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…

Recession Briefing 9.28: Unemployment Gets Worse

What you need to know today to survive and thrive in the recession.

The unemployment rate for young Americans (aged 16 to 24, excluding students) has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. (New York Post)

As challenging as it is for anyone to find a good job in this economy, it can be even harder for people out of work a long time. Skills atrophy. Demoralization sets in and can become permanent. Some potential employers shy away. (Wall Street Journal)…

Recession Briefing 9.14: Goodwill Fashion Grows

What you need to know today to survive and thrive in the recession.

Goodwill stores — which might have been a wardrobe faux pas in better times — are seeing a recession-fueled boost in sales. (Boston Herald)

Basic salaries for executives at top companies jumped 10 percent last year despite the financial crisis, a report said on Monday. (Agence France-Presse)

There is a surge in student interest at the nation’s schools that provide an education in the business and science of funerals, a field that historically garners greater interest as the job market worsens. (Associated Press)…

Out on the Street: The Bucks Are Back

So extravagant pay packages are a thing of the past? The political rhetoric suggests so. Last week the Obama administration started to work on curbing “excesses” on Wall Street. The compensation structure for all financial services firms—even those who didn’t accept TARP money—is under review. The private sector is also rethinking pay big time. Earlier this year, JP Morgan C.E.O. Jamie Dimon told employees at a town hall meeting that many should be prepared to have zero bonus payments in 2009. “Get over it,” was his message.

So you can imagine my surprise when I heard the other day that a trader had been offered several million dollars to jump to another bank guaranteed for a couple of years. That’s right: several million dollars. At first I thought I’d heard wrong. It’s 2009, not 2006…