How Often Should You Get a Raise?

Increasing your annual salary is a goal worth pursuing. Just showing up and doing your job will get you a paycheck but not necessarily an increase. Typically, the ability to command more money is based on the value you bring to an organization. Some organizations schedule annual performance appraisals for all employees. Often, in conjunction with reviewing an employee's work accomplishments, managers grant salary increases for deserving staff. If you work for a company that has no formal process, be prepared to negotiate a raise.

Promotional Increases

One of the most viable ways to increase your income is to earn a promotion. The key word is earn. Stepping into a position that offers more responsibility and higher pay requires an upgraded skill set. To accomplish this, establish a self-improvement program and work to continually upgrade your expertise. Watch for opportunities to learn new skills and assist with special projects. Become known as the individual who continually goes above and beyond. When the right opportunity arises, apply for the job. Your worth to the organization will increase along with your salary.

Assessing Your Worth

Employee compensation is tied to market value. Most companies pay “the going rate” for a particular position. Typically, this is established by a company’s participation in salary surveys. Compensation analysts report salary data based on job functions, experience and expertise. Knowing where you stand according to market is helpful if you are thinking about asking for a raise. Do your homework by researching what other companies pay for the work you perform. If your salary seems considerably lower than the market rate, it may be time to request more money.

Create a Strategy

If you intend to ask your boss for more money, start by creating a plan. Begin by gathering data. Review your job description. Document your achievements. Collect any memos or performance appraisals proving on paper that you posses a strong work ethic and deliver quality work product on time. Include scenarios that demonstrate your ability to be both an individual contributor and team player. Before asking your boss for a formal meeting, review your data and organize it in a way that makes it easy for you to present and validate your proposal. Perform a trial run by presenting your pitch to an objective third party.

Timing is Crucial

Before meeting with the appropriate person to negotiate more money, consider the timing. If your company has just experienced a major downsizing due to economic factors, it may not be the best time to enter into a salary discussion. Conversely, if you have been working a considerable time in an understaffed department and taking on an extra workload, the timing might be ideal. The most important factor is to maintain your professionalism even if your request is denied. If the answer is "no," find out what it would take to get a "yes."