Times are tough and we could all use a little extra dough for the “little things” bringing us joy in an attempt to adjust to this “new normal.” Boy, am I sick of that phrase but here are some tell-tale signs you should ask for a raise today.
Don’t wait because it’s easier to broach this uncomfortable subject at times than it is to quit out of job frustration and search for a new gig when those are hard to come by nowadays.
1. You recently took on added responsibilities
This is a great time to raise the question “hey I think I should be compensated more for taking on a,b, or c as additional tasks to my already extensive workload.” Giving you extra responsibility is already a sign your company values your hard work so why wouldn’t they be willing to negotiate at this time? An article featured on career advice site Indeed expounds upon how detailing recent accomplishments can give you the leverage you need to secure that raise or bonus.
“If the company is doing well and your manager isn’t too stressed, but a convenient time to ask for a raise isn’t coming up, reflect on your recent accomplishments. Have you just reached an impressive milestone or exceeded an important goal? This could be a good time to ask for a raise.
Be sure to document the details of the specific accomplishment(s) you’ll reference in your conversation about a raise. Even though your manager may be aware of your work broadly, they may not be up to date on precisely how impressive it was.”
2. It’s the end of the fiscal year
The end of any year is a time to reflect on past accomplishments and what you’d like to do better next year in your personal life and career and I’m sure your boss is doing the same in regards to running a business better in the new year. Career experts featured in this Indeed article here go into why the end of the year is the best time for employees to bring up bonuses or raise inquiries.
“The end of the fiscal year could be another option. A fiscal year is a 12-month period that companies use for budgeting and tax reporting purposes. At the close of that period (the end of January is common), employers are likely to make hiring and compensation plans for the next year. If you see that one of these opportunities is coming up, make note of it on your calendar. This will give you a headstart on planning for the conversation with your manager.”
3. Practice your pitch with loved ones
Now that you know the best time of year to ask for a raise consider practicing your speech with friends or trusted family first. Don’t practice on any old yes man and really prepare tactical ways to ask for what you’re worth. If you’ve recently finished an impressive project or milestone that made the press or your company more revenue this is a great time to bring up that without you the company assets along with fiscal solvency wouldn’t be as impressive. Outline the ways in which you’re irreplaceable and your boss will be especially willing to hear you out and “show you the money,” so to speak.
4. How is the company doing financially? If they’re doing particularly well this year, go right ahead and ask for that raise.
Before you go into detail demonstrating your worth to the company do your research to see if they can afford to pay you what your skills are worth. In other words, it’s important to “read the room.” If your company suffered significant financial blows this year it might be best to wait. However, if they’re doing well and what you’ve personally brought to the company culture is directly responsible for fiscal growth then go ahead and plan that speech.
5. How is your boss’s workload?
Another important aspect to be mindful of is your manager’s current workload and keep realistic expectations depending on what you already know about them. If they are inundated with scheduling conflicts and deadlines it’s best to wait until they are “out of the woods” in that regard. Something you could do if you discover this to be true is you could offer to take on extra responsibility. One of the cornerstones I mentioned earlier gives you permission to unabashedly ask for more money if you alleviate your boss’s workload and streamline operations by taking on extra responsibilities. Kim Mullaney, a lawyer whose practice is in New York City, goes into how the best paralegals aid her in this process specifically in a recent Forbes feature next.
“You want to be able to demonstrate that you have taken on additional responsibilities, as well as provide specific details about your accomplishments. Share examples of projects you have completed and how they’ve positively impacted the business. Was there an increase in revenue? Did you save a customer? If you’ve received positive feedback from colleagues or other leaders regarding your work, be prepared to share that with your manager as well. These are not only good indicators of your contributions but also of your future potential.”