When To Apply For A Job Promotion Or Raise

should you apply for job promotion raise

You have put in the work and managed your professional relationships, and now there is an open position further up the ladder—is it the right one for you? Here are a few points to consider when deciding whether to seize the job promotion and raise opportunity or prepare for a strategic move later on. 

Decide Whether It Is The Right Time 

First, get a sense of whether there is a professional need to fill. This could be a recently opened job or a strong need for someone to help shoulder a department’s workload and the potential to make a case for a new position. 

Knowing there is a need for a new job doesn’t necessarily mean management will create the position right away. However, it can help to alert management to the need and find out whether they have the budget. If not, you may decide to look elsewhere or wait until another opportunity comes up. 

Weigh Whether It Is The Right Career Move 

It is also important to assess whether this promotion is the right choice for your career. Better compensation is always great, but take the time to see how this new position fits within your long-term plans. A move in the right direction can provide you with more opportunities for further growth and advancement, while an unsuitable role could send you down a career path you aren’t as invested in. 

For example, someone interested in growing as a civil engineer might be less interested in a role that places them on a managerial track than someone whose strengths lie in leadership. In short, make sure that the new role would put you in a position to continue the work you want to do. 

Think About Work / Life Balance 

Many people focus exclusively on salary when considering their role, but your free time has its own value—use this chance to consider how this promotion will affect the boundaries between your career and your personal life. Look at how the position’s duties differ from your current job and see how they would affect how you spend your day. 

An increase in responsibilities may mean you have to dedicate more hours to your new role; conversely, being entrusted with more resources or delegative power might leave you with more agency over your time. There is no hard-and-fast rule for figuring out how a promotion will affect your work/life balance—pay attention to the job duties, ask questions, and consider what the role and responsibilities would mean for you. 

Consider The Salary And Benefits 

The increased pay and benefits are typically the biggest reasons to apply for a promotion. The higher your pay, the greater your percentage-based pay raises in the future—a raise now can affect your salary for the rest of your career. Any additional benefits can also pay dividends over time, whether it is stock options or a more robust health insurance plan that can save you money if you get sick or injured. 

Additionally, higher compensation can offer more resources to put toward your financial goals. Maybe you are saving up for a down payment on a house, or you are looking to get a permanent life insurance policy like universal or whole life insurance. The key is to see your prospective new position’s compensation package comprehensively–take stock of what is on offer and how you can make it work for you. 

Imagine Yourself In Five Years 

Finally, if you have worked through all the above and are still unsure, think about where you want to be in five years and how this role factors in. Could this promotion be a stepping stone? Will it put you on the right track or make it harder to get where you want to go? Thinking about where you want to be in the future can help you take a step back and look at the big picture.

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