Yes, you may deserve a raise

Asking for a raise is rarely easy, but the prospect can seem even more daunting in a weak economy. Still, if consolidations and early retirements have meant more work and greater responsibility for you, it could be time to ask for compensation to match.

Even more than in good times, you'll need hard numbers about industry pay norms and proof of your contribution to the bottom line to make your case for more pay.

Set aside those fears that merely making a request could lead to your dismissal. Assuming that you're a valuable employee and you make your case in a professional manner, that's just not likely.

Besides, they would quite likely have to pay even more to replace you.