It can be tricky to figure out when to ask for more. Assessing your company’s situation and taking your performance into consideration could help you get closer to the answer. Here are 6 important items to think about when asking for more. Know your worth and ask for it. Assess your situation to know when, how and what is best for your unique circumstance.
Is the company….
- Actively hiring?
- Giving increased pay for more responsibilities?
- Secure in job stability in the current economy / pandemic for the foreseeable future?
- In good standing with the company and a top performer?
- Taking on extra responsibilities?
- Benefiting the company with your unique skill set?
Read more about each item to take into consideration as well as my own unique experience when deciding to ask for more.
Asking for More Item #1: Is the company actively hiring?
It is important to figure out if your company is hiring. If your company is hiring, that likely means they have the capacity to do so. This can mean that cash flow is in the positive. If cash flow is in the positive, that could mean that money could flow to you. Assess whether your company is actively hiring to see if that can be a signal that they are doing okay financially.
My company is actively hiring, which gave me the green light to ask for more. Demonstrating that they are financially fit enough to hire showed me they were financially fit to give more to their current employees.
*Check out Should I Negotiate Right Now?: 3 Recession Resources to really dive into this topic and to help you assess your unique situation.
Asking for More Item #2: Is the company giving increased pay for more responsibilities?
Is the company giving increased pay out? A lot of employees may have increased duties in a time of economic turmoil. Is your company giving out increased pay for taking on more responsibilities? Have bonuses or raises been given? While hiring can be one signal, staying on cue for raises, bonuses and even retirement contributions can be a sign that cash flow is in the positive. If the company is doing well financially, this can mean it is a time to ask for more in the form of monetary asks.
My company is actively giving out additional pay to those contributing more. This signaled that I could ask for more for my increased responsibilities and contributions. Seeing others get paid was my cue that the company was financially stable for me to ask for more monetarily speaking.
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Asking for More Item #3: Is the company secure in job stability in the current economy for the foreseeable future?
Is the company stable during the current economy? Whether you’re at the height of an economic climax or in the depths of a bear market, assess how your specific company is doing. A lot of companies stay afloat, doing just as well, and some flourish during economic downturns. Assess your company’s market, stability and future forecast as best as you can. Many jobs will be stable throughout recessions, pandemics and a lot of other curveballs the world can throw.
My company is financially stable and job stability is very high. An economic downturn does not have a lot of impact on my industry, therefore a lack of funds to work with was not an issue. Financially stability is key if asking for monetary increases when asking for more.
Asking for More Item #4: Am I in good standing with the company and a top performer?
Are you in good standing with your company? Have you completed the tasks that are asked of you and your position? How are you as a performer? Assess where you are at to assess where you need to go next. If you are a top performer, this is a good sign. If you are not quite there yet, don’t fret. Ask what you can do to get there. Ask what areas of your work you should focus on, ask a colleague for some tips, potentially find a mentor within the company.
If you feel like you can take on more while still maintaining your quota, do that to really shine and to rise into a top performer. *More work doesn’t necessarily mean better work or is necessarily the next step. Maybe quality of work is really the focus instead of taking on more. Assess your situation. This can help give you an idea for how a superior would respond to your request for more. Make sure to sell yourself and all the wonderful things you do daily in your position. Have a list.
*Check out 3 Tips: Find the Numbers to Emphasize Your Valuable Contributions to really highlight all your quality work.
I am in good standing with my company. The connections I have made during my time there have benefited me I demonstrate my value within my team. I am a top performer at my company and contribute quality work. These items helped me in my decision of asking for more.
Asking for More Item #5: Am I taking on extra responsibilities?
Have you taken on extra responsibilities recently? This can be tricky as sometimes extra responsibilities are taken on as a result of downsizing. Don’t let this automatically discourage you. Assess the other elements and items. When a company downsizes that sometimes means extra funds are opened up. It can feel risky to ask for more if colleagues have been let go, but only you know your circumstance. Some have offered that if some are let go, then the company is “saving” a lot of money through not only their salary, but the price of each employee’s benefits too.
Have others taken on extra responsibilities and gotten paid for them? This can also be a good indicator. Have they asked to get paid and received a response? This could be a good question to ask colleagues around you. Find out if they have asked for more and assess the situation.
If you are taking on more responsibilities and you see that your company is financially stable, then this could be a good time to ask for more. Have a list of the responsibilities you’ve taken on and how you have excelled at them and go for it.
I regularly take on extra assignments that make sense for my niche and that interest me. As I have seen others around me that have been paid for taking on extra responsibilities, this was my cue that I could move forward in asking for more, too.
Asking for More Item #6: Am I benefiting the company with my unique skill set?
This is where you can really get some leverage. Do you provide a unique skill that is hard to come by? Is it a skill that is in large demand? Are you the best at what you do in your company, industry, etc.? Assess this as best as you can. The more unique and niche your skillset is or the more in demand and hard to come by, the more leveraging ability you may have. Many companies don’t want to use top talent and so they may pay up to keep your skills around.
I provide a unique skill set that is valued at my company that few possess. Since it is a skill in demand that not many others have, I leveraged this skill when asking for more.
Assess Your Unique Situation
Assess your situation and your unique circumstances. Remember that not all asks have to be monetary. If you find that your company cannot accomplish a monetary increase, look at other ways to ask for more. It can be in other forms such as schedule flexibility, vacation days, benefits, remote work, etc.
Assess your situation, know your worth and ask for it.
*One caveat to these questions is if you are underpaid from the start. If you are underpaid initially, taking on more responsibilities, the company’s financial stability, etc., should not be a reason to warrant fair pay. You should be paid fairly for your contribution (from the start). If you find out you are underpaid, demonstrate your skillset and contributions and ask for more. Assess your unique situation and receive your worth.
Looking for More on Negotiation?
If you are looking for more on negotiation, you may be interested in:
- Top 5 Negotiation Tips for a Smoother Negotiation
- 3 Powerful Negotiation Tips No One Tells You
- Can I Make the First Offer in a Negotiation?
- 3 Easy Steps to Promote Yourself in a Negotiation
- 4 Important Questions You Need Answered Before Your Negotiation
- 3 Tips: Find the Numbers to Emphasize Your Valuable Contributions
These posts can help you feel confident for your next negotiation. You got this. All you need are some top tips to start your negotiation off on the right foot!
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Disclaimer: While the contents of this post and blog come from research and personal experience, each experience, situation and/or person has their own unique circumstances. This is not negotiation, financial or any other form of legitimate or official advice from an expert. Each individual should do their own independent, comprehensive research. Negotiation, career and all other decisions are the sole responsibility of each individual or party. Details found on the blog and in individual posts are opinions and should be treated as such for entertainment purposes only. Read further disclaimer information in the footer and on the Disclaimer page.