Planning to ask for a raise during recession? When the economy is in a recession and employees are trying their best to avoid drawing attention to themselves, hoping for a salary boost just seems out of the question.
However, the best performers in a company are justified in asking for a salary hike even during difficult times. Showing your employer how much you’re worth is the key factor here. Here are some strategies on how to ask for a pay rise.
Choose your moment and your methods carefully while planning to ask for a raise. This will help increase the chances of your boss granting your proposal. This guide will provide tips to help you do just that.
Step 1: Know your worth. Do some background research to assess if others with similar positions in your industry are earning significantly higher than your current salary. Present such data to your manager to show that you deserve a pay hike. Create a list of your professional accomplishments, skills and contributions to the company saving money or increasing its revenue.
Step 2: Collect information. Arm yourself with a fair knowledge of how much a normal raise is for someone of your experience and profession.
Step 3: Timing is everything. Select an appropriate time of the day when your boss will likely be attentive and receptive to your proposal. Make an appointment with him/her, preferably for an end-of-business-day meeting.
Step 4: A good strategy can be asking for a specific amount that’s somewhat higher than the pay rise you want.
Step 5: Be realistic. If your firm is going through troubled waters but you are still confident that you deserve a raise, decide how you will respond if a lower hike is offered.
Step 6: Leave room for negotiation. Would you consider flextime, boost in perks, time off or vacation time in lieu of a pay rise?
Step 7: In case your employer turns you down, have a plan of action chalked out beforehand.
If you can effectively prove your value to your employer, the company’s need to reward you doesn’t need to change: recession or no recession.