How to secure a pay rise in a recession

Of all the job-related minefields you can enter into, asking for a pay rise must be one of the most dangerous.  To ask during a recession surely it is out of the question? Surely it will give good reason for your boss to think you are totally out of touch with reality, or maybe you are just insensitive?  This simply is not true, if your company is trading insolvent, that’s one thing, But remember work goes on and the best performers are the ones that implement cost saving initiatives, bring in new sales and ultimately keep companies afloat. “Good employers want to keep their best employees the need to reward good employees doesn’t change if the economy is in a recession or an upturn, in fact the need to keep good employees is even more critical during tough times, and savvy companies invest purposely during a recession to ensure they are prepared to thrive not survive”.   “The trick is you need to show your manager just how much you are worth”.

However unlikely the prospect may seem, being prepared is the first step to securing a pay rise.

Here are a few tactics that may help you:

Think like your boss - Second guess your boss, what objection is he or she going to raise?  Anticipate the problems and prepare, put together a business plan, know your worth, know what want.  Find out what similar jobs are paying, consult a recruiter that specialises in your industry. "Nobody has a better finger on the pulse than a recruiter,"  "They know exactly what your competitors are paying”.  Put together a report that outlines all the salary data, its about providing proof nobody can argue with facts.  Once you have collated this data request a meeting with your boss. 

Timing - Timing is everything, get your timing right, preferably just after a personal success not just after the company has posted record losses. Consider how unique is your input, are your skills easily replaced, would it be disruptive to the business if you left? Increase your productivity, keep learning, add value, get noticed in the weeks leading up to your requests. You'll never feel bad about asking for a pay increase if you're taking time to go that extra mile.

Approach - When asking for more cash, don't be aggressive. Be assertive instead. Don't threaten or moan. Don’t say “You’re underpaying me.” “ I always say you should prove you deserve more because of your merits, not because of other people's failings” . So give examples of where you have contributed, where you have gone above and beyond the call of duty, and where you have exceeded targets – prove how valuable you are to the business. Employers will begin to consider what would happen if you were to leave. The search process is painful, timely and a costly process, your goal is to let your employer know how difficult it would be to replace you. But never give an ultimatum. If you say you’ll quit if you don’t get a raise, you might just talk yourself out of a job. It’s better to just present your business case and put the ball in their court. 

Consideration - Give your boss some time to consider your request. Don’t expect an on-the-spot response, but try to establish how long it will take to assess the merits of your request. Be prepared to negotiate - If you are not getting anywhere with a straight forward pay rise, never threaten to leave your company instead, seek feedback and focus on the reason why you are not getting a pay rise bear in mind that this is a negotiation process and if you cannot get a pay rise in the immediate future, make sure you understand why and negotiate the timing and company expectations to guarantee your next raise.  Consider negotiating for perks outside of salary, extra holiday, training, mobile phone expenses etc.. and ask them why you are being turned down, ask what it would take to get a raise let the boss know you are will to improve to get the raise, and get a time frame for when you can realistically get it.

Finally, remember the hardest part is asking, never be afraid to ask you don’t know what opportunities could open up.