Many employees are expecting a pay raise this time of year, but it’s hard to ask for a raise when layoffs are taking place. In reality, it isn’t unrealistic to expect a salary increase, but you may have to justify it more than in previous years. Also, don’t expect too much, especially if you work for financial firms or others affected by the economic downturn.

Most raises will be reserved for top performers that directly help improve profits, so if you plan on asking for a raise make sure that you can make a strong case. Start by preparing a list of accomplishments as well as other ways that your performance has been above average. If you aren’t a salesman, outline ways in which you have helped the company boost profit margins.

Instead of thinking of this environment as a threatening one for employees, it is important to realize that employers want to hold onto strong workers. As a result, they may be willing to increase compensation to valuable people. After all, they have fewer people, higher costs and thinner margins, so those that can step up and contribute are extremely valuable.

That said, if your company is in the red and massive layoffs are abound, it may be prudent to put off requests for a raise until the business begins to stabilize. Similarly, if your firm was recently acquired, it may be wise to hold off on any requests as you may be on the bottom of the totem pole. In some companies like these, you may be lucky to have your job!