Press Release
Ask For a Raise and Be Prepared
Friday, September 12, 2008
I have been working for the same employer for the past three years. Knowing that economic times are becoming more difficult I need to make more money. How do I approach my employer about a raise?
Typically my advice for asking for a raise would be to put together a list of accomplishments and present them with a willingness to take on more responsibility. In “normal” economic conditions this advice would be a good starting point. However, during difficult times companies are managing the bottom line even closer. They will be looking at ways to squeeze out more earnings, reduce costs or increase efficiencies. To maximize your potential increase when you ask for a raise, you should create a return on investment (ROI) worksheet for them. This document should include your current responsibilities, the costs (your pay, etc.) and the amount of money made or saved based on what you currently do. This will show the current ROI for your position. Compare it with another ROI worksheet highlighting additional responsibilities you are willing to perform. Asking for a raise will surely be easier if the ROI for the additional responsibilities is substantially higher, and you have a good chance to obtain that raise.