Experts Affirm: Requesting a Raise is Advisable, Even in Tough Economies
A significant hiring slowdown in the United States has led many workers to reconsider job changes, opting to stay in their current positions instead. Despite the challenging economic landscape, career experts argue that asking for a raise can still be a wise move, even in tough economies. Workers are encouraged to seek compensation that reflects their worth.
When to Request a Raise
Identifying the right time to ask for a raise is crucial. Consider requesting a pay adjustment if:
- You have taken on additional responsibilities.
- You have received positive performance reviews.
- Your salary is significantly less than that of colleagues or competitors with similar experience.
Jamie Kohn, a senior director at Gartner, states that if layoffs have occurred, companies are often reliant on their remaining employees. This might increase the likelihood of a successful pay negotiation.
Understanding Your Financial Situation
If you find yourself in a position where you need to work a second job or are facing financial stress, this is also a valid reason to discuss your salary. Rodney Williams, co-founder of SoLo Funds, emphasizes that there’s nothing wrong with expressing the need for better financial stability in an honest manner.
Assessing Your Market Value
Before initiating a conversation about a raise, conduct thorough research on current market salaries for your role. Websites like Glassdoor and ZipRecruiter provide valuable insights into industry standards. You might find that while requesting a 20% increase might have been common years ago, more modest increases are the norm now.
Comparing Salaries with Colleagues
Talking openly about salary can provide essential information. Engaging with trusted colleagues about their earnings can offer insights into whether you are being compensated equitably. Sam DeMase from ZipRecruiter suggests asking questions like, “Are you making over or under X dollars?” to foster discussion.
Documenting Achievements
Creating a “brag sheet” can be a powerful tool. This document should include your professional accomplishments and positive feedback. Use this information as a foundation for your request, highlighting any additional responsibilities you have taken on.
Choosing the Right Moment
Timing plays a vital role in the success of your request. Avoid asking for a raise when your boss is stressed or preoccupied. You’re more likely to receive a favorable response if you approach them when they are relaxed and receptive.
Handling Rejection
If your request for a raise is denied, this does not have to be the end of the conversation. Ask your manager what influenced their decision. This can provide insight into company constraints and when the topic might be revisited in the future.
In summary, requesting a raise during a challenging economic period is not only advisable but can also lead to personal and professional growth. By being informed and strategic, workers can advocate for their worth effectively.
