Personal finance blog Free Money Finance suggests that employees can improve their incomes by asking for a raise, but you have to make sure to time it right.
“Timing is everything in business,” says Lorenzo, author of Career Intensity: Business Strategy for Workplace Warriors and Entrepreneurs. If the company and industry are doing poorly, it may not be the best time to ask for more money. But if business is booming, especially if you’ve played a key role in the company’s success, make your move. Special opportunities can provide a natural springboard for a raise: after you’ve received an award, saved significant money for the firm, or agreed to take on additional responsibility. Finally, consider the corporate calendar; you may get better results if you ask while the next year’s budget is being developed.
One major point to make — the key to asking for a raise is noted in the first sentence: you must deserve it. Otherwise, all the asking/begging/pleading in the world will likely fall on deaf ears. Check the blog post for more steps to asking for a raise and details on each one.
How to Ask for a Raise [Free Money Finance]