The Smart Gal’s Guide to Getting a Raise In a Recession
Talking money at work can be tricky these days.
By Jihan Thompson
Everybody wants one. But talking money at work can be tricky these days as more companies downsize and so many are arguably relieved just to have jobs. But that need not stop you from asking for what you’ve earned. Exercise common sense—you may need to bide your time a bit longer if your firm is currently doling out pink slips. But if the outlook seems stable, consider these guidelines before making your case.
Wait your turn.
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getting a pay raise in a recession
Only been at the company six months? No matter how much work youve done or business youve generated, youll look presumptuous approaching your boss for a raise. Be honest with yourselfdo you really deserve a raise? Have you taken on more than your job description calls for? Unless your position has radically changed in a short time frame, wait until your next performance review to lobby for a raise. \r\n
Do your research.
raise, money, work, recession, pay, salary, job, career
getting a pay raise in a recession
Theres a difference between thinking youre underpaid and actually being underpaid. Find out what your job commands at similar firms. (Ask around or check out research sites like salary.com, payscale.com, or salaryexpert.com.) Be reasonable and realistic or risk alienating your boss.
Pick the right moment.
raise, money, work, recession, pay, salary, job, career
getting a pay raise in a recession
Just finished a big project, recently closed a big account, or scored the biggest press ever for the company? You’ll want to swoop in when your bosses are praising your work and thinking positively about your value to the company. And it wouldn’t hurt to make sure your boss is in a good mood before traipsing in with your proposal.
Have your back-up ready.
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getting a pay raise in a recession
Come prepared with a memo that details your accomplishments, from tangible scores (that big deal you nailed) to the immeasurable contributions (you mentor junior associates). Use examples to demonstrate that youve taken on more responsibility within the company. Keep the memo short (no PowerPoint presentations!)no more than a page, two max. Leave a copy with your boss, so hes got all the information at the ready when considering your request.
Do not threaten to quit.
raise, money, work, recession, pay, salary, job, career
getting a pay raise in a recession
Keep your inner brat in check. If your boss balks at your request for more money, do not (I repeat, do not) take it personally. Begging, threatening to quit, crying or anything equally childish is not a ringing endorsement for you or how much you value the company. (And he might take you up on your threat.) Dont resort to ratting out your lazy cubemates, either. Remember: your boss is watching to see how you handle setbacks.
No cash? What about perks?
raise, money, work, recession, pay, salary, job, career
getting a pay raise in a recession
If the company is strapped for cash, switch gears and ask for other perks, like extra vacation days, tuition reimbursement for a job-related course, a bonus. While these may prove less gratifying than a raise, any of these are affirmations of your valueand a reminder to the firm of your commitment.
Leave with an answer.
raise, money, work, recession, pay, salary, job, career
getting a pay raise in a recession
Your boss probably wont give you a yes or no answer on the spot. But dont settle for an Ill get back to you, either. Leave with a follow-up plan in place. When will she get back to you? How long should you wait for the process to run its course before checking in? Not only will you get your answer, but your boss will take the request more seriously.
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