Ask the Hiring Boss is our ongoing advice series dedicated to all questions HR. Today, we’re covering when and how to ask for a raise. Each month, our team of hiring and staffing experts, including Star Staffing CEO Nicole Serres, team up to answer the questions we all have but don’t know who to ask. Welcome!
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Dear Hiring Boss,
The last few years have been strange for our company, to say the least, so I haven’t received a performance-based raise since 2018. January is also my work anniversary. Typically, our company gives bonuses around the holidays, so it feels strange to ask for a raise right after that. Or is it? Should I wait? We don’t have formal performance reviews, so I can’t use that to help guide my timing.
– Ready for a Raise
First, I’ll start with good news: January is a great time of year to ask for a raise at most companies. According to LinkedIn data, it’s the month when companies dole out the most promotions, which typically come with raises.
So yes, you can ask for a raise in January. A couple of other things to consider: The conventional advice I’ve heard over and over again is to time your ask around 1.) when your company reviews its annual budget or 2.) about a month before the performance review season. Which brings me to the elephant in the room: Why doesn’t your company give formal performance reviews?
I would strongly encourage you to spearhead an effort to launch a performance review policy at your company in 2023. It’s just good for business.
And yes, ask for a raise ASAP! Just remember to come prepared with a performance-based argument. Did your recruiting efforts cut down on time-to-fill, thereby saving your company money? Has there been an increase in retention rates since you joined? It sounds like you’ve spent a lot of time with your company and will have the stats to prove it!
Go get that money, honey.
We’ll be back soon with our next installment. Don’t forget to submit your own question, or read our other previous answers in our Ask the Hiring Boss series!
Ask the Hiring Boss: Does It Make Sense to Hire Before the Holidays?
Ask the Hiring Boss: I am not getting any skilled employees for our open roles. How can I change this?
Ask the Hiring Boss: How do I give employees critical feedback without affecting our retention?
Ask the Hiring Boss: What is the most important recruiting metric I should be tracking?