Should You Ask for a Raise in a Troubling Economy?
Posted in Salary & Benefits
Everybody is struggling to keep their jobs and earn money to provide food to the table, but if you believe you have contributed more than enough to your organization, should asking for a raise a good idea despite the bad economy?
As forty percent of companies across the United States have announced a freeze on pay raises in 2009, here are some valuable things to consider before asking for that all-important pay hike.
What would make you more valuable to the company
Tell your superiors some specific examples of your overall performance. Offer to them what you have made, saved, and achieved for the organization. Also, you have to consider whether your work skills set you apart from your peers.
What can you do that your colleagues in the same occupation cannot? Have you exceeded the expectations of the organization, whether through initiative or problem solving? Be prepared beforehand, equipped with the knowledge on how your performance has helped the company and how you plan to do so in the future.
Know how your salary is compared to your contemporaries
Of course, asking your colleagues about their salaries in an outright manner is not only unethical, but also tactless. However, you can compared your salary with those of your peers by checking salary websites such as PayScale.com, which lets you browse through salary ranges by job title, experience level, and geographic area.
Consider your reputation
You do not have to ask your colleagues how good you are as an employee. Just notice how they address your performance. Does your boss refer to you as his company's most talented or creative person? Do you go out of your limb to cooperate with coworkers to get things done? Do you always get complimented for your professional appearance, attendance, and diligence at work?
Know where your company stands
If your company has announced layoffs, salary freezes, or wage cuts, it does not necessarily mean you no longer have to ask for a raise. However, if you do plan on asking for a pay hike, you should proceed with much caution.
Timing matters
The best time to ask for a raise is when you feel your performance has really stood out. Did you help the company avoid its workers from holding a strike? Did you create a marketing campaign that skyrockets your product's sales? However, if you have performed well, but not enough to get you noticed, consider waiting for your performance review period.
