Money Glee Monday #27 - Asking for a raise, can & how do you do it?

Hey Money Glee readers, as of now the chief content producer will be off on holidays so we'll get to your comments once we're back! :) Know that we appreciate you though.

To give credit where credit is due (see what we did there) this post was motivated by Jon White, who runs a financial coaching company. Check out the podcast here

To show how much we do appreciate you, today we'll focus on making you money by discussing can and how you ask for a raise.

What is a raise?

It's important to look into what we're talking about when we refer to a raise. It is in this case an increase the amount that you're earning, either from an employer or in a business you're running.

Not that we've got that one out of the way let's look into if you can even ask for a raise?

Can you ask for a raise?

The short answer is of course you can! :) However even when you can do something this does not mean that you should.

Reasons where you could possibly benefit from not asking for a raise:

  • You've started a new role - may seem obvious, although what seems obvious is not always obvious. Probably a better time to ask before you are promoted or start the new role
  • You are performing per expected in your role - could be controversial here however if you are simply turning up & making the numbers asking for a raise could be risky or perceived as arrogant. If offered a raise then this is great however it should be about the value you are adding rather than expecting one in an annual review
  • It is an employers rather than employees job market - This one could be argued either way. While Warren Buffet says be fearful where others are greedy and greedy where others are fearful this doesn't necessarily apply to your job or business.
It's important to be clear on the reasons why you're asking for the raise

It's important to be clear on the reasons why you're asking for the raise

If you've decided you want to ask for that raise here are some tips for asking

You've decided to go for the raise, what next?

If you've decided to take the bold move, congratulations on having the courage to do so & here's a quick couple of tips

  • Be clear on why you're asking - If you are going to ask for a raise understand the reason why you're asking. Have you been able to add more value to your client or employer
  • Show the value you'll continue to add - If you feel you're adding a decent amount of value, be prepared to demonstrate how you are going to continue to do this & articulate it to your client
  • Understand that if you aren't successful with asking for your raise ask what you can do to improve - Be okay with asking on how you can improve and if you can implement this may lead to a raise in an agreed time-frame. Rather than focusing on the raise at a review meeting though focus on your improvement points then ask for the raise at the end

We'd love to know, what has happened when you've asked for a raise?

What has held you back from asking?

What other financial issues are concerning you in your life?

We'd love to have you comment, like or share & remember to live your Money Glee! :)