You know the feeling: you know that your work is good, but you feel that your compensation just isn’t quite enough. Good management knows that good work needs to be rewarded, but they aren’t always forthcoming about offering raises. But that doesn’t mean you shouldn’t ask for a raise, especially when you feel like you deserve one. So when should you sit down for this very important conversation?
Once you’ve successfully achieved a milestone.
As you take on more and more responsibilities, it’s a great feeling to know that you’ve completed new tasks and assignments well. So if you reach a goal–or, better yet, pass it–then it might time to ask for a raise. You’ve shown the company what you’re capable of; now they should show that they’re serious about keeping you.
You have another job offer.
If you have a job offer from another company, you have leverage, and that’s probably the most important tool in a negotiation. Tell your boss that you’ve got other offers, and that you’d like to stay where you are–but you’ll need a bit more money to do so. There’s a good chance that if your boss wants to keep you, you’ll see a bump in pay.
You’ve started training new employees.
If you’re training new team members, that means your company trusts your skills and competence enough to get new hires ready to roll, and that’s a good thing. In training, you’re taking on another person’s responsibilities as well as your own, and that can take up a lot of time. Additionally, if you don’t do the job correctly, the company and the new hire might suffer.
You’ve saved the company some money or your department is doing great.
Your department is doing wonderfully because of your guidance and the work you’ve been putting into it. Your team fosters a lot of creative new ideas and innovations, and you’re helping the company as a whole do well. And if you’ve done anything that has generated a lot of business and income for the company, you’re likely due for a raise.
Of course, don’t enter into a salary negotiation unless you have concrete evidence to explain why you should get a raise. Look into what other, similar positions offer, and take stock of your many accomplishments. Be confident, good-natured, and assertive, and you might just get what you ask for.