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Asking for a pay raise when the economy is on the fritz is not an easy thing to do, but here are some tips to help you approach the situation with tact and research.
So you’ve done it: you got the job, and you’ve worked your butt off getting there. But what happens when staff numbers start to shrink, work piles grow, and it becomes obvious that you are genuinely underpaid for the amount of hard work you are putting in? What is the best way to go about asking for a raise during a recession? We spoke to Shirin Khamisa, a certified career coach and founder of coaching company Careers by Design. Here are her tips for negotiating a pay raise in one of the toughest economies.
Be aware
“It is important to know your industry and how your organization has been affected by the economic situation,” says Khamisa. If there have been layoffs or pay cuts within your company and a pay hike is unlikely it is important to consider other benefits you could request in lieu of a monetary raise. “It is important to ask yourself the question, ‘what do I want?’…you must consider what is most important for you in life, maybe that is time off or working from home a few days a week.” Khamisa also suggests requesting opportunities that could take you to the next level within your company such as working more closely with your boss to gain leadership experience or seeking out directional change within your field to broaden your work experience.
Know your value
Knowing your value within the broader scope of your career field is essential. “Early on in our career we’re often thinking about how much we’ve contributed,” says Khamisa. “It is important to give yourself a reality check and to move from being internally focused to seeing what is going on in the marketplace.”
Get your hands on salary surveys, both from within your company and from within your field in general – this will help make comparisons between how much you are making and how much others with similar experience are making elsewhere.
Know your contribution
Clearly knowing what you have accomplished during your time with your company is one of the most important factors when approaching your boss for a raise. Khamisa suggests looking over old performance reviews and noting what it is you have been measured on and then judge how well you believe you have been doing in each area. If you’re not good at critiquing yourself try approaching your co-workers or other managers within the company and asking them to point out some of your strengths and contributions. Also, “collect all the feedback that has been given to you throughout the years and keep it. It will help you remember what you have contributed,” says Khamisa, who adds that the process is also a great self-esteem builder.
Have no fear
“Sometimes we may not ask for what we want because of our perception of our bosses,” says Khamisa. This especially rings true when money gets tight and people are frightened to disrupt the hierarchy of their company in fear of losing their jobs. In fact, says Khamisa, discussing raises or other benefits can actually do the exact opposite. “Knowing your value and seeing what the company can offer you is a great way to build a relationship between yourself and your boss because it lets them know you are not afraid to ask for what you want.”
Be prepared
Before entering the room on your big day, organize yourself. Have all your papers and documents available including duplicate copies for your boss. “Know your arguments, prove them logically, and end with a positive summary of what you believe your contribution to the company has been,” says Mike, the vice-president of a Toronto-based media company who is responsible for negotiating and organizing the pay packages of every employee within the company. More importantly, he says, let them know what your contribution will be in the future and be clear when laying out what you believe your new compensation package should be.
Come in peace
If this is not the first time you have requested a raise, and if you have been rejected before, it is important not to walk into your interview with any resentment or negative emotions, says Khamisa. “Some people go in with that energy and it is not good, it will not allow you to come to a compromise between you and your boss.” And maybe this time around the answer will again be a no, but it is essential to remember that it is not personal. Try leaving the door open, she says, instead of turning the experience into a negative one, ask that your request be reconsidered in three or six months.
Shirin Khamisa is a certified coach and counsellor who empowers people to create more happiness in their lives and work. To find out about how coaching can help you visit www.careersbydesign.ca or call Shirin at 416-519-8408 for a complimentary consultation.