Should You Ask For A Raise In A Tough Economy?

For many people, asking for a raise is a simple task, while others feel intimidated by the process. This is especially true when the economy is suffering as it has been for the past few years. There are many people who have lost their jobs or had their hours scaled back, making those who still have gainful employment hesitant to push for more money. Unfortunately being grateful for having any type of job is not going to help you improve your personal finances if you are struggling to pay for the basic necessities in life. If you are currently employed and deserving of a raise, you might find comfort in the fact that many companies are planning to offer raises to faithful employees who might otherwise begin looking for a better paying job in this recovering economy. Here are a few tips to make sure you get what you are asking for when requesting a raise.

Determine if you company is able to accommodate your request. According to consulting firm Hewitt Associates, “83% of large employers plan to give merit increases this year, up from 52% in 2009″. Find out if your company is in the position to offer a raise or better incentives before approaching your boss. If you work for a small business or one that is clearly struggling to stay afloat, you might want to reconsider asking for a raise regardless of what everyone else is doing. Just as debt collectors can’t get money from debtors who don’t have it, employers who don’t have the means to pay more cannot simply pull money out of the air to accommodate your request, no matter how deserving.

Don’t ask if you are not deserving. Contrary to popular belief, not everyone is entitled to a raise simply because they are there and working. If you are able to prove you have not only performed your job according to the job description, but have also gone above and beyond what your salary entails, then you are in a great position to ask for more money. This means you must be willing to do your job and in some cases more than your job to prove to your employer you are serious and dedicated to the future of the company. Employers would much rather pay an exceptional employee more money than have to hire and train someone who might not put forth the same effort. Present this information to your employer when you ask for a raise and be prepared to negotiate. Perhaps in lieu of more money you might add vacation days or better benefits. If you are denied, ask what you can do to qualify for a raise, this will determine if it is better to keep working hard where you are, or consider other alternatives that are out there.