New year is good time to ask for a raise

If you’ve been wondering about the best time to ask for a raise, here is a mostly true answer: The best time to ask is whenever you’ve amassed enough courage to actually do it. Of course, that logic doesn’t help if you’re naturally courageous – or hopelessly nervous. For a more concrete (and strategic) timeline, as well as processes to make this task easier, read on.

Why should you get a raise?

Start by organizing your thinking. Why should your employer pay you more for the work you’re already doing? Here are some common reasons employees give when requesting higher pay.

Longevity. If you’ve been doing the work for quite a while with no increase, it may simply feel like it’s time.

Equity. In a tight labor market, it’s not uncommon for new employees to be offered higher rates than those already on staff – a situation that understandably irks those who started with the company earlier. Or, perhaps you’ve learned that a co-worker is paid more than you for similar work.

Chronic underpayment. If online research reveals a significant gap between your compensation and what other organizations pay for the same work, your company may feel compelled to provide a raise.

Additional tasks. When a role has evolved from the original job description, the added tasks may justify higher pay.

A big win. Likewise, if you’ve made a significant contribution to your department, or if you’ve had a significant win of your own, your success may provide the justification for a bigger paycheck.

Additional training. Some organizations increase employee pay for a completed degree or certification.

Loss of other staff. When others leave the team but aren’t replaced, remaining workers inevitably shoulder more responsibility. Since the department is saving the cost of at least one salary, it seems only fair to bump the wages of the other team members.

Notice that none of these reasons involves your personal life. It may be that you need more money because of issues at home, but you’ll have better success if you lead the conversation with something connected to the workplace.

Who should you ask? Perhaps that’s obvious, in that you may have only one boss. But these days, with so many blended departments, remote managers and interim department heads, the question does deserve attention. Here’s a useful guideline: Whoever you report to the majority of the time is likely to be the person who most relies on your work. Hence, this is the person who has the most to gain by keeping you happy.

When should you ask? In some companies, the standard time to discuss raises is during the annual review. That sounds good except for these caveats: Sometimes reviews are delayed, or managed in a very perfunctory manner. As well, not every employer conducts performance reviews, and those that do may not see the two issues (raises and reviews) as connected processes.

Rather than rely on the review schedule, consider timing your request around other factors, such as changes in the role or added value that you’re bringing to your work. That said, if it’s simply been a long time since your last raise, starting the conversation sooner rather than later is your best bet.

How should you make the request?

As this isn’t a conversation you want to have in passing, the logical move is to set a meeting with your boss. Things are likely to go more smoothly if you explain why you want to meet (“I’d like to talk with you about my pay, and my goals to have it raised”), since forewarning gives your boss the opportunity to research the possibilities.

In the meeting, you’ll want to present your justification for the extra pay, while also listening to any reasons your boss may have for why it might not be possible.

What should you ask for?

There are two main things you want from this conversation: A higher rate of pay, and an agreed-upon date when this will be effective. Remember that not confirming a date could cost you significant dollars if months go by while someone procrastinates. To that point, a smaller raise initiated immediately might be better than a larger amount that gets delayed.

And if it doesn’t work… Being turned down won’t be the happiest moment of your career, but it doesn’t need to be the worst moment either. Ask your boss what you’d have to do to earn the raise, and when that might happen. If you feel that the situation won’t improve, at least you’ll have the clarity needed to make other decisions.