How to Get a Raise in the Worst of Times

Here's an email I recently received from a reader:

I greatly enjoy your blog which inspired me to manage my career actively. I’m an engineer with Master's degree and MBA. I’m a very hardworking professional, always do more than my usual responsibilities and do my work with utmost clarity. I show great leadership at my work, and often give money saving and revenue generation ideas to management.
 
Due to economic reasons, there are no salary raises at our company. I promised myself to get a raise to prove that a bad economy is not a hindrance for career/salary growth. Last year, using my personal time at home, I created a website to write some business ideas. I presented this website in front of the CEO and top management.  I showed how to save money using some innovative ideas. I received great appreciation for my work. Note that this is not my job responsibility.
 
At year end I received a raise and I’m the only person in my department who received it. Now I’m working hard on another project that will help me get a promotion or salary raise the next time.
 
If there is a will there is always a way. Right? :)

I LOVE, LOVE, LOVE this story!!! This reader took the bull by the horns and demonstrated that he deserved a raise by over-performing against his job expectations. And he was rewarded accordingly.

This story serves as a good example of what can be accomplished when some aggressively manages his most important financial asset. Bravo!

Comments

[Money Reasons]

Awesome story! I like how the reader was able to go outside of his/her area of expertise and created a new solution for his/her employer.

I've been hunkering down trying not to make waves, but maybe this is the optimal time to make waves and be noticed... Let everybody else hunker down!

[Eugene Krabs]

Great Story. Thank you for sharing.

[Liz]

Be the lion! :)

[jnwcmr]

My story is similar. The trade magazines say that for my job description, there were basically no raises this year (0%). I had a very good year in 2009, and a very good performance review. I was surprised to receive a 4% raise (CPI only increased 3%) This is the first time in many years that my raise has been higher than CPI.

Work hard, and it is possible.

[Gordon Hayes]

That's the proof, that one can get a pay raise even when the economy is down. If you make an effort to do something, that benefits the company you are working for, you will be probably rewarded. Forget about the recession :)

[Sean The Pay Raise Guy]

This is a great demonstration of how to get a pay increase - focus on delivering value.

All of us are employed to either make money, save money, or save time. If you are able to quantify your value better and clearly communicate it to the business then getting a pay raise in any economy is easy.

Also, consider asking for a "creative pay raise" - don't just take into account your salary package as businesses are being very cost conscious around these. Instead it can be a lot easier to negotiate for increased car allowances, additional weeks of annual leave, internet and phone allowances, additional training and even more.