How often should you expect a raise?
Let’s face it, we live in tough economic times at the moment. In the past it used to be the norm to expect a raise once a year; that is no longer the case, and it’s typically up to you to request a salary review.
Preparation and planning
Determining how much you should earn is not easy, but there are helpful salary calculators that will help reveal the range you should be expecting. The other opportunity is to look for job adverts that cover your skills and experience to get a benchmark. If you do that, you need to add an element of realism to the process, so don’t set your expectations at the highest salary. Rather pick the average across the job ads you have researched.
Once you have a figure in mind, go through your achievements of the past six months and identify how they have benefitted the company. If you have changed the way your company does something which has resulted in a cost saving, estimate how much that could have been. If you have helped win new accounts then having the amount at hand will help too. This helps steer the negotiation phase away from cost and towards value.
Timing is everything
Waiting for your annual review may also not be the ideal time to ask for a raise as the budgets for the year may have already been signed off – a rule of thumb is to start talking to your boss about three to four months before your annual review.
Try and gauge the financial performance of the company and time your request accordingly. If you work in a small business, asking for a raise the day after the company loses a large account will come across as insensitive at best. Keep your ear to the ground for profit announcements or large client wins to time your approach correctly.
There are, however, other instances when it’s perfectly acceptable to ask for a salary review regardless of company performance. These could be if the team has been downsized and you need to pick up more work as a result or if you were promised a salary review at a point in time and that time has passed.
Read the remaining three tips on the next page.
Share this story