Tough times, tough conversations: Can I ask for a raise during uncertain economic times?

Few things are as nerve-racking as asking for a pay rise.

But if your company doesn’t do regular salary increases and you’re not up for promotion, asking may be the only way to get the raise you deserve.

The good (great) news is that retention is really, really important to organisations, especially when facing a potential recession.  

How do we know? Easy. We asked. Every year we do a ‘Candidate Motivators Survey’ for people in the industry, to find out what’s important to them. 

So, it’s time to find out: are you getting paid what you’re worth?

If the answer is no, and you want to do something about it, you only have one of two choices.
 

You can:

A) Find a new, higher-paying job

or

B) Stay where you are and ask for a salary increase.

To help guide you through those tricky discussions, we’ve created a downloadable template for you to fill in and present to your manager. 

Consider it our ‘how-to guide’ on getting a raise without a promotion. 

Here’s a quick breakdown of how it works: 

#1 Accentuate the positive  

You’ve set up a meeting - now it’s time to shine! 

Show ‘em what you’ve got (or done).

Come to the table, fully-researched and prepared to discuss the positive impacts you have made during your time at the organisation.   

The template we’ve put together is pretty general, but you need to be specific.

Highlight how your efforts have positively impacted your team/department/company.

Try not to get caught up discussing workload.

Remember, you’re not angling for a higher position; you’re trying to get a raise without  a promotion.  

If (like many) you have ended up working a little outside your job description, come to this meeting prepared to discuss any extra responsibilities you’ve undertaken in addition to your regular duties. 

Did you learn new skills or undertake training? Talk about it! You’re building a case for yourself as a valuable company asset. 

#2 Let the numbers talk 

Think an economic crisis can stop a salary increase?

There’s no reason why you can’t try to get a raise during a recession. 

Of course, choose your timing, but employers genuinely want to hold on to great employees – and are willing to pay to do so. 

Data is hard to argue with.

If you’ve got the proof of your productivity, it’d be great to provide data and statistics to strengthen your case.  

Did your team increase productivity by [x]% last year? 

Did you bring in [x] new clients? 

Metrics are your new best friend – know them and use them! 

Our template has some examples of how you can work these in. 

“If you are not able to provide numbers then talk about the perceived benefit – such as how you streamlined a process or improved team morale. Tangible and intangible benefits are what you must bring to the attention of your manager.” says Jane Jackson, a career management coach and author of Navigating Career Crossroads. 

#3 Do your research 

If you know, you know.

Having a solid grasp of what your salary will help you negotiate a new state of play. 

Do the salary research – dig a little and determine what a competitive salary looks like for your position. 

You can use a salary guide to get a gauge of what is on offer.

But make sure you use various sources - the more you know, the better - and present these to support your case. 

Try: 

• Talenza
• Indeed 
• Seek 
• LinkedIn 
• Glassdoor 

You can also go straight to the source and ask your peers. We know. Talking about money can be super awkward. But isn’t it better to be armed with as much intel as possible?

Once you understand the current salary trends for your industry and area, think about what would be a reasonable salary increase for you to angle for. 

Don’t forget to take into account your: 

• Experience level
• Time with the company
• Specialised skills or training
• Any recent impacts and achievements
  

#4 Practice “The Ask” 

It’s not an easy ask. (Sorry.) 

Best to know that, appreciate how hard it is for everyone, and practice your wording before you head in to the meeting.

Having this conversation can be uncomfortable at the best of times, but it gets a little more complicated asking for a raise during a recession. 

Despite how it might feel, you don’t need to apologise for starting the conversation around salary increase – no matter the timing. It automatically puts you in a weaker bargaining position. However, it might be a good idea to acknowledge that times are a-changin’.

Language is the key. Use our template to help structure your conversation in a way that illustrates your contribution rather than highlighting difficulties.  

Career specialist Shari Santoriello weighs in:  

“I wouldn’t lead with: ‘I know times are tough, but I deserve this,’” she said.  

Instead, try “The last several months have been challenging, but I’ve been able to continue to grow my sales, improve team morale, or have brought in X new clients in a tough climate.” 

Follow this up with, ‘I’d like to find out how we can move my compensation closer to x $ amount’. 

Contingency Plan 

It doesn’t hurt to have a Plan B.

If you’ve laid all your cards on the table, and the answer is not what you were hoping, see what your employer is willing to move on. 

There are many non-monetary benefits your employer might be willing to offer you as alternative compensation.

Are you ready? 

So... is it time to renegotiate your worth?

Get researching, and use our guide to help make your case. 

Don’t think about what you’ve got to lose. Instead, think about how much you have to gain.