Money doesn’t buy happiness, but it certainly makes a lot of problems easier to deal with. Yes, money doesn’t equate to happiness, but we can’t deny that it is important. As we grow careerwise, whether in terms of experience or time spent improving our skillsets, our net worth should definitely improve. But what happens when it doesn’t?
Everyone wants to earn more money so that they can grow themselves in all aspects of their lives. As human beings, our needs are insatiable, and the more we earn, the more these needs expand. Here are 6 signs that you need a pay raise.
1. You are earning below industry level
Once you graduate with your friends, it’s easy to compare your growth levels especially because you’re most likely to land in the same industry. It is a red flag if your friends are earning significantly more money than you at the same job level, whether entry-level or managerial position.
Even if you’re not considering a move from your current place of employment, it is a good idea to keep an eye on job boards regularly. This way, you can keep up to date with the market rate for your occupation.
2. Additional Responsibilities
You’re working a specific role and then due to some circumstances, you get additional responsibilities. Suddenly you have double or even triple responsibilities on your plate. It becomes a problem when you’re still earning the same amount of money with a heavier workload. This is a sign you need a pay raise.
Consider what you were responsible for when you first joined the company. Now have a think about whether that level of responsibility has increased and, if it has, what it has grown to include. It could be that people have left your department and you have shadowed their work, or that you’re now working in more than one department. Doing much more than you were doing originally, depending on what that may be, is a surefire sign you’re ready for a pay bump.
3. The company that you work for is doing well
Every single employee plays a role in the success of an organization. This should be enough incentive to negotiate a pay raise, and especially if your specific department is doing well. Take a moment to look around you. How is the company doing? Has the business reached its annual goals? Is it winning new clients left, right, and centre? Can you see that business is flourishing? If it appears the company you work for is doing financially well and you’re not benefiting, it’s time to ask for a pay raise.
4. Your skillset has grown
You join an organization, and three months later you graduate from university. That, in itself, is reason to negotiate a pay raise. Why? Because it means that your skill set has grown and you can now prove it with papers.
Are you significantly better at your job than you were when you started? Attending training seminars, either in-person or online, and industry conferences is a great way to learn new things. Every sector is constantly evolving and developing. There’s always new knowledge to gain and this will always translate into your job.
5. You’re earning less than others in the same role in the same organization
Some people definitely work better than others and deserve better pay, but this in itself is a sign that you need a pay raise. If you’re co-worker who is in the same role as you is earning way more than you, then that’s a negotiating point. I once read somewhere that co-workers hiding their salaries from one another is more detrimental than it is beneficial. That’s when you find out that you’re earning less with more responsibilities. Regardless, this information is a good reason to ask for a pay raise.
6. Your pay raises have been very small if any
If you’ve never had a pay raise, or if your raises have been small and insignificant, then it’s time for a pay raise. Why? Staying in an organization gives you more knowledge, skills, and experience. That, in itself, has got to count for something. It’s important to understand that raises are not a legal requirement, so whether you get one will depend on the company you work for.
If nothing changes after you ask for a well-deserved pay rise maybe it is time to move. Careers: Don’t Bi*Ch About Your Job, Just Go