Think you deserve more money? Here are 6 signs that it's time to ask your manager for an increase.
Asking for an increase can be intimidating, but delaying asking for a salary increase just means you're willing to earn less for longer. If you think you deserve an increase and you're ready to ask, read through the points below to ensure you're ready.
1. Your manager is very happy with your performance
If your recent work has left your manager extremely happy and the company has benefited from it, it’s time to ask for an increase. If however what you’ve been doing has been filled with mistakes, steer clear of asking for a raise. You have to pay special attention to your manager’s mood. If they’re going through substantial setbacks both in their personal and professional life, it’s not a good idea to ask for a raise. The last thing you want to do is add to the stress and frustration your manager is already feeling.
2. Increases are not uncommon in your industry
If you’re working in an industry that is known to reward their employees with increases and incentives, you have a better chance of receiving one.
3. Your company is doing extremely well financially
A good company and a good leader will want to share the wealth of the company with the people who have helped it reach its successes. If your company is not doing well at all, perhaps you should consider asking for an increase that’s in line with the industry at the moment.
4. Your department is growing fast
If the entire company is not expanding, but it’s evident that your division is, you should consider speaking to your boss, especially if you’ve played a major part in the department’s success.
5. You’re getting head-hunted with better offers
If other companies are starting to contact you with better, more lucrative offers, it immediately increases your worth. Before chatting to your boss about the offers, think about your role:
• Will it be difficult to replace you?
• Will the new person need extensive training?
• What would be more cost-effective and convenient for the company – to replace you and invest in someone new or to meet your request?
If your field is specialised, chances are your manager would rather meet your needs than invest all that time and money in someone else.
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6. Everyone else is getting paid more
If you have friends or family with similar credentials, it’s worth trying to find out how much they are getting paid. This might make you see that you are in fact getting paid less than what the market is offering, which is a good basis for asking for a raise. And if your manager says no… they probably don’t agree with your points. In which case you could ask your manager what you could do to reach the next salary level.
However, if your manager agrees that you do deserve more, but can’t give you a salary increase, it’s worth looking at other package options, for example, maybe letting you work from home once a week or covering the cost of your car or cellphone bill. Make sure you think about all the options and outcomes so you’re not caught off guard when you have your discussion with your manager.