How To Negotiate Your Next $10,000 Pay Raise

You just finished up your taxes and realized that you either owe money or the refund you received just wasn’t enough to complete the remodel you had in mind this year. You hoped your income would go up here in 2015, but once again you were saddled with a cost of living adjustment and hoping the company will promote you sometime in the future. Are you serious about getting that $10,000 pay raise this yearPay raises don’t happen by accident. They don’t happen to people who wait for them to happen. They come to those who prepare on the right way to get the $10,000 pay raise. Here are my five tips on how to make this happen for your future.

  1. Where Does Your Salary Compare In The Industry?  I’m surprised by the number of people who never take the time to go to www.salary.com, www.glassdoor.com,or www.payscale.com to see exactly where their current salary compares to the same type of individuals in the same type of cost of living environment currently. Having comparative data analysis can be one of the most powerful tools when you walk into your supervisor’s office on the ‘why’ behind asking for a $10,000 raise. Doing your homework will get you a step ahead of the curve.
  2. Take On Responsibilities For Non-Routine Jobs Believe it or not, your boss doesn’t actually like to have a ton of change in personnel at work. If they can find someone who is reliable, hard working, and doesn’t make them the VP of babysitting, they will forever be grateful for having you on their team. Often, the cost of retention (keeping you) will be far less costly then going back out in the marketplace to find someone of your caliber. It’s important to pick up jobs that aren’t easy to replace or aren’t within the day to day routine part of the business.
  3. Make The Company More Profitable You should pay attention to the bottom line of what is happening within your division or your company. Far too often, employees go about doing their jobs in a myopic way without pulling their head out of the sand to look at the bigger picture. When the company is soaring in gross revenue and profitability, this will be one of the very best times to make the ‘ask’ for that $10,000 pay raise. When companies feel flush with cash, they will be far more amenable to make pay changes.
  4. Perks Are Cash As Well If you aren’t able to negotiate a flat out $10,000 raise, you might want to consider asking for additional perks. This could include stock options, restricted stock, vacation days, a company car, or some additional perks that will equal cash that you are currently paying out of pocket. You don’t know where this will head and doesn’t necessarily have to be at your annual review.
  5. Get Evaluated More Often I learned in my corporate career that absence doesn’t make the heart grow fonder, it makes it grow absent. Your boss is always busy putting out forest fires, so the more face time you get the better. Even though you may only have an annual evaluation/performance review, you might ask to meet quarterly to get additional leadership. This is a great time to share with your boss the results of what you are currently doing. It’s part your job to put the good vibes in the mind of your boss so you grease the skids for your $10,000 pay raise.

This isn’t an end all be all list, but some of the tips I wanted to share with you so you can be better prepared the next time you ask for $10,000 pay raise.

Written by: Ted Jenkin
Request a FREE consultation: www.oxygenfinancial.net

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

No Comments