However, a non-financial reward such as a career development program can help maximize your earning potential in the future. When companies offer their employees raises, they often do so for a specific reason.
If you do any of the following things, you're more likely to receive a raise from your employer:. Employers take several factors into consideration when deciding whether they want to offer a raise to their employees.
Here are some of the factors that determine a raise:. Many employers hold employee performance reviews to assess their strengths and weaknesses and to help their employees improve. They may also conduct reviews to determine whether an employee's performance merits a pay raise. If you perform your job well or exceed expectations, your employer may offer you an increased salary.
The average salary bump tends to vary by city and state across the U. For example, while some employees in one area of the country may expect a certain raise, others in a different area may receive a raise that's even higher than the national average due to the higher cost of living in their city. If the cost of living in your area increased in the past year, your employer may decide to offer you a raise. Industries with faster growth often offer higher raises to not only attract employees, but also to retain their current employees to assist with this growth.
For the most part, companies with greater growth have a steady stream of income, allowing them to offer higher compensation to their employees.
Industries with slow growth, in contrast, are less likely to offer salary increases. If your employer recognizes that you have an occupation that's unique in the job market, they may find it beneficial to offer you a raise.
In other words, if there's a shortage of employees or a lack of well-trained or skilled employees, they're more likely to offer a raise to those in the roles they need filled. Your company's success and regulations highly impact your likelihood of a raise and the amount of raise you receive.
In some cases, your employer may not be able to afford giving you a raise or may not offer you a raise if you already meet the pre-determined range they have in place for salary increases.
When your company is successful, however, it's more likely to offer you a raise. Many employers base raises on the amount of responsibilities you've taken on. If you have new responsibilities you were either given or asked for, it's a testament to your work ethic and your ability to be a team player. Your ability to add new responsibilities to your workload may be reason enough for an employer to increase your wages.
When employers give you a raise, they're investing in your future. Because of this, your future with the company may play a significant role when it comes to your raise. For example, an employer may consider what your responsibilities may look like in the future and whether they'd like you to stay with the company for a significant amount of time.
If they foresee a future with you, they're more likely to not only offer you a raise, but offer you a substantial increase in wages. When you want a raise, it's important to ask at the right time.
Timing your request can significantly impact whether you receive an increased salary. Here is when you should consider asking for a raise:. Though it's reasonable to ask for a raise that reflects your work ethic, it's important to follow certain approaches and best practices as it can result in a better outcome. When you ask for a raise, you need to understand why you deserve a raise and how to properly negotiate one.
Use these steps to help you negotiate a raise:. Before you start negotiations, consider the reason for your request. Look at your recent projects and assignments, moments when you exceeded expectations and any time that you added value to your company.
Reflecting on this can help you use specific examples during your discussions with your manager. Just as you should research average salaries in your profession before accepting a new position, it's also important to do your research regarding pay raises in your industry and occupation. Proper research lets you know if you're getting paid fairly and helps you decide on a concrete figure to present to your manager when you negotiate your salary.
Make sure to research the average salary for people in your position and industry with the same level of experience. Then, come up with a figure to give your manager when they ask. You can also use various online websites that take into account your job title, geographic location and experience level when determining a reasonable raise.
Click here to receive updates on more articles, career-related tips, exclusive invitations to our career events and more! What was your first full-time job, and how much did you earn back then? My first full-time job was a marketing role, where I managed the social platforms for my then-company.
I received my first pay increment after my first appraisal, which took place after my one-year tenure. Fast forward five years in the working world, have you seen a significant salary increment? What was your first full-time job and how much did you earn back then? I was working as a graphics designer for an events company. I worked in my first company for almost two years and later moved on to another company a design studio. As an employee, I feel that as long as I make significant contributions to the company and consistently produce good work, I deserve a pay raise.
My first full-time job is totally unrelated to my business degree, I was a stewardess! I was young and the idea of traveling for free was what baited me to the job. The pay was also good — definitely more than what my fresh grad peers were earning — and I received travel expenses too. Employment benefits, in general, was satisfactory. Find out how much other people in your position are making. Consider your industry, location and experience when figuring out how much more you should earn.
Based on your research, choose your ideal amount. Then, think of the lowest amount you would be happy with. If your employer does not give you a raise, continue to work hard in your position. They may eventually give you one if they see you are putting in more effort. Your employer will want to hear the reasons why you deserve a raise. Think of the skills you developed and the responsibilities you have gained over the course of your employment.
Explain to them that your position has changed from your original job description, and that you feel you're ready for the next step in your career. Give your employer a reason to give you a raise by proving your value as an employee. This may mean always coming to work on time or early, offering to do more work or showing an interest in learning a new skill.
You could also offer to lead projects or make more of an effort to brainstorm innovative ideas. During your meeting, base your reasons for a raise on your accomplishments and value as an employee.
Focusing on positive, fact-based reasons for a raise can make it more likely that your manager will be open to the request. Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. Career Development. Reasons to get a raise. You have more responsibilities. You got a promotion. You have been with the company for a while. How often should you ask for a raise?
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