Is it a smart move to discuss a salary increase with your boss during a global crisis? Here’s how to gauge if it’s the right time for a pay raise.
2020 has been full of surprises. As industries and countries adapt to a new reality, many professionals are left wondering what’s acceptable. Are vacations still an option? What about promotions and pay raises? If you've been with your company for a while or have taken on extra duties, you might be feeling the urge for a salary increase.
But is now the right moment to bring it up?
Experts agree that you have the right to expect fair compensation for your contributions. However, certain factors could influence the likelihood of your request being granted, based on your performance history and the company’s current situation. Here’s a breakdown of key indicators that can signal whether to pursue a raise during these challenging times.
Negative Indicator: Hiring Freeze at Your Company
Positive Indicator: Financial Stability
Some companies, particularly in tech or digital communications, have thrived during the pandemic, reports an industry expert. If your employer is doing well financially, asking for a raise could be reasonable, but do your research first. Remember, while you might focus on your position, leaders consider the overall health of the organization, which includes employee compensation and growth. If they view you as a vital part of their future, your request could be well-received.
Negative Indicator: Company Still Recovering
A career expert notes that many businesses find themselves in a transitional phase. They've identified some recovery signs, but merely getting by doesn’t create an environment for salary increases. Analyze whether your employer is operating at full capacity or if revenue targets are still unmet. If the latter is true, requesting a raise might seem out of touch.
Positive Indicator: Consistent Acknowledgment
This year’s buzzword has been “unprecedented,” and in times of uncertainty, some rise to the occasion while others falter. If you’re among those succeeding, keep track of your accomplishments. Recognition from your boss or peers can strengthen your case for a raise. If your efforts have been consistently appreciated, and discussions about taking on more responsibilities have occurred, it’s a suitable time to negotiate a salary increase.
Negative Indicator: Colleagues on Furlough
To survive, many businesses have had to cut costs by reducing staff or pay, or implementing other budgetary constraints. If colleagues remain furloughed or if there are unfilled positions due to financial concerns, it’s likely not the best time to ask for a raise. However, if you value your role, focusing on delivering exceptional work can position you well for future discussions when circumstances improve.
Positive Indicator: New Job Openings
Check your company’s careers page for new postings. If they’re hiring again, it’s a green light to discuss your salary or potential promotions. Even if immediate financial adjustments can’t happen, there may be room to negotiate other benefits, like a title change or additional paid time off. Follow up on any conversations about salary in a few months to keep your request fresh in their minds.
Final Thoughts
It’s crucial to evaluate your performance honestly and advocate for yourself. Maintain a detailed record of your achievements, focusing on how you’ve adapted to increased responsibilities during this time. Research the current salary benchmarks in your field to support your request. Understanding industry standards will empower you to confidently approach your manager with a well-founded case for a raise.
