How To Ask For A Raise When Your Company is Struggling

Do you want to make more money? Has your company refused to give out performance-based raises because they say that they are struggling? If you're in this situation, then you know how frustrating it can be. Everyday, you work your hardest to ensure that the company makes a profit, yet your boss tells you that they just don't have the budget for raises. You deserve the raise and you need the boost in income, so what can you do?

It boils down to this: you can either accept their reasoning and continue to wait for the company to decide to give raises again, or you can use the sales negotiation techniques that make you such an asset to the company to negotiate your own raise.

Sound impossible? Well, maybe. Depending on your company's financial situation, they may not be able to give you a raise. However, the worst they can do is say "no." Even then, they will be reminded of the value that you bring to the company, so it's a low-risk proposition. You really can ask for a raise in tough financial times. The secret is all in the approach.

The following will give you some tips and techniques on how to ask for that raise:

Pick your time wisely. There are some times when you shouldn't ask for a raise. If you haven't been in your position very long or your performance hasn't been great, your boss probably won't be interested in increasing your salary. Also, if your company is in the middle of laying off employees or shutting down branches, it's definitely not the right time. Although companies can still give raises during a tight economy, if they are focused on cutting back their workforce, it's best to wait until they are finished before asking for more money.

Do some research. Before you start the negotiation process, you'll need to do some homework. First, go back and read your job description and write down the other things you are responsible for that aren't listed in the description. Then, you can use Beyond salary information to find your market value. You can research the average salary of people who work in your industry and region, giving you insight into where you fall on the salary scale. Next, have a meeting with your boss, or better yet - take her to lunch. Don't ask for a raise just yet. Instead, ask about the current challenges facing the company and what would she consider as the most immediate goals. This will give you some valuable insight into where the company is headed and what is important going forward. All of this information will help direct your sales pitch.

Show your value. Rewrite your job description to make it reflect your actual responsibilities. Then, make a list of the money you earn the company. Gather all of the hard data you need to show why you deserve more compensation. For example, you could say, "I've done some research and found that it would cost the company $XX to find a replacement in the current job market."

Don't threaten to quit. During your negotiation, you should avoid threatening to quit. Just because they turned you down for a raise doesn't mean that they don't value you as an employee. If your boss sticks to the story that the company isn't giving out any additional raises this year, ask her if she has the authority to approve a raise. If not, ask if she would be willing to help set up a meeting with the person who does. If that doesn't feel right in your situation, ask when they expect things to improve and offer to come back and discuss the matter again in six months.

Be open to discussing it again later. If your boss mentions concerns about your performance or gives you any indication that she is less than thrilled with your work, use that information as a guide for what to work on in the meantime. Accepting a n, for now, and waiting to re-evaluate the matter later, shows a high degree of professionalism. Even if you had to walk out of the office without a raise, you will have reminded your boss why she hired you. As the company recovers, it's likely that you will get your raise.

These are just a few tips to consider when determining your strategy in asking for and negotiating a salary increase.  It never hurts to ask and you could be very surprised at the results.

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