#DettyDecember won’t mean anything if you don’t have money to spend. Besides the concerts, shopping and family time, we all generally need more money. For the corporate employee, one of the surefire ways to get more money is to ask for a raise at work. Sure, it can’t be processed before Christmas but it will give you more confidence for the new year if you start thinking about it now.
However, deciding when and how to ask for a raise is stressful. It involves a certain level of risk. You might get an outright ‘no’ or a ‘not right now.’ After working for 10 years plus and receiving raises a couple of times, I have learned that there are some great times to ask and some not so great times to bring up the issue. Here are a few tips:
Annual Compensation Review Period
This is a great time to ask since your organization is going through the process of pay review anyway. For most companies, this also coincides with the annual performance review processes. When having that conversation, bring up the topic. Be sure to back your ask with detailed points about your excellent performance during the year.
When you have taken up further responsibility
This is a great time to ask for a raise. Imagine you were hired as a Mathematics teacher and then the Further Maths teacher quits and you have to fill in and teach a couple more classes. This is not a time to buy into the cliché of how a teacher’s reward is in heaven, ask for that raise for the extra work you are doing
When you have another offer
If you are convinced you are a valuable talent that your organization would not want to lose, go out there and interview. Once you land an offer with higher compensation, have a conversation with your manager. Express your passion for the great work you are accomplishing on the team but stress the need to be paid at a similar range as the market is offering. If you are as good as you believe, you will get that raise.
When your manager is in a good mood
This goes without saying. Asking for a raise when your manager is going through a stressful period is not the wisest. I would advise waiting until your team has accomplished a major goal or received some kind of recognition across the organization. Also, keep in mind that personal life usually translates into professional so watch out for cues for the right time.
Have you asked for an increase recently? Was it a good time?