So Do You REALLY Deserve a Raise: 6 Questions to Answer
by www.SixWise.com
Over half (57 percent) of the people looking for a new job
within the next three months are doing so because they think
they're underpaid, according to a Salary.com survey of 13,500
people.
How many people are actually underpaid? If you go by the
market pay for similar industries, the site found that only
19 percent are actually underpaid. Another 17 percent are
overpaid and 34 percent are making a fair amount.
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How much do you really deserve to earn? Calculate your
"raise-worthiness" using the questions below
as a guide.
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However, market pay and a person's view of what they should
be making (based on self-worth, overtime, dedication to a
certain position, etc.) are two very different things. In
general, salaries in 2006 rose 3.7 percent, according to the
2005-2006 National Salary Budget Survey. Finding out if you
really deserve a raise beyond this depends on a number of
factors, and you can use the questions below to gauge whether
you should ask for more money.
1. How does your salary compare to market rates in your
region?
Only 36 percent of people who responded to the 2004 U.S.
Job Recovery and Retention Survey knew how their pay rate
compared to market rates. Yet, this is a key in knowing whether
your salary is where it should be.
Of course pay rates vary by industry, but they also vary
widely within industry based on location. For instance, while
salaries rose an average of 3.7 percent in 2006, salaries
in the Mountain State region rose 4.2 percent, the Philadelphia
region rose 4.8 percent and Boston rose only 3.1 percent.
Likewise, people who live in urban areas where costs of living
are high can expect to earn more than those living in less
pricey areas.
Also don't forget to factor in other aspects of your job's
total "pay," like paid insurance and vacation, profit
sharing, and other benefits.
2. How well do you do your job?
People who are reliable, perform consistently, save the company
money or make the company money will generally be paid higher
than those who do the bare minimum. Before asking for a raise,
you should be able to demonstrate your value to the company,
along with show concrete examples (sales generated, deals
worked out, quotas met or exceeded, etc.) of your performance.
3. Are you easily replaceable?
Do you bring something unique to the company -- knowledge
in a certain area, networking connections, experience, funding
sources, creative expertise -- that would be hard to replace?
People who are not easily replaceable are often more justified
in asking for a raise.
In other words, would your company be affected if you left,
or could they easily hire someone else to do your job? All
are important things to consider.
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Person Would You Be?
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you be a "Paris Hilton"? A "Bill Gates"?
A Warren Buffet"?
There is some real value in learning what kind of fantastically
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finances today.
Take
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4. What are your company's pay policies?
Does your company regularly hand out bonuses and pay increases
for a job well done, or do they only give annual pay raises
to some employees? If your company has a structured salary
review process, and you are asking for a raise outside of
that, you'll have to be able to back up your reasoning of
why you deserve a raise over everyone else. Likewise, you'll
need more back-up reasons if the economy is facing a downward
trend than if it is rising and the job market is heating up.
5. Do you bring more to the company than other employees?
If you are in a position similar to one or more other employees
at your company, how does your salary compare to theirs? If
you feel you should be paid more, can you demonstrate that
you have put in more work or brought more to the company than
others?
6. Are you willing to put in extra effort?
If you are given a raise, are you willing to take on the
extra responsibility, hours and work that it may command?
If not, it may not be the right time to ask for a raise.
Start Your Salary Research Now
There are several interactive Web sites available to help
you determine pay ranges in your region, both with basic free
reports and more detailed reports for a fee. You can use these
to start your basic research to determine how much you should
be making, compared to others in your area.
Recommended Reading
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Long Hours Now Proven to Kill You: How to Work Smarter, Not
Longer
Sources
The
Scoop on Salary Increases