Do you deserve a raise?

Before discussing it with your supervisor or the HR department, determine whether now is a good time to ask for a raise.

To help you answer that question, you can hold your work performance up against this checklist:

  • Do you meet and exceed the expectations of your job?
  • Do you take on additional responsibility outside your actual job description?
  • Are you a team player?
  • Are you constantly increasing your knowledge and skills in your industry?
  • Would at least one person at work describe you as indispensable to the company?
  • Do you deliver consistent and excellent results?

You likely deserve a raise if you can confidently answer “yes” to most of these questions.

Time it right

You may personally deserve a raise, but that doesn’t mean you should ask for one right at this moment.

First, determine whether this is a good time for your company to increase your salary. Has the business recently gone through a slump or its slowest season? If yes, consider waiting a bit before making your request. It’s best to ask for a raise when the company is doing especially well, such as after a busy season or the successful rollout of a new product.

Next, ask for a raise when your performance is in its best light. A great time to ask for a raise can be soon after you’ve completed a big project or snagged an important client for the firm.

Finally, choose the actual time to make your request very carefully. Don’t ask to meet with your supervisor right after the weekly board meeting if it always stresses them out or during the last hour before a big vacation when their mind is elsewhere. Choose a time when they will be most relaxed and have the headspace to consider your request truly.

How to ask for a raise

Before asking for a raise, do your homework. Come prepared with specific examples of value you’ve brought to the company and show how you’ve surpassed expectations.

You should include as much specific data as possible, describing how the company or your department directly benefited from your work, detailing projects you’ve worked on, and sharing positive feedback from superiors, coworkers, or clients over the last year.

How you word your request is just as important as the actual request. Be assertive, but don’t lose your cool. Getting overly worked up and upset will only discredit you, so keep a level head even if it sounds like your boss might disagree.

Practice your raise request with a friend until you know your speech well. It can be helpful to keep a folder of your accomplishments throughout the year so you already have evidence of your great work when needed!

Best of luck getting that raise! And, if you liked this article, check out more of Elevate's MoneySmart Tips blog.

Your Turn: Are you a pro at asking for a raise? Share your best tips with us in the comments.