9 Tips on Getting a Raise in a Down Economy

One of the most unfortunate things about making our way through the current economic recession is the fact that things are tough all over. Which means that while this is the time when you and your family need a raise the most it’s also the time when your company may be in the worst position to give it to you. But that doesn’t mean you shouldn’t try.

There is one thing about an economic recession, companies that have loyal hardworking employees that are doing their best to help keep business rolling want to do all they can to keep those employees happy. So just because things may be tough for the company you work for, doesn’t mean they aren’t going to want to give you what you need to keep you working hard.

If you think it’s time to start looking into getting a raise at your job use these tips to help prepare you and give you the best chance at getting what you deserve.

1. Find out how what your salary is compares with what your salary should be. The first thing you should do is see how your salary ranks with what other companies are paying. Websites like Payscale.com or Salary.com help you figure the average salary for your job in the area you live and work in. See where your paycheck fits on the scale and use that as your jumping off point for how much you should be asking for.
2. Research the company. Don’t relay on company gossip to figure out how things are going for the company you work for. About.com has a great section about how to research a company to see what the condition is, how the market fairs, and how successful the industry you work is in is doing. These favors can help you come up with a reasonable request when meeting with your boss. Not to mention be armed with the facts about the status of your company’s well being always gives you an edge while negotiating.
3. Read the Employee Handbook. Refresh your memory on the do’s and don’ts of your company. See if there is a set protocol for asking a raise that you should be following. Be sure and reread your job description as well. Are you doing all that your job entails? Are you doing more?
4. What can you bring to the table? Sit down and make an honest list of everything you do for the company. Then make a list of all the things you can offer the company to help keep them successful. What can you do that no one else can?
5. Get the lowdown. Do you have friends or coworkers who have already asked for a raise in recent months? Even if it’s someone who doesn’t work for your company find out how they went about it and went right or wrong with during their experience.  Take notes.
6. Come up with Plan B. You have to be sure that you have a game plan in mind BEFORE you walk in the door. How low of an increase are you willing to take? And what does it mean if your boss says no? Are you going to be willing to take no for an answer or will this be an all or nothing ultimatum. Whether you’re willing to quit your job if you don’t get your raise or not is a decision you need to make before setting up the meeting.
7. Set up a meeting. Make sure your boss knows your mean business. Don’t just pop in to his/her office on your way out the door or grab he/she in the break room. Call ahead and set up a meeting so he/she knows you’re serious.
8. Be Confident. No one knows your situation better than you, and know one knows what your worth better than you.  So when you step in that room be sure you don’t walk out settling for anything less than what you deserve.
9. Stay Confident.