The Working World
How to Ask for a Raise in Recession
Your boss would like you to think that there are a hundred people in the unemployment line who’d be thrilled at the prospect of having your job. But your boss is not letting you in on the bigger picture: The truth is, it is always more expensive to hire and train a new employee than to keep the one you have happy and productive—and that doesn’t change just because we’re in a recession. Understanding this one point already puts you at an advantage when it comes to salary negotiation, but there many other tactics that can give you an edge in asking for a raise during a recession as well.
Timing is everything. Now more than ever, timing is important when it comes to bringing up a raise with your boss. After all, doing so on a day when a dozen of your colleagues have been laid off probably isn’t the brightest idea. Instead, schedule a meeting soon after you finish an important assignment or immediately after the company has gotten some positive news.
Do some research. Come in to the negotiation with a target salary in mind, but don’t base that number on what you think you’re worth. Doing the proper research and finding out what other companies are paying and how much money you personally have made for the company will go a long way in proving to your employer that you deserve a fair raise, despite the economic climate.
Don’t be pushy. If your boss tells you no, don’t start demanding that he or she change their mind. Instead, spend a few months increasing your value to the company by becoming a star player—which might be even easier with fewer coworkers around to compete with—before going back in and trying again.
Accept alternative options. Even if your employer can’t offer you a raise, there may be something else that he or she can do. Whether it’s top billing on an upcoming project, a title change, or a couple extra vacation days, there may be other benefits you can get from this negotiation without the company spending a dime.
Stay positive. Even if the negotiation doesn’t go as you’d hoped, stay upbeat and make sure your employer knows you’re still happy—if you are—about working at the company. Otherwise, you run the risk of seeming like an unhappy employee, which is not where you want to be during the next round of layoffs.
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I completely agree that seeking credit where and when credit’s due is entirely acceptable even in a gray economic climate. Thank you for this insightful and practical piece.