How to Ask Your Boss for a Raise During Market Turmoil

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Asking for a raise is one of those adulting things that no one wants to do. It can feel daunting to ask your boss for more money, but if you genuinely believe you deserve it and have the data to back it up, then you should go for it.

Here’s how to ask your boss for a raise during market turmoil.

Pick a good time to ask for a raise and clearly and honestly lay out the facts for your boss. Be honest and truthful, and come prepared with facts and statistics to demonstrate your value to the company.

There are a lot of dos and don’ts that can influence your success rate when you’re trying to ask for a raise.

The rest of this article will walk you through the dos and don’ts of asking for a raise during market turmoil so that you can have the best shot of securing that pay raise.

The Dos of Asking for a Raise

Pick Your Timing

Always pick the best time to have a conversation with your boss. Make sure you have a wide-open time slot, so they aren’t distracted and dismiss you.

The more focused your boss is, the better chance you have of getting through to them how much merit you bring to the company and why you deserve a raise.

Lay Out Your Accomplishments

If you’re reading an article about how to ask for a raise, then you must think you deserve it. Think back over the past year.

What contributions have you made to the company that will sink in for your boss? Be honest. Be accurate, but don’t be afraid to lay out your accomplishments so your boss can see what you bring to the table.

You have to remember that your boss may have their higher-ups to report to, and using facts and statistics (written down, preferably) to back up your case will appeal to their pros and cons mentality.

Lay out why you’re worth the investment for the company’s long-term health.

Sell Yourself

Don’t come across as demanding or arrogant; sell your future worth to the company. For example, giving you a raise is an investment in the company’s future if you’re willing to put in the work.

The promise of consistent, reliable work from you and an evaluation of the benefits you’ve brought to the company are perhaps two of the most significant factors in determining whether your boss will give you a raise.

The Don’ts of Asking for a Raise

Taking Credit for Others’ Ideas

Whatever you do, don’t paint yourself as dishonest in your employer’s eyes. Instead, give credit where credit is due and strictly rely on what you have done for the company in the past few years.

Getting Personal

Whether you have a good relationship with your boss or not, your personal life is none of their concern, and they’re not going to give you a raise just because you ‘need the money.’ It’s just not a worthwhile investment for the company.

Do yourself a favor and leave sentiment at the door when you go in for The Ask. Sell your achievements, not a sob story.

Choosing a Bad Time

If you’ve just had a slipup at work or your company’s in a slouch, it’s not the time to ask for a raise.

Your boss may appreciate your hard work and commitment, but asking for a raise during an abysmal time will stick in your employer’s mind and make them more likely to refute future Asks. You should, of course, be straightforward with your approach.

If your wage is below market standard, tell them. There’s no disgrace in that, but timing is everything when it comes to having the opportunity to lay out your case.

On that note, ensure you don’t catch your boss at a bad time when they’re heading off to a meeting or at the end of a stressful day.

Come prepared, lay out your case, and be honest with them about why you feel you deserve a raise, and you’re more likely to get the desired outcome.

References

Salary Negotiation: How to Ask for a Raise During a Recession

https://www.thebalancecareers.com/how-to-ask-for-a-pay-raise-in-a-tough-economy-1919078

https://www.forbes.com/sites/jenamcgregor/article/how-to-ask-for-a-raise-amid-soaring-inflation/?sh=3156e59d7760

https://www.indeed.com/career-advice/pay-salary/guide-how-to-ask-for-a-raise

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