Research shows that 2 in 3 workers who quit their position cite an inadequate salary as the driving force behind their decision. In many cases, it may have been possible to avoid quitting by proactively seeking a raise. However, any expert in this field will confirm that timing is everything.
When is the right time to ask for a raise?
Pay progression is usually linked to legal requirements (minimum wage increases), a reflection of increased living costs, increased market rates, performance-based pay, or your length of service.
You may feel that you are deserving of a salary increase, but it counts for very little if you are unable to convince your bosses that you are not currently compensated to the level that you deserve. The following five instances are all good indicators that your hopes of securing a raise will be high.
The market rate is higher for your position
Perhaps the most effective way to determine whether you’re underpaid is to compare your salary to the earnings of other workers who do the same job. There are plenty of online platforms to value your resume while checking job listings and speaking to other people in your industry should provide further clarity.
There are other factors to consider, such as your experience and location, any clear discrepancy between your earnings and the average salary for someone in your role should not be ignored.
It’s time for your annual review
An annual review is the opportune moment to bring up your hopes of an increased salary. A lot can change in a year ranging from living costs to your experience and achievements. It is particularly useful when you have gained positive feedback from your boss or when you have successfully completed your first year with the company.
If it is your first review while working for the company, you should ask for advice on how the meetings are usually handled. This will help you prepare and find the opportune moment to raise the topic.
You have had an increase in workload
When your employer expects you to complete more tasks or take on more responsibility, you are well within your right to ask for a pay rise. In most cases, it is a sign that your boss trusts you as a worker. As such, they will want to keep you happy, not least because happy workers are 13% more productive.
Whether the increased workload has been formal or informal, the fact that you’ve noted it suggests that you deserve a pay rise. So, this is a good example of when to ask for a raise from the company.
When you consistently exceeded performance goals
At the time of accepting your job role, you will have been expected to hit certain targets. In fact, you may have had a probation period. If you have consistently outperformed those expectations, it could be a clear sign that you are due a raise. It is particularly noteworthy if your innovations were a catalyst for success.
If your output has contributed heavily to the company’s success and strong quarterly review, you should have no fear about asking for a raise. After all, your successes deserve to be rewarded with a suitable salary.
Your employer will lose money when you quit
When thinking about salary negotiations, it is always wise to consider your employer’s perspective. Every decision is financially motivated. If you are an asset to the company, losing you could cost them dearly. Not least because finding your replacement is very expensive
Having already analyzed your worth to the company, you should know whether losing you would cause issues for the company. If it will, you are strongly positioned to leverage success from this fact.