Now that we’re seeing more layoffs, folks are asking, “is it still a good time to negotiate?”
Here are some tips to ace your annual review, even in a Recession:
- It’s important to assess YOUR dynamics. All experiences are not the same. 2020 was a tough time to work for a restaurant group and a great time to work for zoom. Similarly, this recession will not hit us all the same. Analyze what is happening in YOUR industry? YOUR company? Your department? Your level?
- Understand what your company’s and department’s “big goals” are. Is this an opportunity to pick up market share? Or is reducing costs the top priority? Identify what role you can play. Can your projects make the company more productive? Can you preserve critical client or vendor relationships?
- Think about YOUR goals. What would help you deliver more impact? Reduce your stress?
- Compare those answers, then determine what you’d like to negotiate for. If money isn’t on the table, think of things you can negotiate that would increase your long-term prospects. Can you ask for a role on that high-visibility project? Make a case to be put on that huge new client? One woman I know was in a situation where her boss was laid off, which was certainly tough, but she negotiated to
temporarily take over his role, which helped the company AND gave her the opportunity to prove he
was qualified for that promotion. Recessions force companies to think creatively. How can you be an important part of the solution?
- Don’t forget to ask relationally and discuss collaboratively. There is a strong possibility that a recession will lead to a higher risk of backlash for women and people of color but using these strategies will highlight how much of a team player you are, and that dramatically reduces the risk of backlash.
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