Bargaining a Raise in Tough Economic Scenarios- A Guide
Bargaining a raise in this tough economic environment can be very tough. All businesses have suffered heavy losses. Many enterprises were closed down for at least half of the fiscal year, while others announced bankruptcy. Thus, it does not come as a surprise that financial patterns will be changed this year, and the yearly rise in pay may not be experienced either.
However, conditions are bad on your end too, and every employee is looking forward to that pay raise, even after such economic conditions.
Inflation and the rising cost of living validate the demand for higher pay
At the turn of every economic year, commodities experience a price change. Reevaluations cause prices to escalate. So, to afford the same standard of living, employees must receive reevaluated pay, too. This is irrespective of whether the employee exhibited a boost in productivity or education. Especially due to COVID-19, the chances of global economies to witness high rates of inflation this year, are high.
Unusual times foreshadow bends in old rules
Coronavirus has heralded the beginning of a wholly strange world. That means a rise in wage cannot be fully expected. Many companies would have altered their terms of pay revise in light of the economic shutdown in the past few months.
In fact, if you have not been laid off from your job, you are very lucky. During the pandemic, many companies started reducing their workforce and many workers discovered themselves jobless. If you do not get a pay raise, accept it with grace because at least you are lucky to be employed.
However, if you are too eager to receive a pay rise, try and follow these tips.
Make reasonable demands
Getting a pay raise in these turbulent times can be difficult. Thus, it is advised that you make a fair demand. If you ask for a drastic revisal, you would be dubbed insensitive and obtuse. Measure your accomplishments and your contribution to the firm and demand accordingly.
Difficult times call for a cooperative attitude. It is probable that your employers may not be willing to revise your pay right now, but you can always negotiate fair terms for a later period. Once the economy surges again, you can get your hands on your eyed promotion.
Put yourself in your employer’s shoes
Lastly, be just to your employer and check your demands by thoroughly scrutinizing the economic condition and the struggle of the company to survive. It might turn out that you get some patience and are willing to be a loyal employer and earn the fruit of your loyalty later.
After all, your company needs you to survive. You are its foundation, and you have to think about it because it is the means of your livelihood. Making unjust demands can drive down your value for your supervisor and reflect badly on your relationship with the firm.
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