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RATE YOUR PAYCHECK: DO YOU EARN WHAT YOU DESERVE?
In these rough times you probably want to stick to your job. But maybe there's room for salary negotiations? Or: are you on a job hunt? And you want to know whether the payment is fair? We can help you find the answers to the questions that drive your important career decisions.
Find out about your pay: compare your earnings against what
other people get for the same job in the same state with our free,
independent Salary Calculator.
In return, to keep our Calculator updated, share your Salary and Job Information and fill out our anonymous Salary Survey.
Get a Pay Raise
Feeling overworked and underpaid? Follow these guidelines to negotiate yourself a higher salary*:
Negotiations
- 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
"no."
- 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 My Paycheck
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
something significant.
- 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.
Responding to Rejection
- If you get turned down ,
don't get mad. Coolly say "I understand your position," and leave the
room. An ambiguous response is more effective than an aggressive one
because it leaves your boss wondering what you'll do next. If the boss
is worried that you might look elsewhere, you're only more likely to
get an offer.
Further Advice
Don't be greedy. What if you're about to join a new company? Your moment
of maximum negotiating leverage comes when you're offered the position but
haven't accepted it yet. If you feel confident, make a counteroffer.
But don't wrangle over every last dime. After taxes, the extra money you get is
rarely worth any ill feelings you may generate. Even if your tough negotiating
prevails, your employer will expect top-dollar performance. Mess up once and
you may end up in the doghouse.
*This
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.
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