Having the opportunity to be in a position to manage and operate a business with upwards of 60 employees has allowed me to learn about people from a unique vantage point.

It took working with hundreds of people to learn and understand the many different personality traits people have. Of all things I have learned in my life, learning about people in general was probably one of the most important.

Today, there are record numbers of jobs being unfilled with historically low unemployment rates. Data shows companies are having trouble finding workers which may be a sign that the time to ask for a raise is now.

There are times when asking for a raise makes sense and when it doesn’t. It is probably a stupid idea to ask for one during times like the 08’ financial crisis.

It’s unfortunate many never ask for raises and expect their employers to provide them on their terms. Often, many employers will not pro-actively provide raises, especially small businesses.

The potential earnings left on the table may be what determines your ability to achieve financial independence in 5 years or in 20. Your time is valuable, and time is money.

Understanding your worth to your company is vital to the success of landing a pay raise.

So, how do you know you are valuable to your company where you may succeed in landing that pay raise?

Here Are 12 Signs You May Be Worth More To Your Company

You find yourself leading more projects.
You don’t need any superiors to tell you what to do every day.
You locate problems to solve without others telling you to do so.
You know what needs to be done without someone telling you.
You understand and can anticipate the wants of others.
Your role and work affect more people.
You are training others around you.
You have others coming to you for advice.
You come to work early to get ahead.
You consistently contribute ideas that help boost productivity.
You never run out of things to do.
You accumulate new skills on a regular basis that complement your expertise.

Take the time to honestly reflect upon yourself and your roles in your workplace. Do many of the 12 signs mentioned above resonate with you? Perhaps you are worth more than you think and it’s time to ask for that raise. So, how do you know when to ask for the raise? When is the best time to ask?

Don’t Be Afraid To Ask

A friend of mine was employed for over 15 years at a company and never asked for a raise. The company provided small increases in wages every year, so she felt it was enough. After doing some research, I noticed her skills and experience was paying on average $140,000 per year in the marketplace! She was making $110,000. I encouraged her to ask for a raise and she was reluctant to do so for around 2 years. She finally decided later to see what other opportunities the job market had to offer and low and behold, she easily landed an offer for $155,000. So, she finally mustered the courage to ask for a raise and right away the company gave her a match on the offer. A simple 10-minute discussion earned her around an extra $40,000 each year!

Can you imagine how much more she could have earned if she simply asked for what she was worth 10 years prior? She was underpaid for her skills during most of her whole employment tenure. Don’t make this mistake. Know your worth.

7 Tips On How To Approach Asking For A Raise

Do your market research and find out what other companies pay for your skills and experience. Glassdoor is a great site to get you started.
Have another replacement job lined up.
Choose a day and time when your manager or boss are not busy.
Be kind and collected. Show gratitude and appreciation for the current opportunities. Show your desire to remain with the company but you are presented with other opportunities in your life with better compensation.
Have exact figures in mind and present it with an explanation why you feel you are worth the amount.
Understand that the company may not be able to provide you with matching raises so pre-determine the amount you are open to accepting prior to negotiations.
Be prepared to walk if you must. Always thank them for the opportunities and present a positive image till the very end. You never know if they may call you back with a better offer in the future.

The reality is, there are many companies who will not be pro-active when it comes to providing employees with raises. Some do, and quite often the raise offered may not be what you are fully worth.

Generally, you would want to work for a company for over 2 years before they begin to see you as more reliable and begin to give you more responsibilities. Companies are often reluctant to share trade secrets with new hires for many obvious reasons.

There is no doubt once you become more valuable to the company, the leverage weights more towards your side when it comes to negotiations regarding compensations.

It is ultimately your responsibility to understand what your skills are worth in the economy. Do your research and build that higher sense of awareness on what your truly worth. Thank you for reading.