Requesting a #Payrise is an important milestone in your #Career, and the timing of your request is critical to its success. Here are essential factors to consider regarding when to ask and when to hold off:
WHEN TO REQUEST A PAY RISE
- After a Positive Performance Review: Use the recognition of your achievements during evaluations as a springboard to discuss a potential salary increase.
- Upon Taking on Additional Responsibilities: If your duties or workload have grown significantly, it’s reasonable to seek a pay adjustment that reflects your new role.
- When Market Rates for Your Position Have Increased: If the compensation for your role has risen in the industry, this data can effectively support your case for a raise.
- Before the Company’s Fiscal Year-End: Many organisations set their budgets prior to the fiscal year’s end. Bringing up your request during this time can ensure it’s considered in the next budget cycle.
- During Company Financial Struggles: If your company is facing financial challenges, layoffs, or budget constraints, it’s wise to delay your request until conditions improve.
- Shortly After Starting a New Role: It’s advisable to wait at least six months to a year before asking for a raise, giving you time to showcase your value to the company.
- Without Evidence of Your Achievements: Make sure you have documented your accomplishments, contributions, and any new responsibilities before initiating the discussion.
- During High-Stress Periods: Avoid making your request when your manager or team is under significant pressure or tight deadlines, as your proposal may not receive the consideration it deserves.
- Not Monday Mornings or Friday Afternoons: Your supervisor doesn’t want to get hit with such significant news at the start, nor the end of the week.
By thoughtfully evaluating these factors and preparing thoroughly, you can approach the conversation with assurance and enhance your chances of a positive outcome.
