Negotiating a Raise When the Economy Is Uncertain. In a down economy, asking for a raise can feel even more difficult than usual. Increasing your chances for success comes down to preparation and timing. Here's some advice to help you get to the outcome you want. - Ask yourself: Why do I deserve this raise? Maybe your team is understaffed and your manager has shared that they want to retain you, or you've been receiving excellent feedback about your growth. Or perhaps you recently learned that you're underpaid compared to your colleagues. In any case, identify what's driving your ask.
- Prepare data to share with your boss. Document positive feedback about your work, along with any quantitative or qualitative metrics that speak to your value to the organization. You also might want to look at websites like Payscale and Salary.com to get an understanding of the market rate for a role like yours.
- Ask compassionately and clearly. Begin the conversation by acknowledging that this may be a difficult time for the organization, then make your case. It's appropriate to show some compassion for your manager's position—but don't apologize for advocating for yourself.
- Be prepared for different outcomes. If their proposed raise is lower than you expected or asked for, negotiate. If your manager says it's not possible for the company to consider your raise at all, ask if they'd be willing to revisit the conversation in three to six months.
| | | | Today’s Tip | | Negotiating a Raise When the Economy Is Uncertain | In a down economy, asking for a raise can feel even more difficult than usual. Increasing your chances for success comes down to preparation and timing. Here's some advice to help you get to the outcome you want.
- Ask yourself: Why do I deserve this raise? Maybe your team is understaffed and your manager has shared that they want to retain you, or you've been receiving excellent feedback about your growth. Or perhaps you recently learned that you're underpaid compared to your colleagues. In any case, identify what's driving your ask.
- Prepare data to share with your boss. Document positive feedback about your work, along with any quantitative or qualitative metrics that speak to your value to the organization. You also might want to look at websites like Payscale and Salary.com to get an understanding of the market rate for a role like yours.
- Ask compassionately and clearly. Begin the conversation by acknowledging that this may be a difficult time for the organization, then make your case. It's appropriate to show some compassion for your manager's position—but don't apologize for advocating for yourself.
- Be prepared for different outcomes. If their proposed raise is lower than you expected or asked for, negotiate. If your manager says it's not possible for the company to consider your raise at all, ask if they'd be willing to revisit the conversation in three to six months.
| | This tip is adapted from “The Economy Is Uncertain. Can You Still Negotiate a Raise?,” by Shanna Hocking | | | | | | | | | | | | | |
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