With today’s economic and employment situation, employees hunker down and avoid drawing attention to themselves. Asking for a raise? Out of the question.
|You want a raise??|
Not true. If your company is filing for bankruptcy, that’s one thing. But work goes on and the best performers–especially the ones who bring on new clients and save their firm money–are justified in asking for a salary hike. The trick is showing your manager how much you’re worth.
“The need to reward good employees doesn’t change if the economy is in a recession or an upturn.” Companies make employee investments at different times, and some do it purposely during a recession so they’re prepared to come out of it stronger. Employers need to consider what would happen if their best employees leave. The search process is painful since it’s so hard to find a good match.”
Like with any salary negotiation, find out what people in your market and your position are making. There are several ways to get that information. First, consult a recruiter that specializes in your industry. They know exactly what your competitors are paying.
You can also find this data on Web sites like Rozee.pk . They have an extensive database of subscribers who have contributed salary information. The user must answer a few questions related to their experience and job responsibilities to find out what others are getting paid.
Once you know your market value, request a conversation with your manager about salary. Don’t threaten that you’ll leave if you don’t get a raise, and stay away from mentioning financial hardship. Instead, remind your manager of the strong contributions you’ve made. During an economic downturn, highlight new clients you’ve brought to the firm and cost-saving measures you’ve enacted. Include the key projects you’ve completed and goals you’ve met.
Thou your employer might be losing money because of a downturn, but if you can prove that you’re vital to getting the company through the recession, then a raise is assured.
Next, present your manager with the research you collected on what others in your market are making. If you completed the rozee.pk salary survey, bring it with you. If you contacted recruiters, mention that. But you want to take a conversational tone instead of a confrontational one. Bring it up as if it’s a discussion in which you’re presenting research.
Don’t say, ‘You’re underpaying me!,’ Instead you might want to say something like, ‘Over the last year we had very specific targets in the organization that I had a vital role in assisting the company with. That, combined with the research I’ve done on current market conditions, makes me feel that my position here is worth the fair market value. I’d like to have a conversation to discuss my value to the organization.'”
Don’t expect to get rejected but be prepared just in case. One route is to consider perks outside of salary. For instance, many people consider additional vacation time just as valuable as money. Other options include health benefits, reimbursement for commuting and professional training in a job-related skill.
If you are denied the raise, tell your manager, ‘I appreciate that finances are tough now. Can we discuss non-salary perks?’
Another way to deal with rejection is to ask what you can do in the next six months to make this conversation successful the next time. Ask the boss to be as specific as possible. It lets the boss know you’re serious and that you’re willing to improve to get this raise.
Again… best of luck 🙂