In light of recent economic uncertainties, both employers and employees are bracing for a potential recession. The influence workers gained during the post-pandemic hiring surge is dwindling, leading some companies to cut costs and even eliminate raises altogether. The Wall Street Journal recently suggested that the era of substantial pay increases is ending as hiring slows and companies realign. Although obtaining a significant pay increase might be tough due to the diminished leverage of employees, it remains achievable, according to CEOs and business leaders interviewed by Business Insider. Here are six strategies to enhance your next pay increase, directly from those who can boost your salary:
1. **Demonstrate Your Value with Data**: Highlight your achievements and the impact of your work through specific data. Mark Whitley, CEO of Whits Services Corporation, emphasizes proving one's worth during tough times. For example, Daniel Meursing from Premier Staff shares that an employee used a "winbook" of successes, including a 95% client satisfaction rate, to secure a raise.
2. **Take on Extra Responsibilities**: Stand out by exceeding expectations and taking on additional roles. Kristin Marquet from Marget Media encourages employees to contribute more during difficult times, while Javier Muniz from LLC Attorney states that proactive employees were prioritized for salary reviews.
3. **Consider Timing**: Timing is crucial in salary negotiations. Request raises following professional successes as this can strengthen your position. Maxime Bouillon from Archie advises that successful negotiations often follow significant achievements.
4. **Show Commitment to the Company**: Loyalty is highly valued during financial uncertainty. Demonstrate your understanding of the company's goals, as suggested by Daniel Meursing, to improve your chances of a raise.
5. **Be Prepared to Negotiate**: Clearly outline your salary expectations and be prepared to negotiate. David Weisselberger suggests using "anchoring" by making the first offer in salary discussions.
6. **Think Long-Term**: Be open to other forms of compensation beyond salary increases. Sergey Tavern notes that negotiating for things like training or flexible work arrangements can offer long-term benefits and potentially lead to a raise later.
Approaching salary negotiations with these strategies can maximize opportunities for pay increases, even during challenging economic times.