How to Ask for a Raise at Your Performance Review
A question I’m often asked is “So, when’s the best time to ask for a raise at work?” While every organization is different, I typically don’t recommend that you wait until your annual performance review meeting to ask for a raise and here’s why: budgets have already been approved, funds have already been allocated, and your manager is busy reviewing several other employees at the same time. Organizations are typically working with a limited budget to reward all employees which means getting more than your typical 2-4% raise may be unlikely.
However, it doesn’t mean you have to wait. If you’ve done your homework and you’re ready to be paid fairly for your contribution, it always starts with your “ask”. Depending on the review cycle, budget approval process, and current circumstances within your organization, it may take a couple of months to see a raise, but setting the stage and getting your bosses buy in at your annual review is as good of a time as any to start the conversation. It’s important you know what you’re up against, your bosses perspective, and how long you may potentially have to wait.
Is your boss ready and willing to advocate for you on your behalf?
If not, why not? If not now, then when? What else can you do to ensure that your performance is on track to receive a raise within the next 3 months or so? These are the questions you want to be sure you receive answers to when you sit down with your boss.
Although you may have to wait a few more months until you get an answer or an effective date for your salary increase, it’s a great idea to let your boss know that you’re interested in a raise and that you’re willing to be patient to work with your boss and your organization to understand when the timing may work out in your favor.
The longer you wait to make your case and ask for it, the longer it will be until you see that bump in your paycheck.
If you’re coming up on your year end review process and you’ve been holding off on having a conversation with your manager about pay, click here to download your free script on how to ask for a raise at your next performance review.
Ready to start a conversation with your boss about your next raise or promotion?
Your path to success will require multiple conversations with your boss!
Start by doing your homework, preparing your case, and beginning the discussions with your boss at least 2 months prior to when you want to receive your promotion.
If your annual review meeting is just around the corner, be sure to address your concerns about your pay and let your boss know that in the next 3 months or so you’re really hoping to see an increase in pay that aligns with the market. Let your boss know you’re hoping they’ll be willing to advocate on your behalf and help put a plan in place that will get you the results you desire.