If you are looking for career advancement, one of the best indications is through a pay raise. Every time I get a pay increase, I do a little celebration inside my head, and my wife gets excited that she has more money to spend!
Unfortunately, sometimes it’s incredibly difficult to get a raise. Some employers tend to be a bit stingier than others when it comes to opening up their pocketbook.
Some companies don’t have the profit margins to hand out significant raises. At the very least, you should be looking to get a pay raise once every two years.
Remember, asking for an increase won’t do you much good if you haven’t done anything to earn it. Work hard and follow these tips to getting the pay raise you deserve!
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Annual Performance Review
If you are a hard worker, then asking for a raise during your annual performance review is the best time to ask.
Your boss has too many people to manage. A busy manager means they aren’t going to remember all of your accomplishments from this past year. Your yearly review is the perfect time to remind them how much you contribute to the company.
Hopefully, over the year you have compiled a list of all your accomplishments, goals, deliverables, and notable performances. Write down everything you can remember and bring it during your review.
This list is your ammo to use against your boss. Explain all of your accomplishments to your manager and don’t forget to include anything you did to make them look impressive to their supervisor.
Performance reviews are typically the time salary actions are evaluated. Coming prepared with an impressive list is a must!
You Saved or Made a lot of Money for Your Company
Another best time to ask for a raise is when you found a way to save or make a lot of money for your company. Companies are often more generous with their money when there is a lot of money or a positive outlook on money.
If you recently brought in more clients or found a new supplier saving thousands, now would be a good time to tell your boss what they can do with that newfound money (Put it in your pocket!)
You Met and Surpassed a Large Goal
If you recently met a significant and important goal for your company, now is a good time to ask. Your employers will only get more enthusiastic as the importance of the goal increases.
It’s a perfect time to ask if you have a history of meeting important goals. The key to successfully getting a raise here is to show your value as someone who can meet and exceed the goals of the company.
Your Company is Doing Well
If your company is doing well, then they have a lot of money they are trying to figure out how to allocate. You want to put the idea in their minds that extra money can go into your pocket before they purchase some useless piece of office furniture.
If you are an essential part of making your company do well, remind your boss of your performance, which is part of the reason the company has so much extra money laying around.Sharing is Caring!Click To Tweet
You Got a Job Offer
As scary as it might be to look for other jobs, it is often one of the best strategies for getting a pay raise.
Once you get a job offer with a pay increase, present it to your management. Most companies will counteroffer to keep you, especially if you are a valued employee and so they don’t have to re-train someone else.
What’s the worst that can happen? You take the higher paying job which might have more growth opportunity.
The key point to any of these situations is to show your direct management how valuable you are to the company and why the company cannot afford to lose you. Value is a two-way street, the more value you provide the company, the more value (money) they should provide you.
Do you have any suggestions for getting a pay raise? Post them in the comments below! Now go get that raise!