My advice (for what it's worth): Don't jump ship. People are fond of the refrain that loyalty won't buy you anything. Many times it is true, but occaisionally

My advice (for what it's worth): Don't jump ship. People are fond of the refrain that loyalty won't buy you anything. Many times it is true, but occaisionally it isn't and the times it isn't, it's worth the chance. Go to the higher ups and say, "I appreciate the vote of confidence you gave me when you gave me the raise. It's time for me to repay the favour. In the tough times it's easy to think that maybe I should try my luck somewhere else. But I've thought about it and I'm here to stay. Whether we win or lose, I'm going to devote 100% of my energy to helping this company." If you end up losing the job (either by being cut or by having the company fold up), then when asked about your salary expectations in other jobs candidly: - Tell them what you were making before (impressive) - Explain that you are mostly looking for interesting work and that you are open to any offers as long as the other factors are in line. This allows you to gather options and asses the strengths and weaknesses of each offer without explicitly scaring people away. If your company makes it through this tough time (without laying you off), your public stand of solidarity will likely resonate with the business types who are in a position to reward you later. These kinds of things have worked well for me in the past. Good luck!