Tips on how to Obtain a Salary Increase
In a bad economy, with unemployment rates spiraling upward, many workers feel fortunate to have a job and might be intimidated to rock the boat by asking for a raise. However, if you are working for a stable company that is continuing to do well despite the economic downturn there is no reason to be hesitant about expecting to be fairly compensated.
Part of fair compensation is the expectation that your salary will be increased by yearly cost of living increments plus additional monies relative to the energy and effort you put into your job. If you have gone above and beyond the expected performance output, by all means, approach your boss with a well-documented proposal for an salary increase.
Steps to take when requesting a raise:
Research your worth
Go on line to a site that provides expert comparisons of jobsalary rates and pay scalesto discover where your current salary falls in the range for your job. If you are not yet at the top of your range, but believe your work output justifies top dollar, then use those facts and figures to back up your request. In the event you are already at the top of the range, then you need to find other ways to negotiate, such as for shorter hours or going to a 4 day work week for the same compensation, which essentially amounts to a raise in pay.
Document achievements
Keep an ongoing file of your achievements on the job. The file should include copies of praise from clients and supervisors. Include detailed proof of ways in which you may have contributed to an increase in income for the company. Innovative ideas you may have initiated, procedures implemented and accompanying facts, figures and comparisons that illustrate your effectiveness. If the company is making money due to your efforts, they are apt to value your worth.
Record cost-cutting strategies initiated
Document ways in which the company has saved money as a result of your efforts. If you are in charge of a department and encouraged your team of workers to keep better control regarding waste of supplies and better maintenance of company equipment, cut down on overtime hours or any other method of saving, your boss is apt to take into consideration the additional value of your conscientious thriftiness on behalf of the company.
Base request on business-related reasons
When requesting a raise, the best approach is to present your request with business-related data to back it up. What you have done to improve the company’s image, increase the bottom line, encourage teamwork is going to impress the boss much more than lamenting personal reasons for needing more money. Expressing how you’re having difficulty making ends meet, or how the high price of gas has increased your personal overhead is not going to convince a company to part with a portion of their profits during the uncertainty of an economic recession.
Once you have gathered together all the documentation for your salary increase request, follow theprotocol for asking for a raise; make an appointment, stay calm and refrain from giving an ultimatum, accept the decision with grace, even if it is not in your favor. Behaving in a professional manner is apt to salvage your job and your dignity.
In the event you have miscalculated the company’s financial ability and your request for a raise is turned down, it is still possible to get additional monies added into your paycheck by going to the human resource department where you work and requesting a new W-4 form to fill out, claiming more deductions, if eligible. By doing so, you will essentially be giving yourself a raise by taking home a larger portion of your earnings, as opposed to allowing them to accrue in the Internal Revenue coffers until you file annual taxes and obtain a refund.
If you have been accustomed to receiving a healthy tax refund check each year, that money is apt to be more useful spread across the months in smaller increments, which essentially translates to a raise in your take home pay.
