Is There Really a Good Time to Ask for a Raise?

Asking for a raise can be intimidating, as you must make sure you ask at the right time, request the right amount and have solid reasons for asking. Of these, the having the right timing is most paramount. Before working up your nerve to ask for a salary increase, consider the following ideal situations.

When Business is Good

This seems obvious, but it's never a good idea to ask for a raise in the midst of financial turmoil or instability of any kind. If the company's future seems uncertain or people are getting laid off, your request for a raise is likely to fall on deaf ears. Stay mindful of what's going on around the office to try to determine the financial atmosphere beforehand. Ideally, you want the company to be fresh off a big win and hitting most or all of its recent fiscal goals. If things are going well, you can be certain others are asking for raises, so get in there before it's too late.

When You Take on a Major New Project or Responsibility

With more work comes more pay, at least in an ideal situation. Realistically, if you're being asked to take on work that is outside the scope of your normal responsibilities, you have a good case to ask for a raise. For instance, if someone leaves the company and you're asked to help carry some of their workload, even if only temporarily, you've made yourself much more valuable to the company and should be compensated accordingly. Likewise, participating in big projects or difficult tasks that increase the company's bottom line draw attention to your value as an employee.

Right Before Your Annual Performance Review

Many professionals wait until their yearly performance review to inquire about a raise, but this is actually a mistake, as most companies set budgets for salary well in advance of performance review meetings. By the time you sit down to ask for a salary increase, your boss might have already had financial limitations. Instead, broach the subject about three months in advance of your yearly review to give your boss time to get it approved and written into the budget.

Acquired a New Skill or Degree

If you've taken a class or completed a certification that helps you perform better at work, ask for a raise. Acquiring new specialized skills that no one else has helps set you apart and makes you indispensable, and your boss should recognize that.

No matter when you ask for a raise, it's never guaranteed, especially if your employer operates on a strict budget. However, you can put the odds in your favor by waiting until these opportune times. If the answer is still no, understand that it's not necessarily the end of the conversation. Consider what you can do in the meantime to increase your chances of hearing a "yes" in the future.

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