Your employer is struggling financially. How can you negotiate a raise?

1 Know your worth

Before you ask for a raise, you need to do some research and prepare a strong case. Find out what the market rate is for your role, skills, and experience. Use reliable sources, such as salary surveys, industry reports, or job boards. Compare your current salary to the average and the range. Then, document your achievements, contributions, and impact on the business. Quantify them with numbers, percentages, or testimonials. Highlight how you have helped your employer save money, generate revenue, or solve problems.

2 Choose the right time

Timing is crucial when you negotiate a raise, especially when your employer is facing financial challenges. You don't want to seem insensitive, unrealistic, or greedy. You also don't want to miss an opportunity, such as a performance review, a project completion, or a budget planning. To choose the right time, you need to understand your employer's situation, priorities, and goals. Ask yourself: How is the company doing? What are the main sources of income and expenses? What are the short-term and long-term plans? How are you aligned with them?

4 Be flexible and realistic

Negotiating a raise is not a one-way conversation. It's a dialogue that involves listening, understanding, and compromising. You need to be flexible and realistic when you discuss your expectations and options with your manager. Don't assume that your employer can or will give you what you want. Be prepared to face objections, questions, or counteroffers. Be open to alternative forms of compensation, such as bonuses, benefits, or perks. Be willing to adjust your request or accept a delayed or conditional raise.

5 Follow up and follow through

After the meeting, you need to follow up and follow through with your manager. This means confirming the outcome, expressing your gratitude, and delivering on your promises. Send a thank-you email that summarizes the main points of the negotiation and the agreed terms. Show your appreciation for your manager's time, consideration, and support. Then, keep working hard, meeting your goals, and adding value to the business. Show your employer that you are worth the raise and that you are committed to your role and the company.