You’ve been at the same company for quite some time now. You know you’ve put in the hard work required for a pay increase, but you’re not sure if it’s appropriate to ask for a raise. This is a common dilemma that many employees have.
We all need more money, especially as the years go by and the cost of living increases, but how often should you get a raise? Wanting and needing more money is one thing, but deserving more money is a whole other ball game. How do you know if you deserve that raise you’re expecting or needing?
Have you worked there long enough? Have you worked hard enough? All good employees should expect a raise at some point in time, but there is a right and there is the wrong time to ask for one.
If you’re not sure how to set your expectations, then you’ll want to continue reading below. Here’s everything you need to know about timing your asks for raises Wisely!
1. After a Full Year of Work
Depending on the type of work you do, you normally shouldn’t ask for a raise more than once a year. You also shouldn’t expect to receive a raise more than once a year. Even once a year is a lot of raises, so if your boss is handing out raises to each employee once a year, then you should be content with this because you won’t find that at many other companies.
If you’ve been working for a company for over a year and haven’t been given a raise yet, then it’s safe to go ahead and ask for one. A time when you’ll want to discuss a pay increase more often than once a year is if your employer spoke to you about getting a raise but never got around to it.
2. After Achieving a Goal
Another time to ask for a pay increase is after achieving a goal. If you’ve achieved a goal that can be measured in some way, then this is a great opportunity to ask for a raise. For example, have you graduated from a university or program? If so, then this is a great reason to get a raise.
Many companies need more employees with degrees or certificates in the type of work that they’re doing. Having either of these gives you the upper hand. If you’ve achieved a goal within the company itself, this is another time to ask for a raise.
Maybe you’ve brought new clients to the business, found a way for the company to make more profits, or something else. If the goal is measurable, it’s worth asking for the raise.
3. After Showing Strong Dedication
A yearly pay raise is ideal, but know that your employer isn’t obligated to give you a raise each year. Many times, employers will give raises to those employees that are deserving of the raise and those employees only. Being strongly devoted to the company and business will make you a better candidate for a raise.
How can you measure strong dedication? Have you gone above and beyond what’s expected of you? Have you made contributions to the company that benefited it but weren’t asked of you?
If you can answer yes to either of these questions, then that shows your dedication.
4. After a Promotion in Job Title
Not all promotions in job titles come with a pay increase. You might expect to get paid more when taking on a new role at the company, but this isn’t always the case. If you received a promotion of some sort but weren’t rewarded with a raise, then it’s time to ask for one.
On the other side, if you haven’t earned a promotion yet, then it’s time to get to work. Promotions are the perfect opportunities for pay increases, however, they have to be earned. No one is going to hand you a promotion for doing nothing out of the ordinary.
Learn new skills whenever possible, help with projects even when not asked to, go above and beyond to learn the ins and outs of a company. You can then apply for a promotion if available and accept the raise that comes with it. Again, if no raise is given, this is when you should ask for one.
5. After Preparing a Strategy
Before asking your employer for a raise, you should prepare a strategy. Start by gathering as much data as you can. Doing so will give your employer a compelling reason to grant your request.
Analyze your current salary and compare it to the average salary for the same position in your area. If you fall below, this can help to make your case.
You may also consider gathering past projects you’ve completed and customer reviews of your work. Document all of the achievements and goals that you’ve reached.
Did you make a major contribution to the way the company runs, like suggesting that your boss use a paystub generator to make payroll easier? Gather up a list of these points as well.
Once you have everything you need, put it together in an organized manner and present it to your employer.
Do You Know How Often Should You Get a Raise?
After reading through this guide, we hope that you know the answer to the question, “How often should you get a raise?” Don’t expect one more frequently than once a year and don’t expect to receive one without putting in the hard work to deserve it.
Use this guide to prepare yourself before asking, and you should have that raise in no time!
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