Five Tips for Bagging a Raise in a Recession

(MoneyWatch)  The recession may be bottoming out, but with The National Association of Colleges and Employers reporting grad salaries are down 1.2% from last year and the headlines still filled with dreadful jobs numbers, it doesn't exactly feel like the best time to ask for a raise. But what if you've been in your entry-level job for awhile now, have mastered your role, leaped to the top of the learning curve and feel you're ready to take on more responsibility (and not overdraw your checking account every month)? Clearly there must be some way for the deserving office newbie to improve her paycheck. This week blog modite by Rebecca Thorman has tips for bagging that elusive creature -- the recession raise.

The first step, according to Thorman, is to lay the groundwork. Master your tasks and show that you are taking initiative and interested in new responsibilities. Then, follow these five steps.

• Be proactive. There's no reason for employers to pay you more if you're not asking for it. Be proactive in checking in with your boss and scheduling reviews often. It's often helpful to schedule your next review at your current one ("I'd like to meet again in three months to talk about the possibility of a new title and an additional raise.") When you set up a meeting with the expectation that you'll be discussing a raise, the conversation becomes easier.
• Research and prepare. Even if you don't show your boss, prepare a document of your past accomplishments and proposed future responsibilities. This gives you a list of relevant talking points during your meeting. In that document, include a salary number and back it up with research on what other people in similar positions are making. I recommend listing the number a bit larger than you expect so that you have some negotiating room and can meet your employer in the middle.
• Practice. Just because you have everything written down doesn't mean you won't stumble in the meeting. Practice phrasing some of your key accomplishments and especially practice stating how much salary you'd like. Just say it aloud a few times to make it less scary.
• Negotiate. Negotiating for a raise is incredibly hard... Go for it!
• Negotiate again. When more money really is impossible ?€" say, when you work at a University and they've declared that not only will there be no raises, but there will be pay cuts ?€" you should still ask for more. You don't have to ask for more money, but make sure you're asking for more of something.

And what if you still get a stonewall from your boss? Thorman says: "Many companies won't have such opportunities for advancement... and that's when you should start looking for a new job." Sure it may be scary, but you're probably more able to take a risk now than you will be later when you're more settled, and being stuck in a dead end job can actually be more terrifying than hunting for a new gig.

(Image of demanding sign by brewbooks, CC 2.0)