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By Michelle Wanjiku
As the year comes to an end, you are probably thinking about asking for a raise so that next year you could be earning a little more. A study by LinkedIn showed that most raises are handed out in January, so if you want to get a salary increase by then, you need to start asking now.
If your company usually conducts salary reviews at the end of the year, then you don’t have to worry about needing to ask for a raise, however, if it’s not something that usually happens, then you will have to have that conversation with your boss.
Even though this is a great time to ask for a salary increase, there are a lot of factors though that determines whether or not, you should ask for a raise, these include;
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1. The company’s financial situation
Before issuing salary increments, your boss will probably look at the company’s finances to see if the can afford it.
This means that if the company has registered a lot of losses or has not made enough money, it will be very difficult for your boss to give you a raise.
So when asking for a raise, you should not do it at a time when the organization is not performing well.
If your company is trying to cut costs or downsizing, your chances of getting a raise are very slim.
2. The results of your performance review
Your salary is determined by a few things, one of them being how well you perform at your job. A salary increase is seen as a way to reward employees who do their jobs very well; this means that you are more likely to get an increase in your salary if your performance review is positive.
However, if the review is negative and you have a lot to improve on, then it’s likely you will not get a raise. Meaning, you should not ask for a raise if you have not done your job properly throughout the year.
To ensure you always get good reviews, getting a career coach to help you come up with a plan that will increase your productivity which in the end would mean you get positive performance reviews.
3. If you are underpaid
Sometimes a raise is more of a necessity than a want. That is when you are underpaid for the work you do and both you and your employer know it.
In such a situation, asking for a raise is important, what you need to do is research and find out exactly how much someone in your position with your responsibilities working at a similar company should be earning, and use this information to ask for more.
Of course, this still depends on your performance and the company’s financial situation but you are more likely to get a raise if you are being underpaid than if you are already being paid market rate for the job you do.
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Finally,
When it comes to salary increments, most companies have their own policy that governs when it will happen and by what percentage or amount.
This means that you need to know how your company handles such things so that you don’t end up asking for a raise after the budget for the year has already been passed.
If you know money allocation usually happens at the beginning of the year, then you should approach your boss about a raise a month or so before that. This will ensure that you don’t miss out on the chance and have to wait longer for a raise.
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