End of the Year asks for a Raise or Promotion. Yes or No?
The end of the year is typically a busy time for most organizations as they finalize their budgets and prepare for the upcoming year. This can make it difficult to justify asking for a raise or promotion. However, if you have been performing well and feel you deserve more compensation, the end of the year may be the best time to ask.
- Your employer is already considering budget priorities for the upcoming year. If you can make a case for why you deserve a raise or promotion, your employer may be more likely to approve it.
- End-of-year bonuses are often based on performance, so if you’ve had a good year, you may be in line for a bigger bonus. This can help offset any pay increase you receive.
- Your employer may be more open to making decisions about raises and promotions at the end of the year because they have more time to evaluate employees’ performance.
Now let’s talk about the cons:
- The end of the year is one of the most distracting times, so your conversation timing is key.
- Although the budget is open and being reviewed, it can also mean that the stresses of saving money weigh heavily on your boss, not to mention personal stresses
- You are busy and have not fully prepared. However, if you have not taken the stop to lay out the facts thoughtfully and strategically, your value adds to the organization; prepared to negotiate and have practiced, and so you show confidence, you are not showing your investment in this conversation.
One more thought, if you are still debating on whether to ask or not, perhaps there is another approach. First, start the conversation with your boss about your career, where you see yourself in the organization, and how you see stretching yourself as a growth opportunity. Then, let them know you would like to continue this conversation after the holidays for the next steps.
Ask yourself these two questions, how will I feel if I don’t ask, and am I prepared to ask?