies hold annual or quarterly reviews, which is a good time to ask. The end of the fiscal year is also a good time because companies are typically planning their budgets for the following year.
Consider Salary Trends
If you decide it is the right time to ask for a raise, you also must determine how much of a raise you are going to ask for. Consider the following:
- Market value: A range of salaries for your role can be found on sites like Indeed.
- Location: What are the salary ranges for your state or metro area?
- Inflation: In 2021, inflation rose 7%; this is almost double what it was in previous years.
- Your qualifications: Education and years of experience
- Accomplishment: The success you have brought for the company, increase in sales, etc.
- Salary range: Consider a range you would be happy with; usually, 3% is a fair increase.
Ask In Person
After deciding when to ask, how to ask, and what to ask for, the next step is to plan a meeting. Try to get an in-person meeting with your supervisor and explain why you wish to discuss your compensation. Treat it almost like a job interview and walk through everything professionally. If they deny your raise, you will need to decide whether you are okay without the bump in pay or if it’s time to look elsewhere.
Do you have any tips for asking for a raise? Share with us in the comments below!