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How can you successfully negotiate a raise in a difficult economy?

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You may think that asking for a raise in a difficult economy is a bad idea, but that's not necessarily true. If you have been performing well, adding value to your company, and taking on more responsibilities, you deserve to be compensated fairly. However, negotiating a raise in tough times requires careful preparation, strategic communication, and a positive mindset. Here are some tips to help you successfully negotiate a raise in a difficult economy.

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Shreyansh S.

|| Associate Partner at Shree Legal Associate || Head Editor & Founder at LAWLOVELEGAL || Experienced in Commission…
Natalie Richardson

Award winning Speaker, Facilitator and Coach. Diversity, Equity, Inclusion & Belonging Specialist
Alla Adam

Lean Startup & VC Coach | Investor | Author | International Speaker | Harvard Trained and Certified Crisis Negotiator

1 Know your worth

Before you approach your boss for a raise, you need to do some research and find out how much you are worth in the market. You can use online tools, industry reports, or network with peers to get a sense of the salary range for your role, skills, and experience. You also need to document your achievements, contributions, and impact on the company's goals and bottom line. This will help you build a strong case for why you deserve a raise and how much you should ask for.

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Shreyansh S.

|| Associate Partner at Shree Legal Associate || Head Editor & Founder at LAWLOVELEGAL || Experienced in Commission Sales || Passionate Blogger || LLB & LLM in Constitutional & Administrative Law ||
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Negotiating a raise during a challenging economic period requires a strategic approach. Here’s a focused plan : 1. Show Impact: Highlight your contributions and how they save or earn money. 2. Market Value: Reference industry standards to support your request. 3. Flexibility: Be open to other benefits if a direct raise isn’t feasible. 4. Value and Commitment: Emphasize your dedication and continued positive contributions. 5. Respectful Approach: Discuss timing and approach the conversation with acknowledgment of economic challenges.

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Natalie Richardson

Award winning Speaker, Facilitator and Coach. Diversity, Equity, Inclusion & Belonging Specialist
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It's interesting that we use "Know your worth" here. I find that is usually a great way for people to undersell themselves. Equating your worth to your paycheck or job title is a recipe for disaster when it comes to self-esteem, resilience and well-being. Realistically, you want to know the roles worth and what a top performer in a role like yours would earn versus an average performer - and what the difference in behaviours and outputs are. Then you can align your actions and output to show high performance.

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2 Choose the right time

Timing is everything when it comes to negotiating a raise. You don't want to ask for a raise when your company is struggling financially, laying off staff, or facing a crisis. You also don't want to ask for a raise when your boss is busy, stressed, or in a bad mood. You want to choose a time when your company is doing well, when your boss is in a good mood, and when you have recently delivered a great result or received positive feedback. You also want to schedule a meeting in advance, rather than dropping the request casually or unexpectedly.

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Natalie Richardson

Award winning Speaker, Facilitator and Coach. Diversity, Equity, Inclusion & Belonging Specialist
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There was a great study called the "Judge Study" (Levav et al) that showed prisoners were less likely to get parole if the judges had already made a lot of parole decisions, and if they were hungry. I don't know if it is generalisable, but I'd definitely be looking for a time where your boss is fresh, and full just in case :D

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3 Be confident and respectful

Negotiating a raise can be nerve-wracking, but you need to be confident and respectful in your communication. You need to express your appreciation for your job, your boss, and your company, and acknowledge the challenges they may be facing in the economy. You also need to highlight your value, your achievements, and your expectations, and explain why you deserve a raise. You need to be assertive, but not aggressive, and avoid ultimatums, threats, or complaints. You also need to be flexible, realistic, and open to alternatives, such as bonuses, benefits, or promotions.

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Alla Adam

Lean Startup & VC Coach | Investor | Author | International Speaker | Harvard Trained and Certified Crisis Negotiator
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In a tough economy, my mentor once said to me: "Present your case confidently like a financial pro, showcasing how your contributions directly impact the bottom line ?? Then, make it a win-win by proposing performance-based incentives that align with the company's recovery goals, turning a difficult situation into an opportunity for both you and the organization."

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4 Handle objections and questions

When requesting a raise, you may be met with objections or questions from your boss. Common examples include lack of budget, the current economy, and why you deserve more than others. To handle them calmly and professionally, you should provide facts, evidence, and examples to support your request. Demonstrating how a raise will benefit the company as well as yourself is also important. Additionally, show empathy, understanding, and a willingness to negotiate or compromise if necessary.

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5 Follow up and thank

After you have presented your case and discussed your request with your boss, you need to follow up and thank them for their time and consideration. You need to summarize the main points of your conversation, restate your request, and ask for a confirmation or a timeline for a decision. You also need to express your gratitude, your enthusiasm, and your commitment to your job and your company. You need to keep the communication open and respectful until you reach a satisfactory outcome.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Gloria James-Civetta, FSIArb

Lawyer-Mediator-Arbitrator
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When negotiating, you should not simply say, how about me? The proper approach is to ask the Employer how the individual's performance has been for the year. Do not assume that the Employer should continue to be generous when the Employee's performance has not improved and there were very frequent delays / errors in the work.

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How can you successfully negotiate a raise in a difficult economy?

1

2

3

4

5

6

1 Know your worth

2 Choose the right time

3 Be confident and respectful

4 Handle objections and questions

5 Follow up and thank

6 Here’s what else to consider

Negotiation

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How can you successfully negotiate a raise in a difficult economy?

1

2

3

4

5

6

1 Know your worth

2 Choose the right time

3 Be confident and respectful

4 Handle objections and questions

5 Follow up and thank

6 Here’s what else to consider

Negotiation

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