The Executive Suite: How to Ask for a Raise in a Bad Economy

Friday, July 26, 2013

How to Ask for a Raise in a Bad Economy

Asking for a raise is a hard thing to do in general, but it's even harder when the economy is not thriving as strongly as you would hope for. In a time when everyone is struggling it's hard to ask your boss for a raise, but sometimes it's absolutely necessary for your financial survival. If you are in one of these predicaments, follow these steps to help you ask your boss for a raise during an economic crisis.

Suggestions

Give yourself an honest evaluation and determine whether or not you feel that you are worthy of a raise. Have you gone above and beyond lately? Do you consistently perform better than others on your team? If you feel like you've performed better than average, then proceed to the next steps.
Set up a meeting with your supervisor. Do not barge into your boss's office asking for a raise. Be sure to pick a time when things are not too hectic and where you will get a solid amount of time to talk about everything that needs to be discussed. If possible, set an Outlook reminder and block out that timeslot in both you and your supervisors schedule.
Humbly approach your boss with reasons why you think you deserve a raise. If possible, show or give recent examples of times when you've gone above and beyond the call of duty. Remind them of various projects and/or times that you've excelled in the company in the past few months/years.
Explain your current financial situation and express the severity of the situation if you do not receive a raise. You want your boss to be sympathetic of your needs.
Have a clear back-up plan if you do not receive a raise. Do not give an ultimatum if you cannot follow through. If you have the opportunity to give an ultimatum it could give you some leverage with your boss, especially if you are a valued employee. But again, be ready to follow through if your boss does not give you what you are asking for.
Be very thankful of his/her time no matter if they give you the raise or not. If you leave with matters still up in the air, propose a deadline of when you will know if a raise will be given or not.