Can I ask for a raise yet? Best way to ask for a raise
1. Arm yourself with facts
You need to know how your company and industry are doing: Is your company meeting its financial goals? What is the current market rate for someone doing your job?
Unofficial information, such as whether anyone in the company has been getting raises, can also be helpful if you’re able to find out discreetly.
Finally, it’s important to know where you stand in the eyes of your manager and the management team. If you’re considered indispensable, you will have a stronger case.
2. Choose the right time
As you gather your information about the company’s performance, you may realise that it’s not the best time to ask for a pay increase.
“I wouldn’t do it if they’re still cutting things left and right,” says Kathy Ullrich, an executive recruiter.
Asking for a raise while the company is in the middle of layoffs, for example, could send a signal that “you’re not tuned in to the business,” says Leslie G. Griffen, a Missouri-based HR consultant and career coach.
3. Phrase your request carefully
Presenting a two-part request that highlights both your knowledge of the company’s situation and your contributions—for instance: “I realise that the economic situation of the company is improving. Our department has been working extra hard, and my last performance review was exceptional. I’m wondering if I could have a 5 percent pay increase.”
If you have market data for your job position to back up your request, Ullrich suggests phrasing your request something like this: “I know that I joined the company during a softening economy. I was hoping that we could use this next year to get me closer to the norm.”
4. Have a backup plan
If a raise isn’t possible now, lay the groundwork for the future. Ask for feedback on your work so you know where to improve.
Say something like, “I’m disappointed that it looks like increases are not going to be in place this year, but I would like some feedback on my value to the organisation.”
Also ask your manager about the company goals that need to be met before management will start considering raises.
And if no raise is in sight, or you’ve been given the runaround, it’s maybe time to start looking for new opportunities!