You owe it to yourself to be compensated for your time and effort. Asking for a raise can be intimidating, but no one else is going to ask for you.
You may often think to yourself whether you are getting paid enough. If so, you are not alone. There are several signs that can help you determine whether you are paid enough. Before rushing into your boss’s office and demanding a raise, let’s dig a little deeper.
It’s beneficial to stay up to date with what’s available on the job market. Applying for other jobs and interviewing for them is always a good idea even if you are not looking to leave your current job. Keeping those interview skills up to date will only help you if a great opportunity comes your way.
Start by doing some research on what the industry average salary is for your job. glassdoor.com or salary.com is a great place to start. You may be surprised at what you find. You could be considerably underpaid.
Have your responsibilities increased, yet your pay stays the same? If you find yourself in this situation, it’s time to have that conversation with your boss. Be prepared before demanding more money. List all your accomplishments from the last 6 months to a year. Provide specific numbers and statistics if possible. The stronger the data you provide, the greater the case you can make for a well-deserved raise.
If you haven’t had a recent performance review, it may be time. A performance review allows your employer to discuss the quality of your work and your growth as an employee. Schedule some time with your employer, let them know it’s been quite some time since your last review, and would like the opportunity to have a discussion.
Your salary hasn’t accounted for inflation. Given today’s economy, this is a tough one. I don’t believe anyone’s salary is keeping up with inflation. However, if your salary hasn’t changed much in the past 10 years, you are most likely not being paid enough. You can access an online cost of living calculator, click here.
Your company is making more money, yet your pay stays the same. If your pay remains the same despite your company’s growth, it’s possible you are underpaid. Again, schedule a meeting with your direct supervisor and make sure you have all the necessary data to back up your reason for a pay raise.
You are supporting and training other team members. Are you constantly being asked to train others that don’t report to you? Are you taking on more work that should be done by others? This could suggest you are operating at a higher level than your peers and should be compensated accordingly.
At the end of the day, you must go with your gut feeling. If you are constantly thinking that you could be underpaid and those feelings just don’t go away, do your research.
You owe it to yourself to be compensated for your time and effort. Asking for a raise can be intimidating, but no one else is going to ask for you.
If you are prepared and have all the facts, you will feel more confident initiating the conversation. Even if you don’t get a raise, you have taken the first step and put your skills and accomplishments in front of them. It could pay down the line.
Talking to a financial coach can help you get started. Text, email, or call today.
