How are you doing when it comes to making enough money at your job to support you and/or your loved ones?
For many individuals, that is a question they would rather not answer.
Unfortunately, millions of employees find themselves in a no man’s land when it comes to work. They’re not making enough money to support themselves, but they are happy to have a job nonetheless. Often, it is more than one job required to keep a roof over their heads and food on the table.
With that in mind, how do you know when the timing is right to ask your employer for a raise?
Since there is no real perfect answer to that question, it oftentimes comes down to timing.
For instance, have you been in the same position for several years without a raise? If so, is there any sense that the company is doing especially well as of late? In the event the answer is yes, now might be the time to approach your boss.
Another important factor is if you are in a position where you have annual reviews.
Given many companies do offer a review; this is a good opportunity to impress upon the higher-ups.
No matter how you go about asking if a raise may be in the works do it the proper way. The last thing you want to end up doing is putting your job in jeopardy.
Knowing What You Are Worth
In going about seeking a raise, it is important to have a good grasp of the national data on the average salaries.
As an example, could you be making better money in the same field if you chose to move? If so, how far would you need to move from your current location? Would the move be worth it with your cost of living expenses? Last, is a move something you would consider?
You also have to review what your co-workers in your department are making in comparison to you.
Sure, some people are going to make more money as a result of positions and/or tenure with a company. That said those who you believe you are equal to may be making a significant amount more than you. If that is the case, how does that sit with you?
Last but not least, you also want to focus in on if the need for more education becomes real.
Many individuals go back to school seeking a Master’s Degree and other education. In doing so, they hope to raise their stature within their current company or with another one. Would it behoove you to go back to school and spend the money and time to get an extra degree?
When is It Time to Leave?
In the event you feel you’re not getting the necessary compensation for your efforts, when is it time to leave?
For many employees, that can be a difficult question to answer.
On the one hand, they may very well like the job and people around them. On the flip side, they may feel as if they are not ever going to get what they deserve for the job they do. As a result, they will be lucky if they see a raise anytime soon.
Before thinking about leaving your job, get a feel for what possibilities are out there. The last thing you want to do is leave and have no backup plan in place.
It is also important to know what the present job market in your respective field looks like.
If there are plenty of jobs out there, get your resumes circulating. If things are tight, you are better off staying with your job, looking down the road for improvements.
Knowing when to go after a raise can oftentimes prove tricky.
That said knowing what you are worth and getting that type of pay is something you never want to overlook.