5 Tips for Getting a Raise in Any Economy
Get paid what you’re worth, even when the economy takes a turn for the worse. Here are some tips for getting the raise you deserve in any economy.
A lot of companies have increased starting hourly pay and salaries in order to entice people to return to work who were left jobless during to the pandemic.
But what about a raise for those who were lucky enough to stay employed?
You may think a raise is out of the question. But, if you are looking for more money, here are some tips for getting a raise in any economic climate.
1. Show and tell.
Prepare convincing documentation that shows how you have made or saved the company money.
You need your employer to see what a good investment it is for the company to keep you on board and well compensated, despite the economy.
2. Increase your value.
Search out fast and free (or low cost) training that will boost your earning power. Employers will pay more if you can bring more skills to the table and fill a need they would otherwise have to hire someone else to handle.
A few places to check are employer-sponsored training, online courses, and your local community college. Remember that learning a new skill is more important than where you learn it.
Related: The Best Adult Education Resources
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3. Be creative.
If funds for salary increases are tight, there may be other options that are easier for your employer to offer, but still help your bottom line.
For example, consider benefits such as including family in full medical if they aren’t already covered, use of a company vehicle, or company stock.
4. Make a deal they can’t refuse.
Suggest a bonus that ties in to more money or productivity for the company as well. It can be based on meeting a personal target or a company-wide goal, but either way, it means the company wins, too, when you get more money.
Suggest something most savvy employers will see the benefit of offering, even when times are tough.
5. Give yourself a raise.
If the business you work for has been hit hard by the economy, you may not be looking at the bigger picture. You may want to consider a career move to another sector. Many industries are in a growth mode, for example health care and security (real world and cyber-security), but many are not. Even when America is in a “down” economy, keep in mind that we are still the most prosperous nation in the world and people in other countries would give anything to live in this great country. (See 5 Smart Money Moves for Career Changers.)
Another option is creating a business of your own. Start small and build. Michael Dell started Dell computers with $1,000 and did business from his dorm room, and Hewlett Packard started in a garage. America is still, after all, the land of opportunity – “down” economy or not. (See Could What You Know Make You Money?)
Reviewed August 2023
About the Author
Joanne Watson is the author of How to Help Your Husband Make More Money So You Can Be a Stay-at-Home Mom.
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