Is it Time to Ask for a Raise or Promotion? Signs Point to Yes

Have you been thinking about asking for a raise or a promotion? Now might be the time: In a recent Accountemps survey, 79 percent of chief financial officers (CFOs) said that they’re currently taking steps to improve employee retention.

How? Most commonly, by promoting top performers (63 percent) and by raising salaries (52 percent). CFOs also said they were increasing investment in professional development or training programs (50 percent), enhancing employee benefits, such as health insurance or retirement packages (48 percent), and reinstating or increasing bonuses (32 percent).

The survey results indicate that many companies are starting to realize that they must re-recruit their top performers by clearly mapping out their career path in the organization and reevaluating their compensation to ensure it’s in line with what others in the industry are paying for similar positions.

Time is of the essence, too: Professionals have more employment options in the improving economy and could be looking for new opportunities. According to the U.S. Bureau of Labor Statistics, 2.7 million people quit their jobs in February 2015.

“Businesses can lose their competitive edge if they don’t have key players in place as new growth opportunities arise,” said Bill Driscoll, a district president of Accountemps. “Employers who aren’t actively engaging with their best people and providing competitive salaries risk losing them to other offers.”

If you think it’s time to approach your boss about a promotion or raise, make your case by highlighting any significant contributions you’ve made to the team recently. Talk about the extra projects you’ve taken on, and focus especially on the ways you’ve helped the company save money or boost its competitiveness.

In the event that your manager denies your request, ask what you can do to put yourself in a better position for a promotion or raise down the line. Use your boss’s answer to evaluate your situation and consider some changes.

For instance, you might want to upgrade your skills with training that could make you the firm’s expert in a particular area. Consider also expanding your networking efforts with people in your company, so that more people are aware of your contributions. You could also enhance your reputation as a team player by making the extra effort to help coworkers with their projects.

Have you asked for a raise or promotion recently? Share your experiences in the comment section.