When seeking a raise, there are certain times of the year when it’s best to request a salary review. This may vary by company, but — in general — it’s a good idea to time your request to coincide with when annual budgets are developed and/or just before when annual performance reviews are conducted.
Don’t wait until your review to approach the issue of a raise; often it will have been decided by the time the performance evaluation is conducted. Prepare your raise request 4-6 weeks before the appraisal period.
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A good time to approach your boss for a raise is when you’ve had a major accomplishment (such as bringing in new business, or finishing a key project), when you’ve taken on significant additional responsibilities, or when you’ve earned recognition for your work.
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Another key issue of timing is knowing where your company is financially. If they just lost a huge customer — or sales weren’t what they expected in the most recent quarter — this may not be the best time to ask for a raise.
A bad time to approach your boss for a raise is when he or she is busy or is getting ready to go on a trip or vacation.
Don’t ask for a raise just because a couple other people you work with got raises. Because “everyone else” got a raise doesn’t mean you will too. And don’t compare your salary with other company employees.
Be sure to schedule a time to talk with your boss about the issue of a raise. Send an email or make a personal request (on the phone or in person) for a meeting to discuss your performance.
If your request for a raise is turned down, realize that the reason may not be directly related to your performance. Sometimes the timing just isn’t right. No now isn’t no forever. If the answer to your request for a raise is no, ask what you can be doing to position yourself for a salary increase in the future. See if you can schedule a time to revisit the topic in the future (say, three or six months), and ask for objectives and/or milestones to reach in the meantime.
Good luck on reaching your financial goals!
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