New Year, New Paycheck: Here’s Why and How You Should Ask For a Raise This MonthBy Julio Cachila, UniversityHerald Reporter
A new year has come, and probably this might be the time for a new paycheck. Data from professional network LinkedIn shows that January is when most promotions happen, and you could be one of those who will receive a raise in salary or position this year - if you deserve it.
Experts tell Time that January is the best time to ask your boss for a raise. Here are some of their tips to help you get that desired and well-deserved bump in the paycheck.
A Strong Performance
Lydia Frank, vice-president at PayScale.com, says this month is the best month to ask for a raise given in part by annual performance evaluations. So if you've been performing well, you just might have a reason to ask for that raise.
Todd Dewett, a career coach, tells time that strong performers, or workers who performed their jobs well, might sense greater odds of receiving a "yes" when they ask their bosses for a raise.
If you performed well and you believe you deserve a raise, then there's no better time to ask for it than now, says Glassdoor.com career trends analyst Scott Dobroski. It's a healthy job market, the experts agree, and those deserving of a raise should take advantage of it and ask for a better paycheck.
That said, employees who believe they deserve a raise should frame their request based on their performance that benefitted the company. The focus should be on projects or accomplishments that you achieved, especially those that gave the company's bottom line a boost up.
If you simply feel like you deserve a raise but can't point out any achievement or big-deal accomplishment, better wait for an opportunity to do something big before making that request.
Research and Prepare
Research and figure out how much you would want before going into your boss' office and ask for a raise. Take advantage of sites like PayScale, LinkedIn, and Glassdoor to prepare.
Don't talk to your boss regarding a raise if you're unprepared. Dewett notes having a "number or percent" handy, and the willingness and ability to explain it, will really help.
Blair Decembrele, career expert at LinkedIn, advises rehearsing what you will say in front of your boss. Ask a mentor or friend to help you practice delivery.
Currently, benefits are growing faster than wage rates, Dobroski notes. Thinking of benefits that carry some monetary value can actually help give you that wanted boost in paycheck.
Having to work at home part-time, or receiving funding for education might not give you spending money, but they will help you save, thereby freeing the salary you receive for other purposes.