How Often Should You Get a Raise?
How often should you get a raise at work? As you progress in your career, your compensation should increase. Though your employer may know when it's appropriate to give you a raise, you might want to show initiative and ask for one yourself. Knowing how often you should get a raise can help you determine if it's the right time to ask for one.
Reasons to get a raise
When discussing more compensation with your employer, you should have some key reasons for why they should give you a raise, including:
You have more responsibilities
As you grow with a company, you likely receive more complicated responsibilities or duties than when you originally started the job. Eventually, you should be paid more if you are transitioning into a higher-level role.
You got a promotion
Before accepting a promotion, make sure you will get paid more in the new position. Without a pay increase, you could be doing more work for the same pay.
You have been with the company for a while
Employers need to pay competitive wages to keep you at the company. As the cost of living steadily increases, so should your compensation. Your employer should regularly assess how much someone in your role should be making and adjust your salary accordingly.
How often should you ask for a raise?
If you recently started a job, wait a minimum of six months to ask for a raise. Most employers are more likely to give you a raise if you have been with the company for at least a year or more. If you have been with the company for multiple years, then you can ask once a year. This "rule" may differ if your employer plans to discuss your compensation during a performance review. If this is the case, plan your talking points before this discussion so you have as much leverage as possible.
When to ask vs. when to wait for a raise
If you know you have a performance review soon, it may be best to wait until then to ask for a raise. During your performance review, your manager will discuss your employment with the company. They will provide some constructive criticism to help you grow within your role. The end of the conversation is when your manager should mention a raise.
If you feel that you deserve a raise and they do not mention it, then it is time for you to ask. Plan ahead for your review so you are prepared in case they do not offer you a raise first. Have a list of your accomplishments ready to show how you're a value to the business. Try to quantify your achievements if possible. For example, show how much you increased customer satisfaction with a percentage.
How frequently should I anticipate receiving a raise at work?
How frequently you should expect a raise at work is determined by a variety of circumstances. For instance, some businesses may offer wage increases at the end of each year a person works for them. Here are several scenarios in which you should request a raise and possibly anticipate one:
- After one year with your current employer: After one year, you may normally request or receive a raise. This is because your employer has observed your work ethic and the value you add to the organization.
- After each extra year with your company: After each additional year with your company, you can use performance reviews or meetings to discuss the possibility of receiving another wage increase. Depending on the state of your employer's finances, they may be able to offer you a raise of between 2% and 5% or more.
- Following exceptional performance: While exceptional performance does not necessarily result in a salary rise, it can help you justify your case for a raise in your current work. Employers may also conduct a year-end evaluation of your performance to determine whether to grant you a raise.
- Following an internal promotion: Following an internal promotion, you normally receive a wage increase. This may vary depending on the position you obtained and whether your employer has the financial resources necessary to oversee a wage increase at the time.
Tips on asking for a raise
Before asking for your raise, there are a few things you should do to increase your chances of getting one. Your employer may feel more inclined to give you a raise if they feel you have a solid argument.
Here are some tips to use when asking for a raise:
- Wait for the right time.
- Apply for a promotion.
- Know your number.
- Make a compelling case.
- Show your value before asking.
- Use a positive tone.
Wait for the right time
Timing is an important factor in asking for a raise. One of the best times you can ask is right after you have successfully completed a project or received recognition for achievement at work. This way, your hard work is fresh in your employer's mind.
Another good time to schedule a meeting about your compensation is when the company is doing well financially. For example, if the company just released a new product or signed with a new client, your employer may feel more comfortable giving you a raise since revenue is coming in.
Wait for a moment when your employer is open to a conversation. Choose a time when they aren't busy or plan your meeting well in advance so your employer doesn't feel rushed to make a decision. If you mention that you want to meet to discuss your position, they will likely assume it's about your compensation.
Related: Average raise percentage
Apply for a promotion
Typically, more pay comes with more responsibilities. If you are ready to take on more tasks at work, ask your manager about any promotion opportunities. This is a smart way to show your employer you are willing to do more for the company. By getting a promotion, you can discuss your salary before accepting the new position.
Know your number
Do research before asking for a raise. Find out how much other people in your position are making. Consider your industry, location, and experience when figuring out how much more you should earn. Based on your research, choose your ideal amount. Then, think of the lowest amount you would be happy with. If your employer does not give you a raise, continue to work hard in your position. They may eventually give you one if they see you are putting in more effort.
Make a compelling case
Your employer will want to hear the reasons why you deserve a raise. Think of the skills you developed and the responsibilities you have gained over the course of your employment. Explain to them that your position has changed from your original job description, and that you feel you're ready for the next step in your career.
Show your value before asking
Give your employer a reason to give you a raise by proving your value as an employee. This may mean always coming to work on time or early, offering to do more work, or showing an interest in learning a new skill. You could also offer to lead projects or make more of an effort to brainstorm innovative ideas.
Use a positive tone
During your meeting, base your reasons for a raise on your accomplishments and value as an employee. Focusing on positive, fact-based reasons for a raise can make it more likely that your manager will be open to the request.
Is 3-months too soon to ask for pay raises?
Yes. If you've recently begun a new job or are currently employed but moving into a new capacity, wait at least six months before requesting a raise. Any earlier is insufficient time for you to establish yourself as a valued contributor to the organization.
How long should you work without a pay raise?
Technically, two years may be regarded as the maximum amount of time between rises, but this should not be allowed to happen. If you wait until 24 months have passed before beginning your job search, you may not find work until you reach the third year of salary stagnation.
Research your average salary through tools like Payscale. And determine if you're over or under the market averages.
How much of a raise should I get every year?
The majority of firms provide an average annual raise of 3% to their employees. Consistent job changes may have an effect on the rate of income growth. Your income should not be the only consideration; therefore, don't overlook benefits and other forms of remuneration.
If you're seeking more money, consider getting a new job. Or asking for a new job within the same company.
Do most companies give raises every year?
Most companies offer annual raises. It's very uncommon that a salary increase or salary discussion isn't had every year. It will come through in the quarterly performance review that's performed by managers. These can also be called self-assessments.
Is it normal to not get a raise in 2 years?
It's not normal. You should speak with your manager regarding salary increases and discuss when performance reviews will be made in order to assess compensation.
Is it normal to not get a raise every year?
Yes. Current salary and compensation should be discussed annually. And employees should express a desire for a higher salary or pay increases. Most employers will give you a raise if you have worked for them for at least a year. If you have worked for the company for a number of years, you may inquire once a year. If your employer intends to discuss your remuneration during a performance review, this "regulation" may be different.
When should annual reviews for salary happen?
Your supervisor, coworkers, the collective bargaining agreement, and the employee handbook are all good sources for determining how frequently you should receive a raise. Annual reviews are conducted by some organizations and may result in merit pay or a step raise on the salary schedule in addition to a cost of living adjustment.
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