What is the right time to ask for a raise?
OKLAHOMA CITY, Okla — As the American economy begins to unfurl, members of the work force are curious. Is this the proper time to ask for that long overdue raise?
OCU Professor of Economics, Jonathan Willner says this is the perfect time to ask for a bump in pay.
“You’ve actually received a pay cut the last five or six years. Inflation has been positive which means every year your real income has gone down!”
Begin by scheduling a face to face, behind closed doors conversation.
Research “fair market wage.” What do people in your line of work currently earn?
Separate yourself from others by showcasing work ethic, accomplishments and your value to the company. Prepare a list of strengths to illustrate the ways you make or save your employer money.
Willner says, “It is a good idea to keep track of what you’ve done for the company. Don’t necessarily go in with a stack of papers, but have a list in your mind how you’ve helped the company.”
Be realistic. High performing employees typically receive a four percent raise. And don’t expect your boss to bring it up. You’ll never get a raise if you don’t ask.