How to Ask for a Raise in a Recession
Tim Chan | MainStreet.com
3. Be flexible.
At the end of the day, a company either has the money to give out a raise, or it doesn’t. Salaries are often considered fixed costs and can be difficult to change.
If your employer is not open to a salary increase, don’t be discouraged. There are other forms of compensation that you can negotiate. Chope suggests asking for additional vacation days or a more flexible work schedule. You can also negotiate your benefits package to add value to what you bring home from work.
Transou says to think practical. Consider asking for a new Blackberry or an upgrade on your computer. Many companies will also pay for continuing education (provided the course is related to your field). “These are all one-time expenses and not fixed costs,” she explains. “They’re a lot easier to give out from an employer’s point of view.”
While money may be tight these days, Transou says companies are open to negotiating incentives, in order to boost employee loyalty and moral.
Adds Chope: “A promotion or raise is not necessarily related to the current economic crisis. It should be tied to performance, and people should always feel like they’re getting paid what they’re worth.”