Smart Tips for Getting a Raise
Are you earning the salary you deserve? In a tight economy, many people
are finding that they aren’t receiving increases when evaluation time rolls
around. Don’t despair. According to the Iowa Society of Certified Public
Accountants, there are some steps you can take to maximize your chances for
a larger paycheck.
Don't be afraid to negotiate
If you think you’re not making what you deserve, it’s acceptable to speak
up, as long as you keep the discussion cordial and professional. Name the
amount you were hoping to receive, and explain why you think you deserve it.
Be prepared
When you begin your negotiations, make sure you have information to back up
your requests. That means knowing what your job is worth. The Occupational
Outlook Handbook, a publication of the Labor Department’s Bureau of Labor
Statistics, provides earnings and other information for a wide variety of
jobs on a national level. To get a sense of what the market is like in your
area, you can also talk to local employment agencies or professional
associations. In addition, online job-search sites can provide details about
what’s being paid for a position like yours in your area. If you learn that
you’re receiving less than others are for the same duties, you can present
your research to your boss as part of your negotiation.
Know your own value
In addition to understanding what your job is worth in the marketplace, you
will also need to think about what you are worth to your company. Have you
taken on new responsibilities? Spearheaded an initiative that saved the
business time or money? Taken the time to learn a new skill? Developed a way
to raise profits? Make a list of such actions and have it ready when you
negotiate. You might even consider giving your boss the list before your
meeting, so you’re both prepared to discuss it.
Be realistic
Of course, if you can’t think of ways that you have made an outstanding
contribution, now’s the time to begin trying to make one. That way, you’ll
be in a better position to negotiate at your next salary review.
Consider alternatives
It is possible that you can be an excellent employee, present a strong case
for a raise or promotion and still not receive one. The company may truly be
facing lean times, and unable to reward even the best workers. If you know
that profits are down, you should be prepared to accept this reality. There
may be alternatives you can request, however. For example, you might
consider asking for perks, such as more time off, the opportunity to work at
home part-time, increased training that can enhance your career options, or
some other benefit that the company could more easily afford. If you believe
that you have a promising future with the business, it may be worth
accepting these alternative rewards during tough times and asking for more
money when the economy improves.
Your CPA can help
The size of your take-home pay is an important factor in your monthly
budget. If your salary is not quite what you’d like it to be, there may be
other money-wise steps you can take to expand your purchasing power. If
you’d like advice on how to create a workable budget–or how to get more
miles out of your dollar–be sure to consult your local CPA. He or she can
help answer your family’s most important financial questions. To
access “Find a CPA” on the web, go to
www.findanIowaCPA.com.
