There’s this nice saying by Warren Buffet: “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” It is such good advice…

Right now, let’s face it, many people are very fearful. Job recession will hit soon, I assume starting in fall many people will unfortunately lose their jobs. After that economy will recover, but until then fear will strike many.

If you are still working you might think it’s the worst time to ask for a raise. It’s the worst time to ask for a promotion. But this is – paradoxically enough – exactly wrong. Let me show you why.

First of all you must realize that the current crisis is a huge, huge opportunity. It is the dot-com boom of our generation if you play your cards right. Think about the Apollo 13 near-disaster. It turned into one of NASA’s biggest successes when they brought the crew of the damaged space-capsule back. Think of elections in Spain after terrorists attacked Madrid. The opposition took over using the momentum of the shock.

I’m not saying you should leech of other people’s misfortunes, I’m just saying that given the circumstances you can come out not only with your job secured, but with more money and a promotion.

Ask yourself: What is your value for your company measured in?

Well, the answer is: Revenue you create and costs you save.

A potential raise is only justified if your value has risen since the last one. This way it’s not a raise, but an investment. So let’s see how you can raise your value before you get into salary and position negotiations.

Strategic Initiative

Take a look at competitors and other companies in your branch worldwide. Which ones are performing especially good and seem undaunted by the crisis? Find out what they are doing different. Which of their recipes can be implemented in your company? Researching such things may help you come up with suggestions that your management would like to hear. In a climate of fear and general “Better lay low until the storm is over”-mentality you will stand out in a very positive light.

Cost Cutting

Where are the biggest costs in your company? Are there some jobs that are currently handled by outside contractors such as consultants? Those are good areas to look for money saving opportunities. Perhaps those jobs can be done by in-house staff.

Are there any suppliers that could be contacted for re-negotiation? In a time of crisis you stand a good chance of getting a better deal. After all they want to keep you as a client and might be ready to show some reciprocity in this troubled times..

Getting a Higher Salary

Now is a good time to negotiate salaries. Next to your increased value there are two main reasons:

1. General fearful climate in your company will prevent others from asking for a raise, also.
2. The budget for the year has probably been decided in advance, before the crisis hit. There’s now money left to be spent.

Remember to consider negotiating a bonus also, or something else besides your salary.

Climbing The Ladder

Finally, when job cuts happen (and they most likely will), there will be less competition for higher positions. And nobody that is hoping to keep his or her job will even start to hope for a promotion. Or a popular manager quits or gets fired and a couple of other people follow him out.

You’ll be there, brave, proactive and well positioned for promotion. Many (if not most) people that rank high especially in bigger corporations got to where they are in times of crisis.

Do this well and you can even blitz-promote yourself a couple of positions above your current rank. But more on that later…

For now: Don’t be afraid, let the others take care of that.

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