Post-Recession Bounce-Back Plan: Recover Your Earning Power
During the recent economic downturn, many Americans vastly lowered their expectations about earnings. One survey of career-fair attendees, conducted by Next Steps Career Solutions, found that 65 percent of respondents were willing to accept compensation that was up to 30 percent lower than their pay at their previous job. In addition to salary cuts, workers have also reduced their hours or accepted lower-paying jobs than they've previously held.
But now that the economy is beginning to rebound, Laura Browne, a corporate trainer and the author of "Raise Rules for Women: How to Make More Money at Work," says there are new opportunities to bump up pay. "Companies are giving money back to people, but they're being selective about who gets it," she says. Here's how to get on that list:1. Forget the past
Whether
you've suffered a pay cut or a raise freeze, understand that
complaining about the hardships you've endured will get you nowhere.
Instead, show your managers what you are doing now--and what
you'll continue to do in the future. "They want to know, 'Did you make
money for the company?' And even more important, what you are doing right
now that will continue to make money for the company over the next
six months to a year," says Browne.
2. Start the
conversation now
Even if the company is still struggling,
Brown says it's important to start talking before the good
times start rolling in. "By the time you hear that your company is
making money, it's going to be too late," she says. Approach your boss
at a time you're feeling upbeat--that is, not the day you got a big
credit card bill, for instance. Explain that you know times are tough
for everyone (not just you) and thank your boss for sticking by you and
recognizing your hard work. Once the positive tone set, let him or her
know that when things start to pick up again, it's important to you that
you are recognized for what you've done--and for what you'll continue
to do.
3. Arm your boss with data
Your boss
may need to convince upper management that you should get a pay bump. So
provide him or her with a results summary--not simply what you
did, but the results you got--that can be taken to
decision-makers. "You have to help your boss help you," says Browne.
4.
Work crazy hours
If you've had to reduce your hours, let
your manager know that you can work whenever he or she needs
you--Saturdays, holidays, or late at night if you can. "If company
revenue and income are on the rise, then they'll need more hours to meet
increased demand," says Jeff Cohen, the author of "The Complete Idiot's
Guide to Recession-Proof Careers."
5. Make new friends
If
you can't get enough hours in your department, get to know the people
in other departments and see if there are opportunities to pick up extra
hours there. "Tell everyone you know that you're looking for more
hours--in a pleasantly persistent way," says Browne.





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