How to Ask for a Raise in a Recession
Tim Chan | MainStreet.com
2. Assess your skills and accomplishments.
Make a list of all your accomplishments and write down how you contribute to your company or professional team. Be specific. “It’s important to articulate what you’ve done for the company,” says Robert Chope, president of the National Employment Counseling Association. “That’s the most important thing you can do and people are always too shy to do it.”
Transou suggests approaching management with some return on their investment calculations. “Show them their cost-savings by promoting you over hiring a new employee,” she says. “If you can explain how the company can save in the long-term by promoting you, you’ve put yourself in a good position to get a raise.”
Above all, make sure you know where you stand compared to others in your industry. Chope says to compare yourself to other people in the organization and to people with the competition as well. Are they doing the same tasks as you and getting paid more money to do it? Or are they doing more for less?
Another important question to ask: Can you be easily replaced? “If there is a lineup of 100 people who can do what you do better, then you probably don’t have much bargaining power,” says Chope.