Recession Or Not – Get A Pay Hike!

The recession is usually a time when most employers grind all pay hikes to a halt. But you can still get your boss to change his mind.

Before you decide that you need a pay hike, sit down and do some self appraisal.  Are you able to fulfill your work obligations well?  Does your employer value your work but resists from letting it reflect in your pay?

It is important to remember that good performance doesn’t go unnoticed.  Working hard, remaining focused and willing to take on any responsibilities within the company are the key to making your boss think about you.

Seek results!  Management experts say that you could still get your boss to give you a raise, even in the current scenario.

Here are a few tips that could pave the way to your pay hike:

Justify a pay hike – You must command a hike and not demand it.  In the current scenario, it’s not enough to fulfill your job requirements.  You will have to show your boss that you’re working much more than what is expected of you.  Is there new business that you brought in or have you been doing the job of two people?

Study the market –  Before asking for a pay raise, find out the market value for similar jobs.  See what your colleagues fulfilling the same responsibilities as you are getting.

Work smarter – An intelligent employee is one who works smarter and not harder. In fact, employers look at this as a positive trait that separates the leaders from the followers.  Employees who make a difference to the company by concentrating on what is most important for the company are those that are looked at favorably by the management, and are kept in mind for any pay increases or bonuses.

Invest your energy wisely – When you join a company, you are given a specific role to play.  This role should be fulfilled to the best of your ability by keeping the company’s goals in mind. Everything you do should be aligned to the goals of the company.  If you know that the company is looking at cutting costs, then that is what you should be working towards, even if you are not told to do so.

Approaching the boss – When approaching your boss for a pay raise, you have to make it seem like a good deal.  You cannot just barge in and ask for an increase.  You can tell your boss that you are looking for a better pay and are willing to take on more responsibilities to justify the raise. Creating extra value works better than simply going up to the boss and asking for extra money.

Discuss the increase politely – When most employees start thinking of a pay hike, it is usually with negative feelings towards the management and with frustration that they are not getting what they deserve – all this, even before approaching the boss.  It is necessary to have a completely positive attitude and arrange for a meeting with the boss, where you discuss this in the most appropriate manner.

There is nothing wrong in asking for a pay rise even in the recession, as long as you know for sure you deserve it.  There are many companies that do give pay raises even in this downturn, because they understand the value of human resources and their need to retain talent at any cost.  They are aware of the young employee mindset, which prompts them to shift jobs easily if they get a better offer.  They know that competitors are always on the prowl, looking to attract the best talent from other companies. You must ensure you are considered essential talent that the company cannot afford to lose.

You are in luck if you happen to be a part of the shortage areas of the labor market, where supply is less than the demand.  Since such people are hard to come by, employers take care of their needs to keep them satisfied.

On the other hand, you, as an employee should also understand that times are tough and you will have to base your decision on your contribution and the company’s current financial status.

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