How to negotiate a pay rise in a slowing economy filled with layoffs

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But just like the companies, the employees are also suffering from the crisis.

Inflation is rising, mortgage payments are rising, and money isn’t enough like it used to be.

Given the difficulty of meeting rising costs, it’s only natural that asking for a raise is a priority for most people.

As risky as it may seem, asking for more money while leaders around the world ponder who should be next on the cutting board, experts said wealth Now is as good a time as any.

With costs rising but consumer confidence low, now more than ever businesses need to differentiate themselves from the competition if they are to survive.

Knowing that your employer really can’t afford to lose valuable players, here’s a few things to consider before you storm into your boss’ office and demand more money.

Know your worth (and some)

Before you even broach the subject of salary with your boss, you first need to make sure you know your worth. As far as you know, your salary could already be well above the usual rate.

“Ask for a raise because you feel like you work hard, deserve it, or are worth more money just doesn’t show why the company should keep investing in you,” said Sophia Procter, a former manager at Blue -Chip company, which is now the founder of children’s retailer Munchy Play.

First, look at job advertisements for similar positions that match your level and speak to recruiters to find out what a reasonable salary range is for the job you are currently doing.

You can use this data as leverage when raising pay with your employer when it is clear that you are being underpaid.

“Ideally, you should do your research from multiple sources to strengthen your data and not fall victim to a lower offer,” says Ed Johnson, CEO and co-founder of online career development and mentoring platform PushFar.

“Even if your research supports your argument for a higher salary, simply countering it with a higher number isn’t enough — you need to explain why you deserve it, especially when a company is struggling financially.”

By noting how your work has helped your business grow, from positive customer feedback to the sales you’ve generated, you can begin to quantify the value you bring to the business.

“Each metric helps justify your value as an asset and the way you personally add value,” Procter assures, adding that workers should remember to include $6,000 to $19,000 in their calculations – the approximate cost for employers to find your replacement, depending on your experience level.

By emphasizing your value and commitment to the company, you are also underscoring that investing in your growth benefits not only your own financial well-being, but also the long-term success of the company.

be rational

Deep down, you may be panicking about rising rental costs and your maxed out Amex card, but clarifying these issues in front of your manager won’t help win your case.

“First of all, and even if you don’t do anything else, free yourself from all emotions related to your request,” emphasizes Dr. Catherine Baudino, executive coach and author of the corporate self-help book. I slip into my shoes. “Emotions get in the way of every statement and take away the clarity.”

She suggests communicating your concerns in a rational way by sticking to the facts rather than pouring your heart out.

“I know this sounds harsh and cold, but a hysterical or tearful plea isn’t going to get you anywhere,” she adds.

Getting the tone and messages right (and sounding rational) takes practice.

If you’ve ever written an emotional speech, you know that the first time you recite it can be messy, but the more times you repeat it, the more factual you can be.

“Consistently practice in front of the mirror and, if possible, in front of a trusted friend or trainer,” adds Baudino.

“Finding a mentor to rehearse with can boost your confidence because they can guide you through role-playing scenarios so you feel prepared and empowered to demand fairer terms,” Johnson reiterates. “Mentors can also help you anticipate unexpected questions, answer them best, and be more confident in your negotiations.”

timing is everything

Many experts confirmed that the timing was right everything.

If your company just went through a round of layoffs, it might be worth waiting for the dust to settle before asking for a raise.

“Pay attention to where your company is at this point in time,” says Charlotte Davies, careers expert at LinkedIn. “It’s a tough time financially for many companies – and the same could be true for your employer.”

She suggests understanding the company’s circumstances and the financial challenges it may be facing.

“Read the space, but know this: if you believe you’ve met your current goals and your performance will bring benefits to the company, it’s still okay to state your point while also having a feel for it.” current situation,” she adds.

When it comes to timing, it’s also worth thinking about your boss as an individual who may be busy. The last thing you want to do is burden her even more after a meeting about the company’s poor performance.

“If your boss isn’t a morning person or is on a foreign trip, I daresay this may not be the best time to get their attention,” Baudino points out.

Work out your alternatives

Finally, if there’s no room for a raise, don’t take it personally—the company rejects the proposal, not you.

Martin Schweinsberg, Assistant Professor of Organizational Behavior at ESMT Berlin, says: “Sometimes there just isn’t room for a higher salary at the moment.”

He suggests thinking about what else might make you happy or indirectly help you financially.

“What is valuable to you and potentially beneficial to the company?” he adds. “Maybe you’re paying a lot of money out of your after-tax earnings for a gym membership and it might be good for the company to put you on the business plan.”

Many companies offer perks like discounted merchandise, training programs, and stock options, so use them wisely in your negotiations.

Most companies are now more open to more flexible working than in previous years, which could potentially save you on travel, meals, and other costs associated with staying in the office.

However, if you are not hoping to negotiate something with your current employer, it may be time to look for a new job rather than alternative avenues for advancement in your current role.

After you’ve already done the tedious task of scouring the web for relevant, higher-paying jobs, you can also apply to jobs that pique your interest.

“Nothing is more empowering than having alternatives because the recruiter knows they may have to pay you more to keep you,” adds Schweinsberg. “Alternatives give you power in negotiations.”

Plus, you might even find a company that knows your worth and will pay you generously to do it by leaving your current employer, eliminating the need to negotiate with your current boss.