You’re good at your job and you’re constantly looking for ways to get even better. You’re learning new tools and technology, getting more efficient, taking on more projects, and teaching other people what you know.
You can see the results of your work all around you, and you know the company is better off for your efforts.
I’ll handle it later
You should probably be making more money, but you can’t find the time to figure out what to do about that. So you keep your head down, keep learning, keep doing great work and planning to figure out the money part later.
The cost of waiting
But when is “later” and what is the cost of waiting until then? Let’s say you’re making $80,000—approximately the average salary for a software developer, and that has been your salary for 18 months now. You’ve been doing side projects to learn new technology that has directly contributed to your performance at work. You’re a much better developer now than you were 18 months ago, and you’re probably underpaid.
And let’s say you could have gotten a 5% raise at the one-year mark if you had just built your case and asked the right way. That means you would be making $84,000 for the past six months.
Waiting has already cost you $2,000, and you can’t get that money back. Waiting another six months will cost you another $2,000. All that waiting can really add up over time.
How long have you been waiting?
How many times have you thought, “I think I’m underpaid, but what can I do about it?” Each time you kick the can down the road, you cost yourself money.
You’re not alone! Most people are waiting for their next raise to come to them. They think that if they just keep working hard and stay patient, their manager will recognize their work and give them a big raise.
And that might happen. But it might not.
The good news is that you can do something about it by proactively asking for a raise instead of waiting for one.
In the next article, you’ll see what raises look like from your manager’s perspective.