4 Reasons and Ways to Go for a 10 Percent Raise
By LiveCareer / February 16, 2015
Guest Post by Pat KatepooAre you a mid-career professional who's overdue a decent pay raise? It's time to take action, and this is the year (2015) to go big. These are my reasons.
1. If Your Salary is 10%+ Below Market ValueWhen I talk about my clients getting pay increases of 10% or more, for most of them, it's because their salary was that far below market value. Using third-party market data, they were able to make a convincing case for a Competitive Pay Raise or a Salary Adjustment.
2. If You Can Make a Case for Combining Various Types of Pay HikesIf your salary is below market value, e.g., by 5%, start there. Add 2% for cost of living (2015), plus a merit raise of 3% (US average, 2015). Combinations and percentages will vary, of course, but you get the idea. Will you get the full 10%? Probably not all of it, but if you've made your case based on the merits, you'll likely get more than what your employer originally planned to grant you. Which brings us to #3...
3. Higher Targets Yield Higher OutcomesResearch shows a direct correlation between higher targets and higher outcomes. An ambitious (10%) yet realistic (see the breakdown in #2) goal will get you better results than a more modest goal. Aiming high could mean the difference between getting a 3% raise and a 6% one. Like that idea?
4. If You've Been Doing the Work of More Than One Person for YearsThis is likely the long-lingering result of The Great Recession of 2008. And we all know the post-recession recovery has been painfully sluggish; corporations have been slow and cautious about adding staff and ramping up salaries. Meanwhile, companies have piled up record profits, so now there's money for your big pay jump. You just need a clear pay raise strategy to get it. For these reasons, consider thinking in terms of increasing your pay package by at least 10%. So go ahead and do the math to translate that into dollars: just knock off a zero from your annual salary and you have your minimum pay raise target goal. My 10% pay raise target goal = $ ___________. How does that number look? Worth a go, yes? Pat Katepoo is the founder Pay Raise Prep School for Women. Through February 20, 2015, you can watch her free three-part video training series on How to Unlock Your Pay Raise Potential. Access it here.
|Through special arrangement, QuintCareers is able to get you $50 off Pay Raise Prep School tuition when you register before the enrollment period ends on Friday, February 20, 2015, midnight EST. Use the code QC50 at checkout.|