When is the right time to ask for a raise

In general there is never a good time to ask for a raise. If you have a good relationship with your boss / company raises should be accomplished at regular intervals. There are a couple of exceptions to this rule.

If you are given a new job, title, or significant increase in responsibility then it is legitimate to ask if additional compensation comes with these responsibilities. Do not be surprised if the answer is that in the next cycle this will be considered. The employees that I have seen get the largest raises over time are those who take on the task with the understanding the money will follow.

Implicit in this relationship / understanding is that you received fair compensation when you hired on. This is the most legitimate time to negotiate your salary and when you can expect increases over your present compensation. If this is the first real job, do some research so you know what is reasonable for the position you are hiring on to. Do not be afraid to negotiate this. Almost every employer I know will make an offer at a lower price then they are willing to pay. This is because a large percentage of people will counter and an employer needs to be able to counter as well. It is also reasonable to enquire about any probation period and if a raise can be expected at the end of this period.

One strong word of caution, never, never, never lead off with this discussion.

First and foremost you must determine if you are a fit for the job, if the job is a fit for you and if the corporate culture is a match for where you wish to work. You should be inquiring / demonstrating how you can benefit the company through hard work, not how you can get a job and what it pays. If you are successful in this exercise, when the offer comes you can then negotiate. Be prepared should you be asked how much you want and respond that you would like to be paid a fair compensation in line with your peers and the position and responsibility you are anxious to assume. Try not to put a price on yourself unless you are confident that you know that number and you will not take less.

I have seen many people state a required starting salary thinking they are starting negotiations. When this number was over what the employer could pay they where taken out of the running. In later discussion I learn that the would have taken less. It is much better to hear what the employer offers, add 10 to 20% and see if that is attractive. It keeps your options open and allows you to make informed decisions when you are not in the interview mode.

Finally the quickest way to raises is to take on functions that are outside your normal responsibilities. Any employer worth their salt will give the larger raises to the folks who are demonstrating they are willing to do more then they are paid for or assigned.... It is just good business sense and leads to a win win situation.

Personally, its not all about work and money - Here's some insight into my passions and how to foster yours too.

Passion versus work and money.

I am afraid I will be in the minority here. I believe that one should be choosing a career that is driven by passion and what you love to do. If you do that it isn't work, it is joy and when you work for joy the money just seems to come.

That doesn't mean you shouldn't have a personal life I am just not sure that they don't begin to blend. I think in this day and age the challenge really comes in managing your time versus letting others manage it for us. We all know what is fun, the question becomes do we set aside time for it. Does the cell phone rule us or do we rule it. Can we put down our blackberry and let it beep until we are ready to deal with it or must we answer every time it beeps.

My personal passion early in my career was to launch space shuttles. It took me three jobs to get to where I was involved, but once I got there I felt my dreams were underway. This allowed me to work long hours but to never be tired. I look back on that period of my life with great pride, joy, and satisfaction. Because it was what I dreamed of no job was too small and no challenge to large.

Work for joy, not money and the rest will take care of itself.