How Often Should You Get A Raise? Or Ask For One? Answer Here
How often should you get a raise? Are you feeling like you’ve been working hard for a while and no one has spoken with you about when you might expect your next raise?
This is a common issue. And one that Human Resource departments usually solve. But at the same time, might not be able to solve depending on the financial status of the business.
Here’s everything you need to know about how often you should get a raise and whether or not you should ask for one.
Table Of Contents
When Do Discussions Of Raises Occur?
The first thing you should know is when discussions of raises occur. They normally happen during performance reviews. And performance reviews come up every 6-months.
Your supervisor should be sitting down with you and address what you’ve done well and what could use some improvement on. In this conversation, they might bring up how long you’ve been with the company.
If you’ve been with the company 6-months, I wouldn’t expect discussions of a raise to come up.
If you’ve been with the company for 12-months, I would expect the discussion of a raise to come up but be projected out another 6-months.
For example, your manager might mention, I see you’ve been doing a great job with us for about a year now. We might assess your compensation in another 6-months or so.
In these performance reviews, discussions of a raise come up. If you are looking for a raise, this can be a good opportunity to ask about it. All you have to do is ask, “When might we be able to discuss compensation increases?”
How Often Should I Ask For A Raise?
Asking for a raise too often can look bad. You should never ask more than once. And when you do ask, you should know the right time and place.
The best time to ask for a raise is after your one year anniversary with the company. Don’t do it on the exact date. Choose a time frame slightly after the one year mark.
When you do bring it up, be sure you know how to address the fact that your performance has been good and you feel it’s the right time for you, personally.
After the first of the year is always a great time to ask about a raise. This is because businesses often perform quarterly planning. And this planning has Human Resource budget allocated to it.
That budget is what they can spend to hire or retain existing employment. After the first of the year, your leadership team will have the freshest mindset on what they can spend.
If you decide to bring up the fact that you deserve a raise, choose a few months after the first of the year.
When Is A Bad Time To Ask For A Raise?
The worst time is during moments of the business when the team is trying to achieve a milestone.
You don’t want to distract your leadership team with mentions of compensation increase when they’re trying to overcome a business hurdle.
This can be perceived as you lacking empathy and understanding for the business. And putting yourself first.
If you were to do this, you would greatly increase the chances that you will not receive a raise.
What If I Need The Raise Sooner?
If you need a raise sooner, let’s say because you are needing to move to a new area in order to stay with the business, then you can bring up your request for a raise before your one year anniversary.
It depends on the reasoning. And if that reason is related to you staying with the business. Reasons for that might include needing to move to be closer to the business. Needing to move because your lease is up. Or the need to move because your children have to be in schools closer by your work.
When you share these reasons, you should mention that you’ll be experiencing an increase in expenses. And that’s why you’re wanting to ask for a raise.
If that’s the truthful circumstances, you won’t be punished.
Don’t Expect A Significant Increase
It’s important to remember that most raises are, on average, a 4% to 8% increase in annual salary. That’s not incredibly significant.
If you are needing more than that out of your raise, you might want to consider changing jobs or asking for a promotion where you might be able to earn more compensation.
To ask for a promotion, be sure that you are looking through the companies careers page and finding job listings where you think you may be applicable. Then speak with your manager and Human Resources department about being considered for that position and how you are needing an increase in salary because of your relocation.
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