With raise season under way, many employees may be stumped about whether they should ask for a salary increase this year. During a recessionary period, people often find themselves working harder but wonder whether it's realistic to expect to be compensated for bearing the extra burden when many companies are facing losses.
The answer is, probably, but with a catch. It isn't unrealistic to expect a salary increase, but the general consensus among management experts is that if you want a raise, you're going to have to justify it more than in previous years. And, you'll need to pare down your expectations, as companies – especially financial firms and others directly affected by the downturn – have less money to dole out.Read More
Asking for a raise during a tough economy – when consumers and companies are cutting costs – might feel like a bad move, but it's not necessarily. You need to ask for a raise professionally and routinely to improve, or, at least, maintain your compensation and reputation. If done properly, asking for a raise reminds your company of your value and worth as an employee. Employers want to keep good employees because hiring and training new employees is expensive, said Mikelann Valterra, founder of the Women's Earning Institute in Seattle.
"A good employee is worth a lot of money. It's good to know your value," she said. To succeed, play smart. Timing is first and foremost to consider. Find out and work within your company's system for discussing, evaluating and awarding compensation if one exists.Read More