Money Matters

How to ask for a raise once the economy recovers.

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Today on money matters ... a lot of people have lost their jobs in this recession. others have been furloughed or had their pay cut. few people have gotten raises -- but when the recovery comes it might be time to ask for a raise.

But before you go pounding on the bosses desk here are some things to consider from Liz Wolgemuth of US News and World Report.

First. Measure your own performance. Consistently positive performance is likely to be something the company won't want to lose.
Proving your flexibility during recessionary changes is also a positive attribute. Write down the work you've been doing and catalogue your achievements.

Second. Make sure there's a market for your skills. If you're in a struggling industry with lots of workers you may have to wait for a pay bump. But if you're in a sector with a lower supply of workers and your skills are in demand (such as health care) you're in a better position to talk money.

Third. Carefully craft your approach. Don't be brutish. Don't pretend nothing is happening in the economy. And don't threaten to slack off if you're pay demands aren't met. Instead ask for a performance review.

Fourth. Consider negotiating for perks and benefits. If you can't get more cash -- the boss may be able to spring for more vacation, better health care benefits, a four day workweek or use of a company car.

Be creative and you may just walk away with something extra once things turn around. And you'll show the boss how dedicated you are to help the company suceed.


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