There are times in your career where a raise is justified and expected. 
Asking for a raise is a sign that you know what you're worth and often indicates that a professional is taking their career seriously. Therefore, it is critical to recognise when it is time to ask for a raise.

If you're underpaid, you're undervalued

<ul><li>Your employer posted strong quarterly earnings.</li><li>You had an excellent performance review.</li><li>You made a significant achievement. Ask for a raise right after a recent big win.</li><li>You find out you're being underpaid after researching your market value.</li><li>You took on more job responsibilities and establish a track record of delivering excellent work.</li><li>You received a job offer from another company.</li><li>You've just hit the one-year mark. Assuming you've delivered great work over the past year, you're in a good position to ask for a raise.</li><li>You received a promotion. Ask your boss if your new title comes with a raise.</li></ul>

When to ask for a raise

Just because you asked for a raise doesn't mean you'll get what you deserve. If your boss deflects or the company shows signs of financial hardship, it's worth putting some feelers out.

Know when to walk away

<img alt="When to Ask for a Raise" src="https://coda.newjobs.com/api/imagesproxy/ms/cms/content30/images/character-letter.png" width="350" height="233"><h3>1. Your Employer Posted Strong Quarterly Earnings</h3>You have much better odds of success when your company is doing well. When profits are up, managers often have more money at their disposal to reward their employees, especially their top performers.In contrast, if your <a href="https://www.monster.com/career-advice/article/how-to-tell-if-a-layoff-is-coming-hot-jobs" title="company has recently laid off employees | Monster.com" dir="ltr">company has recently laid off employees</a> to cut operating costs, it's probably best to hold off on asking for a raise until things begin to improve.<h3>2. You Aced a Performance Review</h3>A clear sign of when to ask for a raise is after a positive employee review. Many companies tie pay bumps to performance reviews, which makes sense—employees who deliver quality work ought to be rewarded for their contributions. So if you have a <a href="https://www.monster.com/career-advice/article/ace-performance-review" title="positive performance review | Monster.com" dir="ltr">positive performance review</a>, now is a logical time to ask for more money.<h3>3. You Made a Significant Achievement</h3>One of the best ways to gauge when to ask for a raise? Look at your recent wins. Ask for a raise right after you crush a job goal. For example, if you've doubled your monthly sales target, bring that to your boss's attention. Moreover, <a href="https://www.monster.com/career-advice/article/Numbers-to-Highlight-Accomplishments" title="quantify your achievements | Monster.com" dir="ltr">quantify your achievements</a> whenever possible. (“The new tracking system I created has bolstered production by 25%.”)<h3 dir="ltr">4. You Find Out You're Being Underpaid</h3>It's important to know what other workers in your position are earning, since you should always be getting paid what you're worth. One way to research your market value is by using <a href="https://www.monster.com/salary/" title="Monster Salary Tools | Monster.com" dir="ltr">Monster's Salary Tools</a>. In addition, you can talk to recruiters and check out the U.S. Department of Labor's Occupational Outlook Handbook to get a good idea of what other <a href="https://www.bls.gov/ooh/" title="Occupational Outlook Handbook | Monster.com" dir="ltr">workers with your credentials are making</a>. Keep in mind, your geographical location and experience level can influence your salary potential.<h3>5. You Took On More Job Responsibilities</h3>If you've established a track record of delivering great work, your boss may decide to assign you more responsibility. Taking on more work can be a good thing if you're looking for a raise, but you need to advocate yourself. It's unlikely that someone is just going to hand you more money along with the increased job duties.<h3>6. You Received a Job Offer from Another Company</h3>Having an offer letter on the table from another company can give you leverage. Why? Because it gives your boss a reason to ask her boss to sign off on your raise request. After all, when push comes to shove managers will do everything in their power to retain talent. That's also partly because turnover is costly: According to the Society for Human Resource Management, <a href="https://www.shrm.org/hr-today/news/all-things-work/pages/to-have-and-to-hold.aspx" title="replacement costs | Monster.com" dir="ltr">replacement costs</a> are around one-third of an employee's annual salary.<h3>7. You Just Hit the One-Year Mark</h3>Your one-year mark is a notable milestone, particularly if you're sitting down for your first annual review at your company. Assuming that you've delivered top-notch work over the past year, you're in a prime position to ask for a salary hike. If you've developed strong relationships with your peers, having their buy-in can give you more bargaining power.<h3>8. You Received a Promotion</h3>This one may seem like a no-brainer, but some companies do try to <a href="https://www.monster.com/career-advice/article/promotion-without-pay-raise" title="promote employees without raising their salaries | Monster.com" dir="ltr">promote employees without raising their salaries</a>. So be sure to ask your boss if your new and improved title comes with a new and improved paycheck.<h2>Know When to Walk Away</h2>Just because you know how and when to ask for a raise doesn't mean you'll automatically get what you deserve. If your boss is deflecting or if the company doesn't look like it's in great financial shape, it's smart to put some feelers out there. Need a little help with your job search? A profile on Monster can get the ball rolling. We can connect you with recruiters and <a href="https://www.monster.com/profile/detail" title="job opportunities | Monster.com" dir="ltr">job opportunities that match your experience</a>. Don't get stuck at a job where you're not being compensated fairly for all your hard work.

Knowing when to ask for a raise can put the odds in your favor when you approach your boss. Don't miss out on any of these opportunities to earn more money.

Stashed ideas

1. Your Employer Posted Strong Quarterly Earnings

You have much better odds of success when your company is doing well. When profits are up, managers often have more money at their disposal to reward their employees, especially their top performers.

In contrast, if your <a href="https://www.monster.com/career-advice/article/how-to-tell-if-a-layoff-is-coming-hot-jobs">company has recently laid off employees </a>to cut operating costs, it's probably best to hold off on asking for a raise until things begin to improve.

A clear sign of when to ask for a raise is after a positive employee review. Many companies tie pay bumps to performance reviews, which makes sense—employees who deliver quality work ought to be rewarded for their contributions. So if you have a <a href="https://www.monster.com/career-advice/article/ace-performance-review">positive performance review </a>, now is a logical time to ask for more money.

One of the best ways to gauge when to ask for a raise? Look at your recent wins. Ask for a raise right after you crush a job goal. For example, if you've doubled your monthly sales target, bring that to your boss's attention. Moreover, <a href="https://www.monster.com/career-advice/article/Numbers-to-Highlight-Accomplishments">quantify your achievements </a>whenever possible. (“The new tracking system I created has bolstered production by 25%.”)

It's important to know what other workers in your position are earning, since you should always be getting paid what you're worth. One way to research your market value is by using <a href="https://www.monster.com/salary/">Monster's Salary Tools </a>. In addition, you can talk to recruiters and check out the U.S. Department of Labor's Occupational Outlook Handbook to get a good idea of what other <a href="https://www.bls.gov/ooh/">workers with your credentials are making </a>. Keep in mind, your geographical location and experience level can influence your salary potential.

If you've established a track record of delivering great work, your boss may decide to assign you more responsibility. Taking on more work can be a good thing if you're looking for a raise, but you need to advocate yourself. It's unlikely that someone is just going to hand you more money along with the increased job duties.

6. You Received a Job Offer from Another Company

Having an offer letter on the table from another company can give you leverage. Why? Because it gives your boss a reason to ask her boss to sign off on your raise request. After all, when push comes to shove managers will do everything in their power to retain talent. That's also partly because turnover is costly: According to the Society for Human Resource Management, <a href="https://www.shrm.org/hr-today/news/all-things-work/pages/to-have-and-to-hold.aspx">replacement costs </a>are around one-third of an employee's annual salary.

Your one-year mark is a notable milestone, particularly if you're sitting down for your first annual review at your company. Assuming that you've delivered top-notch work over the past year, you're in a prime position to ask for a salary hike. If you've developed strong relationships with your peers, having their buy-in can give you more bargaining power.

This one may seem like a no-brainer, but some companies do try to <a href="https://www.monster.com/career-advice/article/promotion-without-pay-raise">promote employees without raising their salaries </a>. So be sure to ask your boss if your new and improved title comes with a new and improved paycheck.

Just because you know how and when to ask for a raise doesn't mean you'll automatically get what you deserve. If your boss is deflecting or if the company doesn't look like it's in great financial shape, it's smart to put some feelers out there. Need a little help with your job search? A profile on Monster can get the ball rolling. We can connect you with recruiters and <a href="https://www.monster.com/profile/detail">job opportunities that match your experience </a>. Don't get stuck at a job where you're not being compensated fairly for all your hard work.

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When to Ask for a Raise

If you're underpaid, you're undervalued

When to ask for a raise

Know when to walk away

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How to Ask for a Raise

How to Ask for a Raise (with Examples) | Indeed.com

8 Managers Share The Best Way To Ask For A Raise (And Get It)

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Bite-sized knowledgeto upgradeyour career

When to Ask for a Raise

If you're underpaid, you're undervalued

When to ask for a raise

Know when to walk away

IDEAS ABOUT

MORE LIKE THIS

How to Ask for a Raise

How to Ask for a Raise (with Examples) | Indeed.com

8 Managers Share The Best Way To Ask For A Raise (And Get It)

It's time to

READ

LIKE

A PRO!

Bite-sized knowledge
to upgrade
your career