If you went to college, did well, earned your business degree, and got right into the career of your choice, then congratulations! Hopefully, you are earning a good salary, but, of course, there is always the hope of an increase in pay. In some companies, such increases come on a regular basis, but in many they do not. You need to know a couple of insider secrets when it comes to earning the salary you deserve.
- Managers will often pay what the market demands in order to get the right candidate. That means that in a tight job market, the starting salary of a new hire could be the same as yours! In order to ensure that pay is fair and equitable, you need to be pro-active. You must keep abreast of the going rate for people with your experience and education, especially if you were hired in a down market, and bring these discrepancies, tactfully, to your boss’ attention.
- When it comes to merit increases, your boss usually has a certain amount of discretion in what he or she gives you. You may be offered a certain raise at year-end, say 3.5%. If so, there is a chance your boss is actually authorized to give up to a five or even ten percent raise. So make sure that you make your boss aware of your achievements all year. Don’t just wait for your annual review. The better you look, the better your performance, the better chance of coming in towards the top of that percentage range.
Always remember- it is troublesome and expensive to replace people, and much cheaper to simply offer them more money to stay! So make sure your boss knows you are worth a raise, then simply ask for it.
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