Compensation Research
Are we getting paid what we’re worth? How do we know what we’re worth? And is our idea of worth tied to the job we do or our analysis of our personal worth?
These are the questions we explored before we contemplated asking for and negotiating a raise in pay. For many people, their compensation level is tied to their sense of self-worth. The more money the make, the more successful they are, the better at their job they are, the better person they are, and so we believe.
In reality, these salary-based value judgments can be unhelpful, and believing in them can be a major roadblock in successfully negotiating a pay raise.
When looking at our compensation we have to remember the employer’s position is that our pay is based on the relative value we bring to the organization and the market rate for the job we’re doing. It is not based on the qualifications we have, what we made at the last company we worked for, the financial obligations we have, or what others make. What matters is what we contribute to the company. If we approach pay negotiation from any other position, our argument lacks the objectivity we need to make a solid case for our self.
To determine the value of our position we need to do our research. We also need to spend time planning and preparing for our negotiation. The more confidence we have that what we are asking for is reasonable and defensible, the less likely our arguments will be refuted or ignored.
Our goal is to stay in our current job working for our present employer and that’s the main reason were asking for a raise in pay. Also the raise will be a motivation for us to strive harder, broaden our knowledge and enhance our capability and expertise in order to prove the management that we are worth the pay.
We need to familiarize ourselves with our employer's pay practices. If the standard practice is to offer salary increases once a year after an annual review, we are unlikely to receive a raise at any other time.
If our company offers more frequent increases, we'll have more luck asking for a raise.
Listen to our employer. If the employer announces that the pay increase will be four percent across the board, we are unlikely to negotiate more money.
Research the market pay rates for our job. Getting information has never been easier, although we would want to take care with online projections. They rarely reflect our local market conditions including the number of open positions in your area. If we are already paid above our market pay rate, negotiating a pay raise can be difficult.
Obtain and read our employee handbook. The handbook may present the process whereby salary increases are granted. If a policy or a process exists, we best bet when asking for a pay raise, is to follow the process exactly.
Network with other employees in similar jobs in similar industries to determine our salary competitiveness. Professional associations also do salary surveys and provide networking opportunities with people in similar jobs.
These are the questions we explored before we contemplated asking for and negotiating a raise in pay. For many people, their compensation level is tied to their sense of self-worth. The more money the make, the more successful they are, the better at their job they are, the better person they are, and so we believe.
In reality, these salary-based value judgments can be unhelpful, and believing in them can be a major roadblock in successfully negotiating a pay raise.
When looking at our compensation we have to remember the employer’s position is that our pay is based on the relative value we bring to the organization and the market rate for the job we’re doing. It is not based on the qualifications we have, what we made at the last company we worked for, the financial obligations we have, or what others make. What matters is what we contribute to the company. If we approach pay negotiation from any other position, our argument lacks the objectivity we need to make a solid case for our self.
To determine the value of our position we need to do our research. We also need to spend time planning and preparing for our negotiation. The more confidence we have that what we are asking for is reasonable and defensible, the less likely our arguments will be refuted or ignored.
Our goal is to stay in our current job working for our present employer and that’s the main reason were asking for a raise in pay. Also the raise will be a motivation for us to strive harder, broaden our knowledge and enhance our capability and expertise in order to prove the management that we are worth the pay.
We need to familiarize ourselves with our employer's pay practices. If the standard practice is to offer salary increases once a year after an annual review, we are unlikely to receive a raise at any other time.
If our company offers more frequent increases, we'll have more luck asking for a raise.
Listen to our employer. If the employer announces that the pay increase will be four percent across the board, we are unlikely to negotiate more money.
Research the market pay rates for our job. Getting information has never been easier, although we would want to take care with online projections. They rarely reflect our local market conditions including the number of open positions in your area. If we are already paid above our market pay rate, negotiating a pay raise can be difficult.
Obtain and read our employee handbook. The handbook may present the process whereby salary increases are granted. If a policy or a process exists, we best bet when asking for a pay raise, is to follow the process exactly.
Network with other employees in similar jobs in similar industries to determine our salary competitiveness. Professional associations also do salary surveys and provide networking opportunities with people in similar jobs.
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