With all the economic uncertainty in the world today, can you ask for a raise during the coronavirus pandemic? And if so, how? UNO Professor of Finance Mark Rosa says it is possible, but you need to consider a few things first about your company such as the pandemic’s impact on the business.
“Our products and services can still be enjoyed, no matter if it is in this environment or not and that would be an easier conversation to have and perhaps the raise could go through,” said Rosa.
Rosa says even if your employer has been hit hard with furloughs and layoffs, it is still possible to ask for a pay bump if you are picking up the extra work left in the absence of former coworkers.
“Before I used to wear one or two hats, now I’ve got 17 hats on, could the company see there way clear to have a little bit more money heading my way,” said Rosa.
Some companies may have a salary freeze in place, so asking for a bonus might be the path to extra money. But if you absolutely can’t get more money, Rosa recommends asking for perks such as more paid time off.
“It’s kind of funny money for the business, but it is a real benefit for the employee. Instead of two weeks off this calendar year, we’ll double it to four weeks for 2021, and again, the company is not spending money directly. It’s not a hit to their cash reserves,” said Rosa.
Comments