5 Tell-Tale Signs You Need to Ask for a Pay Rise
Knowing whether or not you should be asking for a pay rise can be a nerve wracking experience. You don’t want to annoy your boss or seem ungrateful for what you have, but you know that you are worth more.
If you are really not sure if you have a good reason to ask for a raise, check out these 5 tell-tale signs and see if any apply to you.
1) You haven’t had a pay rise in years
When was the last time you had a pay rise? One year ago? Three years ago? If it’s anything longer than a year ago, you definitely should be asking for a raise. Most companies will give pay increases once a year, but if for some reason you’ve slipped through the cracks then it’s time to find out why.
While some employers will do performance and salary reviews once a year as a standard, others don’t particularly like increasing pay packets unless they are asked. If you work for one of those types of companies, then it’s going to be up to you to put in the request.
Unless there is a big reason why you haven’t been given a pay rise in one or two years such as bad performance, make sure you get onto it and ask your boss for a meeting to discuss it straight away.
2) You know that your colleagues are earning more than you
It would seem fair that all employees doing the same job should be automatically on the same salary amount right? Well unfortunately it’s not always the case. While your company may have a pay scale for your particular role, there very well could be others that are getting more than you for doing exactly the same work with the same amount of responsibility.
Learning that a colleague is getting $xx amount more than you probably feels like a slap in the face and can make you feel that you are not as valuable as them. But, knowing that there is the potential to be earning more in your current role is a good sign that you should ask for a raise. While you don’t want to let your boss know that you are aware others are earning more, you should put your case forward as to why you are worthy of a pay rise.
3) You’ve increased responsibilities
If your boss has handed you more responsibility in your role, you’re probably now working harder and maybe even longer hours. You most likely jumped at the chance of adding more to your role to gain more recognition but are now thinking that the extra effort is going unnoticed.
More work should equal more pay, right?
Let’s look at it this way. Would a hairdresser throw in some extra services for free and not expect you to pay for them? Of course not, and the same principle applies to you as an employee. If your boss is getting more from you than they were before, it’s time to ask for a pay rise.
4) You’re adding extra value to the company
Employers love employees that go the extra mile. If you have done or are doing something that is bringing added value to the business, then it’s in your boss’ best interests to give you a raise as you are someone that they will want to keep around.
Adding value can come in different forms and will depend entirely on your role and the nature of your business as to what could apply to you. Some examples of tasks that bring value are:
- Signing new large budget clients.
- Streamlining internal processes for better efficiency.
- Saving the company costs through changing suppliers or improving manufacturing processes.
- Improving customer service.
- Completing twice as much work in the same time as others.
- Strengthening supplier or client relationships.
Another thing that can add value is undertaking external study such as getting a master’s degree or a specialised diploma in your spare time. This can be a wonderful thing for your career as it proves you have extra knowledge and skills and will open up new doors. If the study that you done now enables you to do your job better or diversify your role for the benefit of the company, then this a great reason to ask for a raise.
5) You’re in your performance review
A performance review meeting is a time for you to meet with your boss and discuss what has happened over the last six months or a year. It’s a time for you to show all the great things you’ve done, the targets you’ve met, and the value you have brought to the company.
Your company may already include a salary review in the performance review meeting, but if they don’t, make sure that you ask at the end of the meeting. This is THE PERFECT TIME to ask for pay rise. You’ve just been able to talk about the success you’ve been having, and your boss has this fresh in their mind.
So should you ask for a pay rise?
If you can relate to all or even just one of these signs, then it is time to get off your behind and go and ask for a pay rise today! Make sure to read about the most common mistakes people make when asking for a pay rise first, so you can be fully prepared to have that face to face meeting and get the result you want.