by Rachel Stockton

Created on: January 25, 2009   Last Updated: January 27, 2009

In these days of economic uncertainty, the thought of asking for a raise seems a pointless pursuit. And, it may be. Yet the economic downward spiral will inevitably make a turn, as the stock market (and life in general) tends to be cyclical.

That being the case, right now is a good time to plan for your future pay raise. The coffers may be temporarily frozen, but it's important to be at the ready when they start to thaw. In order to make more money, it's a good idea to strategize and plan for the negotiating process that looms in the days ahead.

"The Devil is in the Details"

Managers are busy; they must deal not only with you, but with all of their subordinates. The paperwork and minutiae this entails is daunting. What this means in terms of career progress is that what seems obvious to you, in terms of your work performance, may not be clear in the eye of your manager.

That's why it's a good idea to begin documenting the details of your work progress; this way, you will have, in front of you, a tangible backup for your request for a higher salary. Try to think of ways to enhance the company bottom line during these days of economic duress; managers are always impressed with an employee's ability to produce as much, or better yet, even more, with less.

Make sure you have a realistic idea of what people in your field/industry are making. To familiarize yourself with industry standards, go to websites such as www.salary.com and www.hotjobs.com; these sites have salary surveys available for your perusal.

Emotional Intelligence

When it comes time to negotiate for a higher salary, remember that timing is everything. Find out when the yearly budget for your company is prepared; that way, should your request be honored, your manager will have time to mark the necessary funds for your salary increase.

Also, realize that when you present your documentation for a raise, you might get a bit of "push back;" that's why the process is called "negotiation." There may be rebuttals or challenges to some of your conclusions regarding your performance. This is natural, so DON'T GET DEFENSIVE. Rally every ounce of emotional intelligence you have to remain calm, open minded, and willing to listen. The moment you lose control over your emotions, the show's over.

Consider Options

Remember that an increase in benefits or vacation time is also an increase in salary, of sorts. At times when purse strings are tightened, it can be easier to allow an employee more vacation or comp time, rather than an actual increase in take home pay. Plus, extra vacation and comp time (unlike an actual salary increase) are not going to change your tax status with the IRS one iota.

The bottom line is that negotiation is the name of the compensation game. Make sure you're armed and ready to haggle when the appropriate moment comes.

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