6 tips to get growth even in an economic crisis

While getting a big pay raise is likely to be a challenge as workers have lost some of their leverage due to the pandemic, it’s not impossible, CEOs and bosses told Business Insider.

Here are six tips and tricks to maximize your next pay raise straight from the people who have the power to pay your salary.

1. Prove your value with cold, hard data

Employees should always get excited when it comes time to negotiate, BI bosses said, but that self-promotion becomes even more important during economic uncertainty.

“In tough times, it’s not just about asking for more — you have to show you’re worth it,” said Mark Whitley, CEO and founder of Whits Services Corporation, a Missouri-based national recycling provider.

According to CEOs, workers who can highlight specific projects they’ve contributed to and who can clearly demonstrate how their work benefits the company are more likely to earn raises.

Daniel Meursing, CEO and founder of LA-based event management company Premier Staff, said he encourages his employees to keep a “score book” of their successes and positive feedback. He said one of his workers used the technique to secure a large increase during a slow season.

“She presented data showing that the events she managed had a 95 percent customer satisfaction rate and a 75 percent rebooking rate,” Meursing said. “These numbers spoke louder than any blanket demand could have.”

2. Take on additional responsibilities

Some employers suggest that workers demonstrate their value by going above and beyond the job description.

“In tough times, companies need reliable, high-performing employees more than ever,” said Kristin Marquet, founder and creative director of PR agency Marget Media. “Make sure you consistently exceed expectations, take on additional responsibilities and contribute to the company’s bottom line.”

Employees eager to stand out can pad their resumes with additional certifications and skills and use those qualifications to get more money, bosses said.

Javier Muniz, chief technology officer at LLC Attorney, told BI that his company encouraged employees to take on responsibilities outside of their job description during the economic downturn.

“Those who took this initiative were at the top of our salary analysis list,” Muniz said.

3. Consider timing

Time is of the essence when it comes to salary negotiations – especially during times of economic uncertainty.

The best time to ask for a raise is right after a pro win, several bosses said. Highlighting a series of accomplishments and successes leading up to negotiations can help build an employee’s reputation and leave a positive impression on employers.

Employees who show a pattern of earnings over time can more effectively build a narrative to support a raise, experts said.

“Consider asking for a raise after a project or achievement, as most successful negotiations happen at such times,” Maxime Bouillon, CEO and co-founder of Archie, a hybrid workspace platform in Montréal.

4. Show your commitment to the company

During difficult financial times, employers tend to be most focused on the survival of their company. That way, workers who demonstrate loyalty to their workplace can put themselves at the top of the list for raises, executives said.

Employers appreciate people who are adaptable and focused on the company’s vision, according to bosses who spoke to BI.

“In uncertain economic times, it’s crucial to show you understand the big picture,” Meursing said, adding that he encourages his employees to “think like owners.”

5. Be prepared to negotiate

Employees who want to ask for a raise should be clear and concise about what they want, bosses said.

David Weisselberger, an attorney and founder of the criminal justice law firm Erase the Case, suggests that employees use a negotiation technique known as “anchoring,” where they make the first offer in salary discussions and aim high.

“I remember a situation where I led the negotiations with a 25% increase and the company responded with 18%,” he told BI.

While 18% raises may be a thing of the past, the technique could still help top performers maximize their pay raises.

Employees can prepare for negotiations ahead of time by having frank discussions with their managers about anticipated growth expectations and the company’s fiscal health, Estrada said.

6. Think long term

One of the smartest ways employees maximize their work benefits is to be open to other forms of compensation, some experts say.

In tough economic times, money could be tight, no matter how valuable an employee is. But workers can still gain advantages by negotiating beyond salary for things like bonuses, additional time off, flexible work arrangements or professional development opportunities.

Sergey Taver, marketing manager at Precision Watches, said the company had one employee who successfully negotiated for additional training, which later positioned them for a senior role.

“After you’ve discussed the raise, be open with the employer and illustrate your willingness to help the company through a difficult time,” Taver said. “This may help secure a pay rise at a later stage.”