Getting a Raise in a Recession: Increasing your Earning Potential
Steps to Success
These days it can be difficult to keep a job much less ask for a raise, but it’s still possible! Follow these steps and you can increase your earning potential, and maybe even look forward to going into work. You are a unique individual and can become a valuable asset to any business, just believe in yourself.
1. Love Your Job
Yes, that's what I said! A Fox Business associate stated “Choose a job you love, and you will never work a day in your life”. This is a very true statement, since having a job can be a luxury. It is also a great tool for achieving goals, and enhancing your life.
You just need to find the positives. Look for things about your job that you do love, even if they are small. If you are enjoying your work, IT SHOWS, and your boss will notice as well.
2. Know Your Boss
What type of personality is your boss? Are they precise, motivated, competitive, and outgoing? They will respond really well towards that same work ethic, they will also likely be a "numbers" kind of person. Show them the figures, where you decreased expenses, or increased gross sales, they will in turn react positively towards you, instinctively.
Maybe your boss is creative, spontaneous, and pushes boundaries. They want someone who comes up with new, innovative ideas, with creative (and fun) marketing. Understanding your boss’s personality will go a long way.
This is more of an obvious tip. If your boss is having a bad day, or the end of the quarter figures just came out, it might not be the best time to talk "raises". Some studies show that asking for a raise or promotion is best done on a Thursday or Friday, since most of the week is past and the weekend is near.
4. Strategic Teamwork
Being a team player is an overused tip for impressing your boss or coworkers, but it's still important. Look at it from your boss's point of view, what would make the business have better "quality of life"? Quality of life for a business is basically a pleasant environment where success and endless potential are able to grow.
Obviously the quicker and higher the net gains, the better quality of life for the business and everyone working for that company. So show your enthusiasm and loyalty to the company, knowing your trustworthy can go a very long way.
5. DON'T Ask For A Raise
Confused? Don't JUST ask for a raise. Tell your boss you would like a 5% or 10% raise, showing the reasons why. This way your boss can't just say "yes" or "no" to your question. This will make them choose a percentage (PRO TIP-in most cases they will psychologically choose the smaller percent, so just make sure that number is the one you want)!
Schedule a time to sit down Face-to-Face (not email to text message) with your boss. Be confident and look them in the eyes, show them you actually believe what you are saying. Be genuine! Don't bother trying to sell something you don't even believe in, no one else will want to buy it.
6. It's Not Just About Money
Maybe your company is being hit hard by the recession, and you know there isn't a possibility for a monetary raise. Ask if you can get a promotion, higher ranking title, or even extra vacation days. Maybe you can work from home, decreasing fuel expenses and cutting down commute time, making you enjoy your work more.
Don't just show how hard you have worked, during this time everyone is working hard and puts in a lot of hours. Explain how you bring something advantageous or unique to the table.
7. Don't Threaten
The days of threatening to quit if you don't get a raise are over. Don't shove the possibility of a new job in front of your employer and expect them to concede. There are PLENTY unemployed Americans ready to take the job, and your boss knows that. Be confident about your contribution and know what you are worth to the company, but don't over estimate anything.
8. Reap What You Sow
It's true, about everything in life; you only get out what you put in. If you are diligent and faithful, it will pay off. Perhaps not in this job, but maybe the next one, and you will get a great reference letter full of praise.
Be hard working, and respectful. Treating others well and not causing discord will bring more peace and earning potential, than being the "biggest, baddest employee" that everyone hates. Your boss is a human too!
The best time to ask for a raise is when you just impressed your boss, closed a deal with a major client, or gotten a great quarterly review. You are fresh in their minds as a positive company team member, and you exhibit qualities of a great leader.