How to Negotiate a Raise When Your Company Is Under a Tight Budget
It's difficult enough to get a raise under normal circumstances but even harder with a budget. Here's how to negotiate a raise during these times.
Your utility bills are climbing, and so are your kids' appetites. The only solution you can see? More money.
The question is, how exactly can you make more money at your current job—especially when your boss keeps emphasizing that the company's budget is tight?
The reality is, it's difficult enough to get a raise under normal circumstances. But it's even harder with a budget. That's why we've compiled a guide to show you how to negotiate a raise during these times.
How to Negotiate a Raise: First, Conduct Some Research on Your Company's Financial Situation
Prior to asking your supervisor for a boost in your wages, investigate your employer's financial standing. This may help you to prove that there is, in fact, money available to give you a raise when your boss claims otherwise.
Good sources of information include the company website and reports from your company's finance or sales department. Press releases may also provide you with clues about your employer's financial status.
Also, look at your company's policies for timetables and rules concerning raises before you start asking for one.
Construct a Strong Business Case
Explain to your supervisor that you are seeking a wage that more accurately reflects the energy and effort you are putting into the job you do.
For instance, describe how you have assisted the company in generating or saving money. Be sure to provide dollar amounts to back up what you're saying.
In addition, share with your supervisor some additional ways in which the company can make or save money down the road. The idea you provide could easily end up leading to your raise.
Consider Alternatives to Raises
Another option worth pursuing if your company says there isn't enough money to give you a raise is to seek an alternative to a monetary raise.
For instance, maybe you could ask for a change in your role instead. Or, perhaps you could ask to complete certain high-visibility projects. You could even ask for stock options.
You may additionally ask for a more flexible schedule, training class reimbursements, or even paid travel opportunities. Certification opportunities might also be beneficial to ask about, as they can benefit you as well as your employer.
Like pay raises, these alternatives to raises can enhance your life and work experience.
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Get in touch with us to learn more about how to claim your dream job, how to negotiate a raise, and how to make the most of your job both now and in the months and years to come.
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