Get a Pay Raise
Feeling overworked and underpaid? Follow these guidelines to negotiate yourself a higher salary*:
- Assess your negotiating position -
Be practical when trying to get a raise and try to determine where you
stand at your workplace. Ask yourself questions such as: Does my boss
like me? Is my job important to the organization as a whole? Would it
be easy for my employer to find someone at my current salary who can
replace me? The more "yes" answers you have to these questions, the
more confident you should be in negotiating, the safer you are in
requestimg more money, and the firmer you can be in responding to a
- Get comparable salary info for your job - In general it's
good to be able to quantify exactly how much you contribute to your
organization. If that's not possible, use our Salary Calculator
to find comparable salaries for workers in your position. Then, write a
one-page memo to the boss estimating your fair market value. That will
give your boss something tangible to show higher-ups to justify giving
you a raise.
- Know the right time to ask - Don't push for a raise when
your boss is distracted or your organization's finances are in
jeopardy. It's best to ask for a raise right after you've accomplished
- Use other job offers - Nothing helps your bargaining
position like a job offer or expression of interest from another firm.
Even if you'd like to stay, inquire about job openings at other firms.
If they express interest you can legitimately tell your boss "I'm very
happy here but other firms have expressed interest in me."
- Money isn't everything - If your boss tells you that the
money just isn't there, switch gears. For example , suggest a position
that requires more responsibility. It's easier for your employer to
rationalize a higher salary if your job description is changed to
include higher-level work. Or ask if you can reopen negotiations in
three months. If the boss agrees, put it in writing.
- Alternatives - Can't get anywhere on salary? Try for a
noncash, tax-free goodie: the right to telecommute, a more prestigious
title, flexible hours etc.
information was taken from "The Art of the Raise" published in
Kiplinger's Personal Finance, Jan. 2006 by columnist Marty Nemko, PhD.
Visit his website at www.martynemko.com.