During these difficult economic times, you may think there is no good time to ask for a raise. But, the reality is that there are certain circumstances that warrant asking for a raise. So, how do you know when it is time to ask for a raise and how do you go about doing it?

Knowing When it is Time to Ask for Your Raise

Determining when it is time to ask for a raise involves first making an honest appraisal of your work performance. You shouldn’t be asking for a raise simply because you want to make more money. Rather, you need to be deserving of a raise and you need to be prepared to convince your employer that your performance is deserving of a raise.

To conduct an appraisal of your performance, you need to ask yourself several questions. Some of these include:

· Do you consistently exceed your employer’s expectations?
· Have you taken steps to improve your educational level and your skills since you started your job?
· Do you perform duties that are not part of your job description?
· Do you put in overtime hours in order to get your projects completed?

If you answered “yes” to these questions, you are most likely deserving of a raise. But, you should also consider the company’s current situation before you broach the subject of a raise. Mainly, you want to try to determine whether or not the company appears to be on an upswing, as your employer will be more likely to grant raises if things are going well. You can determine this by checking out the company’s current stock value or by simply observing whether or not the company has recently hired new employees or does not appear to be suffering from a shortage of resources.

Some other indicators that will tell you now is a good time to ask for a raise include:

· Headhunters have been contacting you and trying to bring you to work for other organizations
· It is time for you to have your annual performance review, as this is generally a better time to ask for a raise than trying to set up a meeting
· The job market is strong in your region
· You have recently impressed your employer with a strong job performance, such as closing on a big sale or completing a project under budget

Even if the company is not in the best financial position, it may still be the right time to ask for a raise if you are deserving of one. So, be sure to carefully assess the company’s financial stability as well as your contributions to the company when trying to determine if now is the right time to ask for a raise.

Tips for Asking for a Raise

If you have determined that now is a good time to ask for a raise, there are a few tips you should keep in mind in order to give yourself the best chance of success. These include:

· Plan out what you will say, including why you believe you are deserving of a raise
· Wait for the right time to talk to your employer about increasing your pay
· Schedule an appointment with your employer and make sure he or she sets aside ample time for the meeting so you can discuss your position
· Exhibit confidence while talking to your employer, as this will help make your argument even more persuasive

It is also a good idea to have an idea of how much of a raise you would like to receive. Keep in mind that the national average when it comes to raises is a little less than 4%, but you may be able to find out your company’s average raise percentage by talking with a human resources representative. You should also do a bit of research regarding average salaries for people in your position within the same industry. Talking to college professors or visiting the Bureau of Labor Statistics website can help with this process.