Friday, February 13, 2009

Getting a Raise in a Bad Economy

I truly believe that I will be getting a year end raise shortly based on my performance in 2008, despite the fact that I work in an industry that's facing economic issues. Luckily I don't work in the auto industry. This is how I think you should position yourself for a raise.

1. Ensure that you work hard all year and deserve one. If you're so-so or no one ever compliments your work or you're new to the position, you probably don't deserve one at this time. On the other hand, if you're a star performer, people constantly ask you for help, and many people recognize your performance, then you probably do deserve one.

2. Provide measurable results, either revenue or cost reduction. I've worked in both areas and it's much better to be bringing in revenue. It's best if you can provide tangible numbers about how you're improving the company's bottom line.

3. Do research about industry standards. If you find that you're paid more than industry standards, don't expect any extra money to come your way when the economy is troubled.

4. Talk to your manager about your expectations. I've been positioning myself hard for promotion for about 6 months. At first my boss wasn't sure that I was ready. Last time we talked, he said he would support the promotion, but it's not guaranteed. Even if I don't get the promotion, both my boss and I know that I'm performing at that level and that I expect my salary to be bumped up to reflect that.

5. Look for alternatives. Either alternative perks at your current job such as tuition reimbursement or extra time off or an alternative job that will make you happier.

Good luck


pfstock said...

I wish you the best of luck. However under the current economic conditions, I've learned not to count my chickens before they hatch.

calgirlfinance said...

Thanks pfstock! Don't worry, I'm not spending my raise just yet. I should know in about a month if I get a promotion and/or raise and I'll post an update.

JD said...

So many people are itching for a raise right now... even thought the economy is bad we all continue to work so hard. Where and when is the payoff??!