The Covid-19 pandemic has led to widespread economic upheaval, with businesses across all sectors struggling to stay afloat. In such uncertain times, it’s no surprise that many people are feeling anxious about their job security and clinging tightly to their current roles.
However, just because we’re in the midst of a recession doesn’t mean that pay rises are off the table entirely. If you’re performing well in your role and can demonstrate your value to your employer, there’s no reason why you shouldn’t be rewarded with a pay increase. In this blog post, we’ll explore some of the best ways to go about achieving a pay rise in a talent short recession.
- Know Your Worth
The first step towards achieving a pay rise is knowing your worth. Do some research into salaries for similar roles at other companies; look at job postings to see what kind of skills and experience employers are looking for; and consider your own unique skillset and experience. Once you have a good understanding of what your labour is worth, you can start negotiating from a position of strength.
- Demonstrate Your Value
Once you know your worth, it’s time to start demonstrating your value to your employer. This means going above and beyond in your day-to-day work, showing initiative, and taking on additional responsibilities where possible. If you can show that you’re an indispensable member of the team, your employer will be more likely to consider giving you a pay rise.
- Timing is Key
When it comes to asking for a pay rise, timing is everything. It’s important to wait until after you’ve achieved noteworthy successes in your role before making your case; if you ask for a raise too soon, you may not have the necessary evidence to back up your request. Likewise, if you wait too long, your employer may conclude that you’re not ambitious or invested in the company’s future. Choose your moment wisely!
- Be Prepared to Walk Away
Of course, even if you do everything right, there’s no guarantee that you’ll get the pay rise you’re asking for. If your employer refuses to budge on salary, don’t be afraid to hold firm and be prepared to walk away from the negotiation altogether. After all, if they won’t value your labour at its true worth, it might be time to start looking for opportunities elsewhere.
Achieving a pay rise in a talent short recession may seem like an impossible task, but it’s not impossible if you know your worth and are able to demonstrate your value to your employer. Remember: timing is key, so choose your moment wisely; and be prepared to walk away from the negotiation altogether if necessary. With these tips in mind, you’ll be well on your way to landing that pay rise! If your looking for your next step in your career, check out our live jobs.
