This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

How to Move Up When the Economy's Down

You should also look for opportunities outside your company. Companies often use an economic downturn as an opportunity to poach their competitor's talent. If you'd prefer to stick with your current firm, you can use potential opportunities elsewhere as a bargaining tool to gain a promotion or a raise.

"If you have skills or knowledge that is of high value in your industry, you can use this to your advantage," Brennan says.

Don't be afraid to ask for a raise: You deserve to be fairly compensated regardless of the economic conditions. During a recession you just need to be more sensitive when you ask. Acknowledge that times are tough and then explain carefully how the work you do will help the firm get through its challenges.

"Bring up that conversation right after you've landed a big deal or accomplished something very important for your organization," says Brennan.

If your firm can't afford to pay you more, consider alternative forms of compensation. You might ask for a more vacation time, stock options or something simple like an office with a view or a better computer. Companies are often more flexible about compensation when the economy is weak.

Get ready to look for a new job: There's always a chance you could be a victim of the next wave of layoffs. You'll be less anxious if you prepare for that possibility. Keep your resume updated and monitor career Web sites like, run by Monster Worldwide (MWW - Get Report) for job openings in your field. Try to maintain a good relationship with your bosses. You never know when you'll need a good reference.

Zack Anchors is a freelance writer from Portland, Maine.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
MWW $6.30 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs