In today’s job market, the idea of a performance review or a self-appraisal can provoke massive anxiety. It is no secret that all across the board, Corporate America is taking a harder look at their bottom line and cutting unnecessary staff and expenses. But before you panic, there are some strategies you can use to make these evaluations underscore your worth to your employer.

Of course, it also helps to understand why employers find these reviews so valuable. A self-appraisal or performance review can give your employer a snapshot of their employment pool and help them identify areas – as well as individuals – that are making positive or negative contributions to corporate productivity. A well-conducted performance review can give management important insights into individual talents/strengths and achievements and an employee’s development needs. And from an employee’s viewpoint, these reviews can help them recognize their worth in the corporate environment and see how their performance can contribute to the bottom line.

One common question from employees: if my review is positive, is this the time to ask for a raise or enhanced benefits? There are a lot of ways to answer this, but the short answer is no. That isn’t to say you can’t use a positive review to begin building a case for a salary increase down the road. However, during an economic climate where unemployment figures continue to rise, it makes sense to keep a lower profile until the job picture starts to brighten.

Another question: what to do if my review doesn’t go well? Nobody likes to get negative feedback – but if you do, deal with it. Ask direct questions. Do you need to improve your skill set by taking courses or getting extra training? Can you set up a schedule of periodic reviews to access your progress? Demonstrating to your employer that you are willing to do what it takes to improve your performance can turn a negative into a positive.

Now a word about those self-appraisal forms that some employers favor. As always, honesty is the best policy. Don’t try to inflate your performance or use vague, imprecise language. Give an accurate, professional summary of your work, including projects completed and goals met. And don’t be afraid to give specific details, since the management team reviewing your self-appraisal may not be familiar with you and your work.

Even with the best possible job review, in today’s economy it is possible to find yourself ‘downsized’ and out of work. So use your review as an opportunity to revamp your resume and get it up to date. Take a good look at your skills and consider how you can make yourself more valuable to potential employers. Keeping an on-going inventory of your assets and strengths will give you a competitive edge – either at your current job or a new employment opportunity.