Maybe it’s been a while since you’ve gotten a raise, and you’re not sure if — or how — to ask for one. Gathering the courage to ask for a raise may be nerve-wracking, but instead of relying on a Magic 8 Ball to tell you when to ask to move up the pay scale, consider a few important factors first. Your company’s financial health, current trends in your industry, and your past performance on the job should all be taken into consideration before you go to your boss and pop the question.
Once you’re sure that all these factors are positive, increase your chances of actually getting a raise by setting up the ideal situation.
Data Rules Everything Around You
Maybe you’ve just aced a project where you made your company a lot of money. Maybe you’ve picked up new skills and new responsibilities at your job but haven’t been acknowledged. If you’ve experienced a succession of triumphs at work, you can make a big ask — but first, make it hard for them to deny you. Make sure you can prove that your company has the money to give you a raise and that you deserve it. Before booking an appointment with your boss, make sure you have a list of your accomplishments. Look up the
average salary for your position — at your company and within your industry. This will all help your manager make a case for giving you a raise to both his supervisor and the Human Resources department.
Toot Your Own Horn
If you’re embarking on a big assignment that no one else is capable of doing, or taking on a heavier workload, it’s a good time to ask for more compensation. Ask for a raise before the job is done, otherwise, your boss may move on to the next project. It’s also to your benefit if you know your work can make your organization money — or save them money. Pitching a boss on your salary increase will make sense if somebody quit or got laid off and you took over their duties as well.
To Everything — Even Pay Raises — There is a Season
LinkedIn found out that most raises are given in the months of January, June and July, which means that asking for a raise in the weeks or a month before then would be ideal. Most companies operate on the calendar year and have a fresh budget to spend in January, said Marie McIntyre, a career coach and author of “The Secrets to Winning at Office Politics,” in a CNBC article. If you're looking for a pay increase in conjunction with your annual performance review, you've got to request the pay bump about 12 weeks in advance. That way, your manager can consider your request and if they agree with your argument for a pay raise, they'll have time to get it approved.
In a Forbes.com article, Shannon Kolakowski, PsyD, a psychologist in Seattle, says that sometimes for money talk are better than others. Mondays are bad (“notorious for producing negative, tense moods”), Fridays are good (especially mid-mornings, since moods are already looking forward to the weekend) and mornings are always better. Kolakowski says there’s such a thing as the morning morality effect: “People tend to have higher levels of moral awareness in the morning and make less ethical decisions as the day wears on. In order to get a well-deserved raise, it may make sense to take advantage of your boss's morning morality.”
Tune in to Your Boss’ Moods — and Workload
You’re not going to ask for a raise when your boss is obviously in a bad mood, so tune into his or her good moods. Be aware of personal habits that strike you as welcoming, and pick those times to have a productive conversation with your supervisor. You can also keep an eye on when your boss is finishing up a project or has a light workday when you can have his or her full attention and stress levels are low.
Get in the Right Mental State
You know why you deserve a raise; you’ve already written a list of your accomplishments and done the research on how valuable your work is within your industry. But the fear of rejection is universal, so however you can keep your mind at ease before asking for a raise (by calling a loved one, or meditating) will help.
