In today’s economy, the percentage of employees across all industries who will receive a raise is down…way down.
You’re probably working harder than ever to hang onto your job and receiving less financial payback than you should. As friends and colleagues continue to get laid off or struggle with unemployment, you don’t feel justified in “pushing it” to demand the pay increase you know you deserve. You feel lucky to even have a job. You’re afraid to rock the status quo and risk being rejected, demoted, or worse, fired.
Joel Garfinkle, acclaimed career coach and author of Land Your Dream Job and four other impactful career guidance books insists that now is a better time than any to ask for your well-deserved raise.
Read on to learn why it’s necessary to negotiate a salary increase in a down economy and how to go about doing it successfully.
Why ask now?
Your fear isn’t rational
“Never in my 13 years of being a career coach, has anyone ever been fired for asking for a raise,” says Garfinkle.
In this economy, it’s difficult to predict if your boss will be financially able to grant you more pay. But Garfinkle asserts he can guarantee your boss is going to have more respect for you if you spend the time to ask for a raise. It’s this respect that’s going to differentiate you from your colleagues when it’s time for lay-offs and promotions. Asking for a raise is a crucial strategy to solidify your importance to your company and retain your job. That’s right, you’re actually less likely to be fired if you ask for a raise. How’s that for ammunition?
The art of asking
In a down economy, it’s very important to remember that your boss is under more stress now than ever. Address this by entering the salary discussion with a phrase like, “I realize the company is financially strapped more than in years past, but there are a lot of things I’ve achieved to increase our profitability. I’d like us to take a second look at my compensation together.”
Confidence
No matter where, how or when you negotiate for your raise, the most important thing to have in your arsenal is confidence. Drum it up by doing ample prep work before entering the salary conversation. Garfinkle recommends creating a list of fact-based, quantifiable data to illustrate your accomplishments. Make sure you state the financial impact each item had on the company. Here are the things to include:
1. Goals met
2. Responsibilities filled
3. Projects completed successfully
4. Problems solved
5. Experience gained
6. Expectations exceeded
7. Positive feedback and praise from colleagues and clients
8. Innovative ideas
9. Successes of your group or department
If compiling your dollars-and-cents argument hasn’t helped with complete confidence, consider these additional strategies from Garfinkle:
Know your monetary value. Human Resources departments agree that it costs them one and a half times your salary to hire a new person due to training costs. The dollar amount you’re asking for is minor in comparison to that – not to mention the hassle your superiors would face in finding someone new.
Envision your “impossible” number. One of Garfinkle’s greatest strategies for gathering confidence is to have a salary number in mind you feel you could never ask for. Structure your argument with the hard data you would need to make a case for that “impossible” amount.
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