With all the talk of economic instability, it may seem untoward to be thinking about how to ask for a raise but if you have demonstrated the value you bring to your company, it very well may be feasible.  In fact, smart companies are more likely to want to keep their top talent satisfied in challenging times.

The May/June issue of Pink Magazine (cited here before) included 2007 survey results which indicated that 51% of women had asked for a raise, perk or promotion (down from 54% in 2006).  And it paid to ask - of those who did, 79% heard “yes”.

When you get ready to broach the subject, start by benchmarking what you should be paid.  Penelope Trunk (The Brazen Careerist) mentioned a few online sources she recommends in a recent post. This step is critical for women who get much better outcomes when they negotiate for themselves armed with good information. 

TAGS: Economy, income, income disparity, negotiating pay, Negotiation, negotiation skills, Penelope Trunk, recession, strategies for success, Women and Money, women's equality

All the bad economic news prompted me to write a column for MSN called “Is your money making you crazy?” I culled suggestions from therapists and financial planners about how to deal with the anxiety caused by volatile markets, a rapidly decelerating economy and plunging home prices.

Psychiatrist James Gottfurcht talked about the importance of snapping the physiological feedback loop that can make anxieties and tension worse. One of his suggestions: have a good laugh.

So along with taking a multivitamin, exercising daily and getting enough sleep (other ways to combat stress), I try to get in at least one good belly laugh a day. My secret weapon: podcasts of “Wait Wait Don’t Tell Me,” the NPR news quiz. At least once a show, someone pops off a one-liner that brings me to my knees (sometimes almost literally–I can’t count the times a “Wait Wait” wisecrack has nearly caused me to fall off the elliptical trainer at my gym).

Laughter may not technically be the best medicine, but it’s a great weapon to have in your arsenal as we get through these interesting times.

TAGS: coping skills, Economy, recession

When we lived in Laguna Beach, my husband met a man who had two pre-teen daughters. The dad talked about the girls’ latest adventure: learning to scuba dive. My husband wasn’t a parent yet but wondered aloud if the man worried about the risks involved. The father replied that of course he had concerns, but that he wanted his daughters to learn how to gauge and take calculated risks.

Risk is a key part of anything worthwhile. When we fall in love, we take a risk. When we ask for a promotion or start a business, we take a risk. When we invest, we take risks. A life lived without risk, or one lived in constant search of elusive security, is a life unlived.

These may feel like risky times, with the economy in trouble and housing prices in free fall. You may feel like yanking your money out of the market and stuffing it in your mattress. But in risk lies opportunity, and you can bet the seeds of future fortunes are being sown right now by people who have learned to take calculated risks.

TAGS: Economy, Investing, recession, Risk-taking

US News and World Report recently interviewed me for an article titled “4 Ways to Boost Your Career During a Recession.”   In case you don’t subscribe, let me summarize the points author Liz Wolgemuth cited as opportunities for those impacted by a lay-off:

 1.  Re-create your brand.  With a smaller workforce you’ll be expected to do more (or at least as much) with less.  Rather than view it as just more work, look for the lemonade in those lemons and seize the opportunity to learn as much as you can that will expand your current skill set. 

2.  Lay claim to assignments, accounts, and projects that will help advance your career.  Many times it’s the higher paid employees who are let go.  Don’t wait to be asked, make known your desire to do these jobs.  This requires getting over your survivor guilt — fast.

3.  Volunteer to pick up the slack.  Although you won’t be able to immediately ask for a promotion or raise as a result of the additional work, in time you will be able to make a case for them if you pick up the slack and show you’ve been a team player. 

4.  Be flexible in your job search.  If you’re one of those who are let go, be open-minded about possibilities that will bring in money.  It might be the perfect time to change careers and an interim job could provide you with the skills needed to do it.  One summer I worked for the oil company ARCO writing job descriptions while I was on a break from my job as a university dorm director.  It changed the entire course of my career and life. 

TAGS: lay-offs, recession, surviving downsizing, survivor guilt