*The good news is that there are signs of the job market improving…giving workers the edge against employers when it comes to getting an increase in pay.
**Small pay increases have been slowly rising too. Mercer is estimating a 3% raise for 2015 which is up from 2.9% this year and 2.8% in 2013. BUT Let’s face it, The MOST valued employees get the best bump in salary. Just 0.1% for the lowest performers, 2.6% for the average joe and 4.8% for top level employees.
*Differentiating salary increases that are based on performance has become completely normal. It’s an effective way for employers to recognize top performers without increasing budgets dramatically according to Rebecca Adractas of Mercer.
Here’s how to make sure you are one of them.
*Gather proof that proves your clients, customers, and co-workers appreciate the work you do and have praised you for it. Show your higher-ups your testimonials, emails, thank you letters, etc.
*Prove it. Show employers what you’ve accomplished like cutting costs to meet budget, taking on more responsibilities, making the office run more efficiently or landed a big account for the company.
*Know what to ask for. Be reasonable. Do you know if other employees are getting raises? Is the company hiring or downsizing? Even if your company is cutting back companies do not want to lose experienced star employees. Not guaranteeing you will see an increase but just make sure it is not outrageous. Use payscale.com’s salary calculator to help guide you in your requests.
***Speak Up and Ask! 56% of workers have NEVER even asked for a raise! Sure, it’s an uncomfortable conversation but from the Careerbuilder survey 2/3 of employees who asked for a raise received one! Plus it’s the perfect time! Most companies look at their budgets for the next year around fall. If you wait till the winter months it may be too late!
*And lastly don’t take NO for an answer! If you get denied a pay increase ask what you can do down the road to get the compensation. Write it down and follow up. Try to show gratitude with an email thanking them for discussing the matter so everything can be worked out.
Even if a raise is not in your near future there are different ways to be compensated. Employers can offer different perks to keep employees such as bonuses, a flexible schedule, paid time off, telecommuting, covering more health benefits or a richer 401K.
*www.time.com/money/3111504/raise-salary-tips-advice/ – Donna Rosato
**www.mercer.com/newsroom/pay-raises-for-us-employees-continue-to-grow-steadily-new-mercer-survey-finds.html
***www.careerbuilder.com/share/aboutus/pressreleasesdetail.aspx?sd=7%2F24%2F2014&id=pr834&ed=12%2F31%2F2014