Monday, August 4, 2008

Salary issues at your current job

I'm on approximately 200 websites as a career coach and field all sorts of questions during the week. One popped in today that's relevant to people looking as well as those trying to make the best of their current situation. Salary reviews and negotiations.

In this economy everyone's walking on eggshells with their employer, but there are still opportunities to lobby for a well-deserved raise.

First, be realistic. Take a reasonable look at what your company does and how sales have been over the past year, as well as their prospects for the future. A company's finances are like your home finances--if there isn't a reasonable expectation that you're bringing in more money over the course of the year, you won't put more money into upkeep on your home, and will try to make do with what you've got.

Companies need to do the same thing. If they're worried about the potential for additional revenue over the next year, they won't feel comfortable putting substantially more money in your pocket. No matter how awesome you are. They'll try to make you as happy as they can with what they've got. Some employers are tricker than others at this, but basically, that's all they're trying to do.

So what can you do?

1. Check out some salary comparison websites like Salary.com. My HR sources tell me that these can be off by 8-10%,and salaries do vary by market, but it can give you a feel for if you're way underpriced, or if you should just keep your mouth shut.

2. Develop a list of your contributions over the past year, and if you can demonstrate it, how they contributed to the bottom line of the company. What did you accomplish that hadn't been done before? You should have this anyway for your updated resume (ahem), but you'll need it when proving your case for a raise.

3. DO NOT tell them that you need more money so you can get a new car, house, etc. It's NOT about YOU! It's about what value you bring the company.

4. Also not a great idea to base your argument on other people's job descriptions and salaries. A friend of mine went through this recently where her staff member was making an argument that he had more work than another department. The problem is that the other department was favored by my friend's boss, so that argument didn't hold too much weight. Always be mindful of the office politics in play.

5. The moolah ain't gonna flow your way? Come up with other perks that will at least make you happier as you spend $200 on a tank of gas and eat Raman Noodles for lunch. Ask if they'll sponsor a corporate Toastmasters group (to improve public speaking skills), group yoga/weight loss classes, telecommuting, additional vacation days, flexible hours, a golf outing.

Present them with options to show that you're a team player and understand their budget issues. They'll be more likely to look favorably on you when the economy recovers.

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