Do You Really Need a Pay Raise?

Jim in billing got one. Sandra in sales did too. Even Xavier in the copy room received one. So when are you getting your pay raise? Although it can grow frustrating to watch others be rewarded for their efforts while you seem to get passed over, there are several factors that may actually warrant a bump in wages. Here are five to consider the next time you think you're overdue for an increase in pay.

1. More Responsibility

You should get a pay raise if you have a significantly greater number of responsibilities now than when you first started. Examine the job description and duties for when you got the job. Have you taken on tasks above and beyond what's outlined? Are you doing the work of multiple employees who left, but HR hasn't hired their replacements yet? Doing the jobs of several people is a good indicator you should be making more money.

2. Problem Solving

Your company hired you to solve one particular problem within the company. If your efforts led to even greater revenues, sales, profits, market share and customers, it's not outrageous to expect a potential pay raise. You solved the original problem, and then you solved 10 others with your skills. Bring these stats to your manager to show you're raise-worthy.

3. Supervision

Supervisors naturally make more than entry-level team members. However, what you supervise can make a case for a pay raise. Do you oversee a vital function, process or department of the company? You can tell this is the case when your success or failure impacts the company in a significant way, especially if that wasn't the case before your boss hired you. If the company can't live without you, suggest to your manager that you deserve a higher salary.

4. Industry Standards

You can argue for a pay raise if your salary falls below the industry standard. This takes some research on your part to determine what other people in your position make. You can also delve into your firm's pay standards for various positions. You might find the industry simply pays people more because of the competitive nature of the work. You may not even have an increase in responsibilities, yet you should earn more based on the industry standard.

5. Skills vs. Demand

Is your specific skill set in high demand? Would other companies pay you more for your talents? If Acme Brick offers to bump your salary by $5,000 a year, you might consider talking to your employer about making more money in your current position. Your company might be willing to shell out an increase in pay in order to keep you since you're such a huge asset.

These five signs you're deserving of a potential pay raise shouldn't be taken lightly. Research the numbers thoroughly to bolster your argument whenever preparing to make a case for being a valuable team member worthy of higher earnings.

Photo courtesy of Stuart Miles at FreeDigitalPhotos.net