This guest post is contributed by Brenda Harris, who writes on the topic of executive mba programs. She can be reached at her email id: brenda.harris91@gmail.com.

Some people do it timidly and with hesitation; others are brasher and more open about demanding it as their right; and yet others threaten to quit if they’re not paid more. While we all feel the jitters when we want to ask for an increase in our salaries, we adopt different methods to go about this act because there are no fixed rules or regulations to follow. But no matter how you ask for a pay hike, you must keep a few things in mind before you talk to your boss or put in a request in some other way because if you don’t, things could backfire on you in a bad way. So if you’re mulling over a salary increase, think over these things before you go ahead with the idea:

• The current market scenario: If the world in general or your company is going through a lean period and your co-workers are getting fired or laid off by the dozen, then it’s definitely not the time to bring up the issue of a pay hike. You would think that this is pure common sense and that people will know that they’re lucky they get to keep their jobs in such a scenario, but there are times when people get ahead of themselves and convince themselves that they are indispensable to the company and that they should ask for and receive a raise.

• Your present standing at work: If you’re in the doghouse with your boss, then it’s sure not the time to bring up the issue of your salary hike. You must wait for the dust to settle and work on getting back into your superior’s good books before you can broach the subject. This does not mean that you must toady up to them; rather, let your work do the talking and your salary hike request cannot be denied without adequate consideration.

• The probability of you getting the raise: If you’ve just received a raise in the recent past, then your current request is probably going to be denied, unless there are extenuating circumstances. Also, your status within the company counts a lot when the issue of a raise comes up. Your boss may feel that you don’t merit a pay hike because you’re just not that valuable to the company. They’re not worried that you may quit if your request is denied, so there is no compulsion for them to cater to your demands. So holding the threat to leave over their heads may not be a good idea unless you are relatively confident that they will cave in or you have an alternative position lined up.

Salary negotiation is a tricky minefield that could end up hurting you badly if you’re not careful. So tread carefully, like you would on eggshells, read the situation well, and use the right opportunity and time to ask for your pay hike, preferably when your work is receiving rave reviews from your superiors.

Asking for a raise in normal economic conditions can be a bit hairy, but doing so in our current economic state just stinks.  During tough times, some believe it’s career suicide to have a discussion about salary with a supervisor.  That may be the case, but if you truly are underpaid, as well as a top performer in the company, then you certainly need to give it a shot.  So, how do you do it?

4 Tips on how to ask for a raise in a recession:

1. Know your company - If your organization is struggling to stay in business, or is filing for bankruptcy, now isn’t the time.  Print this article out, bookmark Corn on the Job, or subscribe to my RSS feed and just come back to me later.  Those working in a financially stable, or somewhat financially stable company should begin to research their company financials, goals, and any challenges the organization faces in dealing with the economy.  During a recession it’s not uncommon for companies to put a temporary halt to raises and promotions.  Take this into consideration when debating on asking for a raise.  If you truly feel you are a top performer, than you still have a shot.
   
2. Know your market value – Check a few online salary calculators.  Click here to see a few.  Make friends with some HR folk and see if they can share some salary data with you.  HR at your company won’t share that information with you, so hop on LinkedIn, and see if you can connect with a compensation specialist.
3. Know your accomplishments – What have you done well?  Write it all down.  Positive experiences with customers (internal and external), projects you’ve lead, money that you’ve saved the company.  If you can show any form of Return on Investment (ROI) in projects, than you are golden.  Showing your supervisor where you’ve saved money is always your best bet, especially in a poor economy.
4. Set up a Plan B – OK, so you prepared yourself well, but it looks like you need a Plan B.  Maybe the company just doesn’t have the money, or it could be that you haven’t showed your supervisor that you’re the cats pajamas.  You need to be prepared for to hear, “No.”  Set up a meeting in 6 months, and set up goals and expectations with your supervisor.  Find out what needs to be done in order to warrant a raise.  Focus the next 6 months  (or whatever time frame is decided) of your life on completing the goals and objectives set by your manager/supervisor.  When time passes by and you meet with your supervisor again you’ll be able to show you’ve completed each objective.  If you don’t receive your raise at that point, then maybe it’s time to start looking elsewhere.

If you think you’re underpaid and deserve a raise make sure to do your homework.  The last thing you want is to go into that conversation with your supervisor unprepared.  Along with utilizing your outstanding performance reviews, make sure to check out the below links to salary calculators to help prove you deserve a raise/promotion.

Check next week to read how to go about asking for your promotion!

http://www.payscale.com/salary-calculator/

http://www.salary.com/personal/layoutscripts/psnl_default.asp

http://about.salary.com/

http://www.salaryexpert.com/

Found a very interesting article today that does a nice job in showing us which schools bring the most dough to new grads.  You’ll see a nice bar graph which compares both the Starting Median Salary as well as the Mid-Career Median Salary for each school on the list.

It will come as no surprise for local Philadelphia area residents to see University of Pennsylvania on the list, but Lehigh University also shows up to represent the area well on the list.  Also, make sure to check out the Top 10 College Majors That Lead to High Salaries.

CLICK HERE TO VIEW ARTICLE

Many of those still lucky enough to be working these days have seen their company slash raises and bonuses this year.  I’ve come accross some hopeful news for those of you feeling like your hard work should earn you a thicker wallet.  Please see the link below from ResumeBear, which discusses a 2010 salary survey report completed by Watson Wyatt, a leading global consultant firm.

Check out the article then stop back to leave your opinion.  Feel free to also share some of your salary/bonus horror stories from 2009 as well, keeping it annonymous if you’d like.

Click here to read article