I had my performance review two weeks ago. I asked my boss for a bigger-than-average pay raise and I got shot down.
She said “You do a great job, Mickey, but we set our budgets for 2017 a long time ago. I didn’t know you were looking for more than the average increase.”
After our meeting my boss talked to HR and they said they would look at my salary relative to the market, so that’s good. It will take them a few weeks to do that.
Our company has wide pay bands, so I doubt that I fall below the minimum pay for my job title. That’s not the issue. It’s that I do a lot of very responsible work that my co-workers don’t do.
I guess I need to work with my boss to update my job description, but of course there’s no guarantee that will help me.
What is the best way and when is the best time to ask for a pay raise?
A lot of people make the same mistake you did. They wait until they’re sitting down with their manager at their annual review meeting to tell the boss “By the way, I hope I can get a pretty good pay raise this year.”
This approach almost never works for the reason you mentioned. Salary budgets are set far in advance of one-on-one performance review meetings.
Here are the three best times to ask for a pay raise:
1. When you take on a major, hard-to-staff assignment — for instance, when someone leaves and you take on their role in addition to your own.
2. When you have just finished a major project successfully and are about to take on another major project.
3. Three months before your annual review.
When you are asked to take on a major new responsibility, it’s the perfect time to talk about your salary.
When you’ve just experienced a triumph at work and you’re talking with your boss about the next hill to climb, that’s another good opportunity to chat about your compensation plan.
If you’re looking for a pay increase in conjunction with your annual performance review, you’ve got to request the pay bump about 12 weeks in advance.
That way, your manager can consider your request and if they agree with your argument for a pay raise, they’ll have time to get it approved.
Here are scripts to inspire you in each of these three situations.
More Info: www.forbes.com