When to Negotiate a Raise
Timing is everything, right? Absolutely! Trying to determine when to negotiate a raise is especially trying when so many companies are downsizing. The problem facing many employees is the real cost of living is increasing while their disposable cash is shrinking. They are caught in the middle of an inflationary period and a time when companies are being forced to cut back costs and/or people.
Timing when to ask for that needed raise is very important. To improve your chances of getting the raise you deserve consider these timing tips.
Consider the company's recent news.
You are aware of your situation and needs. Before deciding when to ask for a raise consider the condition of your company. Read earnings statements and news stories to get a good feel as to how the company is doing. If it is struggling, you may have to choose a better time. If it is doing well, now may be the best time to ask.
Assess your performance.
So you want a raise. Do you deserve it? Has your performance on the job been good enough for your supervisor and their boss to have taken notice? Have they had reason to reprimand you for being late or failing to meet a deadline? Ideally a request for a raise should be timed when you have done something of merit and, hopefully, been noticed.
Identify how you can save money or make more money for the company.
Demonstrating why you have earned a raise or how you might pay for it is an excellent argument when seeking more compensation. If there is a way to show how you have brought in more business, added to the bottom line, or have an idea that would do either of those things that is a perfect time to ask for a raise. By demonstrating your added value you are giving your boss and the people above him or her who have to approve a raise, which possibly may be an exception to current company policy, reason to consider and champion your cause.
If your back is against the wall and you have nowhere to go you don't have much leverage in a negotiation. Deciding when to ask for a raise is best done when you have options. If you have had a recent job offer, if your boss feels like you are in demand, or if your job is in high demand in the market place you are in a very good position to ask for a raise. Having the ability to leave your job for another position gives your request merit. Companies know the cost of hiring and training new employees. It is to their benefit to keep good employees as long as possible.
You know your situation and how important a raise is. The final suggestion is to identify changes in your situation that now make a raise essential. This can be a new baby on the way, an unexpected, long term medical expense, or possibly the decision to go back to school. Whatever the reason, use it as the basis for requesting the raise. Simply being good at what you do and wanting more money in these difficult times may fall on deaf ears.