So what you have to do is to list out your aims and objectives and show what you have done to meeting the company goals in sluggish market conditions. Then put the thank-you notes from your peers and colleagues, acknowledgements from clients and applauds from other mangers in an appendix to your document for a pay hike.
Then find out what your kind of job earns in the industry and search for salary data published by your industry's trade association to gauge present compensation levels. Make your case for a hike on the basis of facts.
If you are moving to a new job consider the total package you are offered. There can be noticeable differences in vacation, insurance and bonuses. A company may not agree to raise the basic salary but can give a nod to additional benefits such as one-time sign-on bonus and such other things.
When you are negotiating a raise in a shaky economy the thing that comes to your rescue is a lucrative offer from another company. So make a more vigorous job search and clinch a hike you want.
People seeking pay hike come to the negotiating table with a buyer mind-set not that of seller. Even in times of recession, there are opportunities for capable people. Don't be arrogant, you should recognize your value and make a case that you deserve to be compensated for your contribution to the well-being of the company.
If your company is on a retrenching spree and you have survived, take the opportunity to demonstrate your loyalty. You can do this by suggesting to your boss that he should take a view of the responsibilities the retrenched staff had shouldered and find ways to bridge the gaps.
If the recession has really hit your company and it cannot give you any hike right now, you may ask your boss whether you can expect something after six months or so. No matter if you fail to get a hike, you can think about how the company can help you go up the career path. You can seek additional allowances for your education, training or career development courses and such other things that enhance your value, recession or no recession.
You have many choices before you, only you have to see them. You can try for a one-time bonus that doesn't influence your future pay pack. Or you can seek permission to work from home for some days in a week, so that you can save on your fuel bill or you can aspire for a new leadership role. Keep a watch on your company's financials and you will know whether the company is making profits or not to give you a raise. Some companies are really hurt by the recession and some others aren't. The demand for good people is always there.
