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In tough times, the bonus or the raise you got last year–and were hoping to get this year–may not show up. Is all lost? Nope.

1. Don’t Take it Personally

Here’s what to do. First, don’t take it personally. Maybe it sounds silly in the era of Trillion Dollar Meltdown that some people would think this is directed at them. But we’re not always rational when it comes to money, and some people grumble, “How could they do this to me – after all my hard work?!”

2. Make Your Employer’s Wish Come True

It may seem counter intuitive, but in the era when there are 100 job hunters for every 5 jobs, your employer wants to keep you. If you’re good at your work and deserving of a bonus, the boss doesn’t care how many other qualified people there are. S/he doesn’t want to lose you. Second, know that s/he wishes s/he could give you a bonus — it’s up to you to take his/her wish and make it real.

3. Ask – but not Right Away

Third: ask. How? Don’t ask right away. As long as people are still griping or telling company broke jokes at the water cooler, it’s too soon. Parity in the case of corporate-wide bonuses is sacrosanct. They can’t give you a bonus and deny it to your buddy in the next cubicle. So you want some distance from the bad news that came with the company’s “There’ll be no bonus” e-mail.

Wait for Things to Cool Off – Then Think Contribution

Things cooled off? Then, now’s the time. Think carefully about your contribution last year. Set an appointment with your boss. Explain LOYALTY first. “Boss, I’ve really been working hard, and I understand that the bonus (Or company-profitability portion of the bonus) is gone this year. I have an alternate idea I hope you’ll entertain.”

Share the Accomplishment and be Specific

Then share the accomplishment list (above) and monetize it as well as possible. [i.e. don't just say, "worked hard at keeping customers"; instead, say, "Kept three big accounts who were thinking of switching to our competitor -- which adds up to saving about $135,000 in annual sales."]

4. Think Non-cash Bonus

Fourth: wrap up with, “So, since there isn’t cash for a general bonus, I wonder if given my individual performance, there might be a non-cash bonus.”

Non cash? Yes. Leaving Fridays at noon? More vacation? Health club membership? Early bonus in 2010 for some specified level of performance? An assistant (so you can cut down your overtime)? etc. Be creative.

Think Win-Win
When two people are motivated towards the same goal: compensation that will keep you happy [enough to stay], that goal is likely to be achieved.