Get a Raise in Any Economy
by Joanne Watson
Do-It-Yourself Career Counseling
They Make How Much?
13 Ways to Score a Bigger Raise
With layoffs and corporate downsizing in the news, you may think a raise is out of the question. But, if you are looking for more money, here are some tips on how to get it, in any economic climate.
- Show and Tell - Prepare convincing documentation that shows how you have made or saved the company money, so your employer can see what a good investment it is for the company to keep you on board and well compensated, despite the economy.
- Increase Your Value - Search out fast and free (or low cost) training that will boost your earning power. Employers will pay more if you can bring more skills to the table and fill a need they would otherwise have to hire someone else to handle. A few places to check are employer-sponsored training, Internet courses at sites like free-ed.net, the American Management Association amanet.org, your local community college, or the local library or bookstore. Remember that learning a new skill is more important than where you learn it.
- Be Creative - If funds for salary increases are tight, there may be other options that are easier for your employer to offer, but still help your bottom line. For example, better benefits such as including family in full medical if they aren't already covered, use of a company vehicle, or company stock.
- Make a Deal They Can't Refuse - (no, not a Sopranos-style raise!) Suggest a bonus that ties in to more money or productivity for the company as well. It can be based on meeting a personal target or a company-wide goal, but either way, it means the company wins, too, when you get more money. Something most savvy employers will see the benefit of offering, even when times are tough.
- Give Yourself a Raise - If the business you work for has been hit hard by the economy, you may not be looking at the bigger picture. You may want to consider a career move to another sector. Many industries are in a growth mode, for example health care and security (real world and cyber-security). When we say America is in a "down" economy, keep in mind that we are still the most prosperous nation in the world and people in other countries would give anything to live in this great country. Another option is creating a business of your own. Start small and build. Michael Dell started Dell computers with $1,000 and did business from his dorm room, and Hewlett Packard started in a garage. America is still, after all, the land of opportunity - "Down" economy or not.
Joanne Watson is the author of How to Help Your Husband Make More Money, So You Can Be a Stay-at-Home Mom (Warner Books). ISBN 0-446-69016-3
Take the Next Step
- Stop allowing debt to prevent you from doing the things you want. These 6 steps to getting out of debt can solve that problem. Get started today!
- Keep your finances on track by visiting our money section each week. We are always finding new ways to help you with your finances.
Share your thoughts about this article with the editor.
Debt from my past is preventing me from saving for my future! Tell us: Yes, debt is hindering my ability to save and I could use help dealing with it! or No, debt is not a problem but I am trying to get ahead financially!
More Money Tips & Tools
- Could you be losing thousands of dollars a little at a time?
- Is your financial behavior rational? Or not?
- Avoiding the 'same as cash' trap
- Saving-money secrets of the rich and frugal
- 5 low-risk ways to earn higher interest now
- How to save money fast
- 7 IRA withdrawals that don't trigger a penalty
- This week's Readers' Tips