When to ask for a raise
We’re coming up on year-end and you told us this is on your mind. In life, timing is everything. It can be the difference between a “yes - that sounds reasonable” that forever boosts your confidence in making the ask, and a “no - and this is a very awkward conversation” that makes you hesitant to do it again for years. As always, MoneyGirls has a plan for you so you don’t come in swinging like Miley on a wrecking ball.
| Right Timing |
Here are the questions to ask to show your EQ:
- Are you just entering the most critical season for the company, where everyone’s attention is focused on crushing important sales numbers? May not be the best time.
- Did the company just announce budget cuts, or did the company just announce it’s best ever quarter? Read the room on how everyone’s feeling.
Savvy Move: If your company has a set schedule for salary review and they rarely deviate from that timeline, start planting seeds on your accomplishments a few months beforehand. Implicit in that tip is, you should ask your boss about the time-frame when salary adjustments are decided.
| Recent Feedback |
If you’ve established yourself as someone who’s eager for feedback, you should be getting it regularly. If it’s been consistently stellar, jot them all down and have this data ready to bolster your ask. If your feedback has been spotty, best to wait until a few more wins under your belt before you make your best case.
💡Pro Tip: This also goes for asking for a promotion. Come to that conversation armed with specifics that prove you’ve been performing at the “next-level.” It’s a no-brainer to promote someone to a job they’ve already proven they can do. Otherwise, chances are high your boss will say, “Not yet, but let’s make a plan to give you more opportunities to prove your readiness.”
| Research |
As with anything, know your facts. Do people in your role and level get raises and at what cadence? This is not to say you can’t break the mold (there’s no mold or ceiling we don’t like breaking!) But, it does mean don’t go in swinging without any basis. Meaning, if no one gets a raise within their first year, then come with some seriously impressive examples of why YOU deserve one at month 9.
Remember, this may not be a one-time conversation, it could take a few. Don’t expect to come out of the manager’s office (or Zoom room) with a new salary after just one shot, and don’t lose your motivation.