I heard that you’ve been working hard, knocking out your goals, and keeping your receipts but you still don’t know if you should ask for a raise? We all know getting a raise is one of the most rewarding milestones to look forward to at work. Raises are usually a sign that you’re excelling at your role and that the company values you—and the extra money on payday is a nice perk, too.
One of the most common questions we hear from employees is, “When is the right time to ask for a raise?” If you’re not quite sure whether you should push for a pay increase or not, check out the 5 signs below:
1) You’ve just wrapped up a successful project.
One of the easiest times to ask for a raise is when you’ve finished a successful project or initiative at work. If that’s the case, you have clear and relevant proof that you’re an asset to the organization. And they should make sure to keep an asset like you around. If you have a big win in your back pocket, consider setting time with your manager to talk about your salary goals.
2) Your department or company is crushing its goals.
Individual achievements are great, but something else that might help you land your raise is whether your department or company is meeting its targets. If your team is consistently delivering results or the business as a whole is on a hot streak, that’s a good sign that there may be extra funding available. Use this sign to time your request so you know there’s potential money on the table.
3) You’re underpaid compared to the current labor market.
Another sign that it’s time to ask for a raise? Other people with your job title and your experience level are being paid more than you. To get this data, keep an eye on the job market and look at what others in your field are being paid. You can either find salary data on helpful sites or look at open job posts and their salary ranges. If your salary does not match the current market, you should consider asking your employer to adjust accordingly.
4) You’ve learned a new skill or finished extra schooling.
One of the best things you can do for your long-term career is to keep learning and growing even once you’ve landed the role of your dreams. After all, there’s always more to explore in your field (or outside of it!). If you’ve continued your education, picked up new skills, learned new software in your field, or earned a new degree; it's the perfect time to let your employer know how you’re bringing more value to the team.
5) You have another job offer on the table.
Last but not least, if you have another job offer on the table, you have the perfect leverage to ask your current company to match—or exceed—the raise. Make sure you’d actually want to stay in your current role if you play this card.
Asking for a raise is a powerful signal of your self-advocacy and an important step for your financial future. If any of the signs above resonate with you, it might be time to set that meeting with your manager and talk about what you’d like to be earning. You got this! #LetsClimb