When to ask for a Raise
I'm coming up on a year at my firm and would like to ask for a raise once I get there. I was hired in the latter half of last year, so I was unable to get any sort of raise or bonus for 2019.
I know for a fact my pay is below market, and I also know I am a valued worker as we have laid off others who are on the same level as me. I want to ask for about a $10-$15k raise, which would put me in line with first-year IBD analysts (do the math), I live in NYC as well.
Is this smart? Should I not do this considering COVID-19 and that I'm lucky to still have any sort of job? I'm a few years into my career, so I feel like I have the power for some sort of negotiations. I also do not want to wait for YE reviews to ask for a raise - that would be like 9 months from now.
I'd say after 6 months of solid work you're good to go in terms of talking about a raise. Whether it happens or not who knows, but I'm not sure the current environment is the best time to ask for a raise... Or maybe it is, I have no idea what I'm talking about.
Depends on your relationship(s) with your superior(s). But I’d say don’t do it now since you said your firm has had to lay people off. They’re obviously strapped for cash.
I wanted to make a thread about this but it is more efficient to just use this one.
I'm in a pretty similar position to the OP, it will have been 1 year in this bank in about a month. I want to ask a raise in 2021 (mainly because it was already announced that 2020 raises were off, otherwise I would have gotten a 5% raise already) of about 20%-30%. My reasoning is that unlike all of my colleagues with my same title, I'm the only of them who has executive exposure. I've been put at the front multiple times presenting (both making the presentation and speaking) to the man who is 3rd in the hierarchy of this bank. This means that while my colleagues can turn in bad work that will then just get revised by my boss when I present my work I'm putting both my credibility and hers on the line. That added ownership of results has got be worth at least 20%-30% more than my peers who only turn in repetitive work that then my boss and I revise anyways.
I also don't mean to throw my peers under the bus but even just one year in (and some of them have 2+ years) already my level of ownership and executive exposure is way beyond theirs and this comes with added stress and worries. Am I being realistic here?
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