October 8, 2015

WCCO News: When’s The Best Time To Ask For A Raise?

Jason DeRusha, WCCO News

One the most stressful workplace moments is going to meet with the boss and asking for a raise.

In 2013, several surveys put the average pay raise at around 3 percent.

And according to PayScale, the average woman hits a salary plateau at age 38, and the average man hits that plateau at age 45.

So what’s the best time to ask for a pay raise?

“The best strategy is preparation,” said Marni Hockenberg, the principal at Hockenberg Search, a recruiting and coaching firm in Minnetonka.

“You should always be thinking: What can I do for the company to make it better, to make it grow?’” she said.

When it comes to a raise, you should be constantly preparing to show proof of your performance.

“Employers want to know what have you done for them,” Hockenberg said. “How have you increased revenue? How have you decreased operating costs? Did you bring in a new customer? Did you retain a customer?”

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