Knowing when you should ask for a pay raise at work can be difficult. After struggling with it for weeks, you’ve finally concluded that the time is right. You’ve been with the same company for years, did some impressive work, and want something more than the good old pat on the back.
In an ideal world, your boss will have noticed your accomplishments and rewarded you with a raise. But this rarely happens in the real world, where most bosses are focused on the bottom line. So, if you want more money, or even a promotion, you’re going to have ask your boss for a raise.
But just how do you do it without ruffling your boss’s feathers? Follow these three steps.
Do Your Homework – How Much are Other People Making?
Before bringing up the topic of a raise with your boss you need to know how much of a raise to ask for. To get an idea, you need to research that average salary of your exact position in your area.If you are earning less than you should, you can use this as leverage when asking for a raise.
You can try talking to your peers in your industry, although this will be easier said than done as most people don’t like talking about money. If this is the case, go to online resources like Jobstar.org, Glassdoor.com, and The Bureau of Labor Statistics (BLS) Occupational Outlook Handbook online, which have tools and databases you can use as references for salary data.
Determine How Much You Can Earn
Remember, the key to properly asking your boss for a raise is knowing how much you are worth. Don’t jump to conclusions when your monthly paycheck is different from the median published salary for your field and position. Remember that your salary is based on factors such as education, level of training, and experience.
So, be sure to set realistic expectations when asking for a raise. How many years have you been in your job? What is your level of education? What are your credentials?
Even your location will factor in when asking for a raise, as people in large cities typically command higher salaries than those living in small towns due to the difference in the cost of living.
Can Your Company Afford a Raise?
Many companies, especially small businesses, are simply not in the position to give their employees a raise. If your employer is having trouble breaking even or recently made a costly investment, asking for a raise may not be the smartest thing to do. Remember, timing is everything, so pay attention to your employer’s financial health.
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Get more advice to help advance your career by following this blog. If you’re looking for job opportunities but need help knowing where to look, let the staffing services specialists of Top Notch Personnel point you in the right direction. Contact our offices to learn more about how our services can help you.