Should You Ask for a Raise? How to Tell When It’s Time | Kiplinger

When interested by enhancing our monetary well being, most of us concentrate on our spending. We resolve to create a funds and persist with it, skip the every day latte at our favourite espresso spot, grow to be a one-car household, minimize cable or commerce an unique trip for a staycation.

And it’s true: All of these actions can enhance your monetary well being. But they solely deal with one aspect of the monetary well being equation: spending. The different approach to enhance monetary well being is to extend your revenue (whereas conserving your spending in verify, in fact).

But rising revenue is usually neglected by my purchasers. Somehow, reining in spending appears extra virtuous and doable than negotiating a better wage. However, a lot of my purchasers aren’t incomes as a lot as they could possibly be.

I’ve seen a whole bunch, if not 1000’s of salaries — and I’ve seen some large deltas. Even accounting for schooling and expertise, firm measurement, value of dwelling and trade, salaries differ wildly. For instance, I’ve seen shopper salaries for what look like fairly related jobs vary from $60,000 to $150,000.

The time to judge and presumably enhance your revenue has by no means been higher. During the Great Resignation, the U.S. “quit rate” reached a 20-year excessive, in line with Pew Research. Worker shortages are obvious in every single place.

Almost two-thirds (63%) of workers advised Pew that the highest purpose they stop their jobs was wage. That’s lots of people who believed they weren’t getting paid what they have been value. If you are feeling like you might be one in all them, listed below are some sensible recommendations to barter an even bigger paycheck.

Step 1: Determine If You’re Being Paid Enough  

Salary is a taboo topic, so it’s tough to search out out what others are incomes. Online databases resembling Glassdoor and PayScale depend on nameless wage knowledge with no option to confirm their accuracy. Plus, the databases could also be old-fashioned and never replicate the present job market.

However, on-line databases generally is a good place to begin to get a really feel for what different related corporations pay for an worker together with your expertise and tasks. Just don’t make them your solely useful resource.

The finest option to discover correct wage knowledge is to ask somebody in an identical place to yours. Awkward? It could be, however hopefully you’ve nurtured a community of friends and extra senior people who find themselves prepared to share what an affordable wage vary can be. You’re not asking them to reveal their wage however what they assume the wage vary to your job ought to be.

You may additionally attain out to folks via on-line networks resembling LinkedIn or via skilled associations you belong to.

Titles could be deceptive. A vp of selling at one firm may have drastically completely different tasks than a vp at one other agency. When you’re broaching the pay matter, ask about their job tasks as effectively.

Sadly, gender and racial pay gaps still exist. In 2022, ladies earned 84% of what males earned. It would take a lady an additional 42 days of labor to earn what a person did in 2020. The disparity is even better between black ladies and white, non-Hispanic males. Black women earned only 63% of what their white male counterparts earned.

When doing all your analysis, the perfect strategy is to ask as many individuals from as many various teams as you’ll be able to. Otherwise, your ballpark wage vary could also be an anomaly and never the norm.

Step 2: Ask for a Raise

Let’s say you do uncover that your wage is on the low finish of what try to be paid. What’s subsequent? You may search for a job at one other employer and negotiate an even bigger wage. It’s fairly widespread to request a ten% to twenty% pay enhance whenever you swap jobs.

But leaving isn’t all the time the best choice. What if you happen to like your co-workers, the work and the corporate tradition? Don’t go away; as a substitute, ask for a increase.

Many of us dread asking for a increase, so we merely don’t. Women are particularly hesitant, not desirous to rock the boat or seem too aggressive. During the pandemic, 42% of employed men asked for a raise in contrast with solely 27% of girls.

Women aren’t asking for raises, and they’re additionally much less prone to negotiate wage throughout their preliminary job provide. More than two-thirds (68%) of women accepted the salary they were offered and didn’t negotiate in contrast with 52% of males. Over the course of a profession, not negotiating wage or asking for raises results in ladies making $900,000 lower than their male counterparts.

That virtually $1 million can have a fairly vital impression in your monetary well being.

Here are some tips I’ve shared with purchasers to assist them take advantage of highly effective case for why they deserve a increase:

  • Share what you’ve realized throughout your analysis. Having executed your homework on what others in your place earn reveals you might be skilled and take wage negotiation significantly. Talk about wage developments for folks with related roles, {qualifications} and job tasks.
  • Focus on the worth you convey to your place and the corporate. Highlight your strengths, your dedication to the job and your accomplishments. Please don’t be shy! If you’ve taken on extra tasks or realized new expertise, now could be the time to point out your hand. Taking on-line programs, studying about your trade, or incomes certificates by yourself time — and your individual dime — rely.
  • Timing is the whole lot. If you simply landed an enormous sale or aced a mission or solved a posh problem that saves your organization cash, now is an ideal alternative to request a wage enhance. Ride the wave of your success.
  • Don’t accept cost-of-living-adjustments (COLA). Unless you allow your organization or get a promotion, your organization may provide a modest yearly enhance to maintain up with the price of dwelling. In 2022, these will increase received’t even sustain with inflation. U.S. employers are set to offer employees an average raise of 3.4%. As I write this, inflation was pegged at 8.6%.
  • Still hesitant to ask for extra? It prices an average of $26,511 to replace an employee, and that determine is far larger for well-paid, skilled professionals. As a end result, employers are extra open to bumping up salaries to retain staff. You by no means need to make empty threats to depart, however do not forget that conserving you, even at a better wage, is probably going less expensive to your employer.

The excellent news is that extra corporations know that they should enhance salaries for his or her present workers. More than half (56%) of C-suite executives say they’ve noticed wage discrepancies between new hires and extra tenured employees prior to now yr. Of these, 62% say that are reviewing compensation plans and rising salaries for present workers to align with present market charges.

Step 3: What If the Answer Is ‘No’?

I counsel my purchasers to strongly negotiate their base wage, but when it’s clear that the employer received’t budge on their provide — and also you really need the place — non-salary advantages that not directly enhance revenue are an essential piece of the full compensation bundle.

While you must go into any wage negotiations — whether or not for a brand new job or asking for a increase at your present job — assured that what you might be asking for is a aggressive wage for somebody together with your expertise and tasks, contemplate asking for non-salary compensation that doesn’t have an effect on your organization’s payroll prices however means that you can spend much less. 

The common American spends $2,600 a year commuting. Negotiating full-time distant work places an extra $216 in your pocket every month. But even a hybrid schedule that mixes distant and in-office work reduces your commuting prices and due to this fact will increase your take-home revenue.

If negotiating a better wage isn’t an possibility, one space you’ll be able to negotiate is trip time. While asking for an extra week or two of trip received’t add to your general wage, the additional time you need to chill out, recharge and spend with household and pals could also be way more priceless than the additional 1% or 2% pay enhance. 

What is the corporate’s 401(ok) match? Is it negotiable? Bumping the match up even a number of share factors can imply a whole bunch of 1000’s of {dollars} in your retirement financial savings over your profession. Let’s assume that your wage will increase 3% per yr, a fairly conservative estimate, and also you contribute $10,000 per yr to your 401(ok). The fee of return in your investments is 6%. If the corporate matches 5%, your stability after 25 years is simply north of 1,000,000 {dollars}. Increase the match to 7%, and also you’ll have greater than $1.3 million.

The finest time to barter non-salary compensation is as soon as the potential employer has provided you the job and earlier than you signal the provide letter. They’ve put within the effort and time to find out that you’re the best particular person for the job and usually tend to accommodate non-salary advantages to shut the deal.

A constructive firm tradition may also not directly enhance your revenue. Is the corporate dedicated to work/life stability, supplying you with extra time to pursue hobbies or pursuits outdoors of labor that decrease your stress degree? Do they provide well being and wellness applications that provide help to maintain your health resolutions and lead to lowered out-of-pocket well being care prices or decrease premiums? Do they provide tuition reimbursement or coaching so you’ll be able to improve your expertise and advance right into a higher-paying job?

Can you negotiate a greater title? Sure, a greater title doesn’t put extra money in your pocket however if you happen to determine to pursue profession alternatives outdoors your present employer, “director” sounds extra spectacular than “manager,” assuming that your job tasks are consistent with a director-level place.

In quite a lot of methods, monetary well being is analogous to bodily well being and well-being. Say you need to lose some weight to enhance your well being. Most physicians would suggest that you simply assault weight reduction from two fronts to get the perfect outcomes: consuming fewer energy whereas rising your exercise degree.

The similar is true for monetary well being — proceed to take a look at methods you’ll be able to scale back pointless spending, however don’t neglect the impression of asking for — and getting — a greater wage.

The Timing Is Perfect to Negotiate New Perks

As a results of the pandemic, 88% of HR managers have added new perks to their advantages packages, making now a good time to barter non-salary compensation. Here’s a partial checklist of a number of the widespread — and fewer widespread — advantages to barter along with your base wage.

Work/Life Balance Perks:

  • Compressed workweek
  • Fully distant or hybrid work
  • Additional trip time
  • Flexible hours
  • Sabbaticals
  • Parental go away
  • Health and wellness applications

Financial Perks:

  • Increased 401(ok) match
  • Stock choices
  • Signing bonus
  • Financial planning help
  • Child care reimbursement
  • Elder care reimbursement

Continuing Education Perks:

  • Tuition reimbursement for you and your loved ones members
  • Student mortgage funds
  • Access to on-line programs

Feel Good Perks:

  • Time off to volunteer
  • Charitable contribution matching

Insurance Perks:

  • Disability
  • Life
  • Vision
  • Dental
  • Pet

Senior Vice President, Financial Planning, Carson Group

Erin Wood is the Senior Vice President of Financial Planning at Carson Group, the place she develops methods to assist households obtain their monetary targets. She holds Certified Financial Planner, Chartered Retirement Planning Counselor and Certified Financial Behavior Specialist designations.

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Here’s an athletic scholarship reality check to help you make the right spending choices for your family.”,”url”:”https://www.kiplinger.com/personal-finance/careers/college/604939/chasing-athletic-scholarship-dreams-can-be-a-costly-mistake”,”contentType”:”ARTICLE”,”teaserLabel”:”Paying for College”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–FjQUWkTi–/v1657843877/RunningStairs.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-17T04:30:05-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604934″:”id”:”604934″,”__typename”:”Article”,”title”:”3 Main Reasons Why the Government Denies Social Security Disability Benefits”,”altTitle”:null,”subtitle”:”To help improve your chances at being approved for SSDI benefits, it helps to better understand why so many applicants get turned down.”,”url”:”https://www.kiplinger.com/personal-finance/604934/3-main-reasons-why-the-government-denies-social-security-disability”,”contentType”:”ARTICLE”,”teaserLabel”:”personal finance”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–yo2zH9DT–/v1657809064/DeniedStamp.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-16T04:42:05-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604933″:”id”:”604933″,”__typename”:”Article”,”title”:”Is Inflation Costing You More as a Retiree?”,”altTitle”:null,”subtitle”:”Higher prices can sting retirees harder than others for a number of reasons, but there are a few specific types of investments that can help ease the pain.”,”url”:”https://www.kiplinger.com/personal-finance/inflation/604933/is-inflation-costing-you-more-as-a-retiree”,”contentType”:”ARTICLE”,”teaserLabel”:”Inflation”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–YHGv1CU9–/v1657807991/GroceryReceipt.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-16T04:30:06-04:00″,”isSponsored”:false,”sponsor”:null,”Author:600750″:”id”:”600750″,”__typename”:”Author”,”name”:”Erin Wood, CFP®, CRPC®, FBSⓇ”,”url”:”https://www.kiplinger.com/authors/erin-wood-cfpr-crpcr”,”shortBio”:”u003cp>Erin Wood is the Senior Vice President of Financial Planning at u003ca href=”https://www.carsongroup.com/” target=”_blank”>Carson Groupu003c/a>, where she develops strategies to help families achieve their financial goals. She holds Certified Financial Planner, Chartered Retirement Planning Counselor and Certified Financial Behavior Specialist designations.u003c/p>”,”jobTitle”:”Senior Vice President, Financial Planning”,”type”:”Contributor”,”disclaimer”:null,”generalLegalDisclaimer”:”This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the u003ca href=”https://adviserinfo.sec.gov/”>SECu003c/a> or with u003ca href=”https://brokercheck.finra.org//”>FINRAu003c/a>.”,”company”:”Carson Group”,”DataBlock:6f48c4b1ee8bc413165ff53f840dba8cd7e23ad2″:”id”:”6f48c4b1ee8bc413165ff53f840dba8cd7e23ad2″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>When thinking about improving our financial health, most of us focus on our spending. We resolve to create a budget and stick to it, skip the daily latte at our favorite coffee spot, become a one-car family, cut cable or trade an exotic vacation for a staycation.u003c/p>n””,”wordCount”:47,”DataBlock:2b2401586457da3be403730d53dacf9e04299d55″:”id”:”2b2401586457da3be403730d53dacf9e04299d55″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>And it’s true: All of those actions can improve your financial health. But they only address one side of the financial health equation: spending. The other way to improve financial health is to increase your income (while keeping your spending in check, of course).u003c/p>n””,”wordCount”:44,”DataBlock:2195a1c2f1b6b2e76f3a8d35d5ab4861ad0009c7″:”id”:”2195a1c2f1b6b2e76f3a8d35d5ab4861ad0009c7″,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[“url”:”/personal-finance/careers/604812/how-not-to-sell-your-idea-at-work”,”title”:”How NOT to Sell Your Idea at Work”,”label”:”How NOT to Sell Your Idea at Work”,”primaryMediaType”:”IMAGE”,”image”:”id”:”51351″,”publicId”:”TargetMeeting”,”format”:”jpg”,”version”:1655385205,”url”:”http://mediacloud.kiplinger.com/image/private/s–GYf4Mt4c–/v1655385205/TargetMeeting.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–GYf4Mt4c–/v1655385205/TargetMeeting.jpg”,”width”:3200,”height”:1800,”size”:278144,”tags”:[],”created”:”2022-06-16T13:13:25Z”,”credit”:”Getty Images”,”alt”:”A man in a suit writes on a white board in a work meeting. There is a piece of paper with a target drawn on it taped to his back.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–GYf4Mt4c–/v1655385205/TargetMeeting.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”summary”:”Unless you want to damage your credibility and undermine your career, don’t make these 10 blunders when presenting a proposal at your workplace.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””]”,”wordCount”:null,”DataBlock:cf8c76a385b7fb0763a05f30c378c732d20895cb”:”id”:”cf8c76a385b7fb0763a05f30c378c732d20895cb”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>But increasing income is often overlooked by my clients. Somehow, reining in spending seems more virtuous and doable than u003ca href=”https://www.kiplinger.com/personal-finance/careers/604000/how-to-ask-for-a-pay-raise-in-5-step” target=”_blank”>negotiating a higher salary.u003c/a> However, many of my clients aren’t earning as much as they could be.u003c/p>n””,”wordCount”:36,”DataBlock:ea99ddbbd828cd8344c0f2a04bd93ee1bde3fc55″:”id”:”ea99ddbbd828cd8344c0f2a04bd93ee1bde3fc55″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>I’ve seen hundreds, if not thousands of salaries — and I’ve seen some huge deltas. Even accounting for education and experience, company size, cost of living and industry, salaries vary wildly. For example, I’ve seen client salaries for what appear to be pretty similar jobs range from $60,000 to $150,000.u003c/p>n””,”wordCount”:50,”DataBlock:382a8f23f5245aedb294473bc747c408c22bc7a7″:”id”:”382a8f23f5245aedb294473bc747c408c22bc7a7″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The time to evaluate and possibly increase your income has never been better. During the Great Resignation, the U.S. “quit rate” reached a 20-year high, according to u003ca href=”https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/” target=”_blank”>Pew Researchu003c/a>. Worker shortages are apparent everywhere.u003c/p>n””,”wordCount”:35,”DataBlock:e914a3a8dd7c93cf04948d90a6e58722e9fb08da”:”id”:”e914a3a8dd7c93cf04948d90a6e58722e9fb08da”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Almost two-thirds (63%) of employees told Pew that the top reason they quit their jobs was salary. That’s a lot of people who believed they weren’t getting paid what they were worth. If you feel like you could be one of them, here are some practical suggestions to negotiate a bigger paycheck.u003c/p>n””,”wordCount”:52,”DataBlock:a4216d3be44070c495c70e0f2c29c80a1eb35337″:”id”:”a4216d3be44070c495c70e0f2c29c80a1eb35337″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Step 1: Determine If You’re Being Paid Enough  “,”size”:”2″”,”wordCount”:null,”DataBlock:4f5996e96649e4160e635fd48c4bc87245bbbe42″:”id”:”4f5996e96649e4160e635fd48c4bc87245bbbe42″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Salary is a taboo subject, so it’s difficult to find out what others are earning. Online databases such as Glassdoor and PayScale rely on anonymous salary data with no way to verify their accuracy. Plus, the databases may be out of date and not reflect the current job market.u003c/p>n””,”wordCount”:49,”DataBlock:1e61104a26905de07213e401092407f3a2fec1ba”:”id”:”1e61104a26905de07213e401092407f3a2fec1ba”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>However, online databases can be a good starting point to get a feel for what other similar firms pay for an employee with your experience and responsibilities. Just don’t make them your only resource.u003c/p>n””,”wordCount”:34,”DataBlock:457840946746b560a25056eeb771a008b15da38d”:”id”:”457840946746b560a25056eeb771a008b15da38d”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The best way to find accurate salary data is to ask someone in a similar position to yours. Awkward? It can be, but hopefully you’ve nurtured a network of peers and more senior people who are willing to share what a reasonable salary range would be. You’re not asking them to disclose their salary but what they think the salary range for your job should be.u003c/p>n””,”wordCount”:66,”DataBlock:a027de32315ca602ab0012cee2bf0be92231e902″:”id”:”a027de32315ca602ab0012cee2bf0be92231e902″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>You could also reach out to people through online networks such as LinkedIn or through professional associations you belong to.u003c/p>n””,”wordCount”:20,”DataBlock:ea48f8ffc07ffd7abf908932116173dfdf197d53″:”id”:”ea48f8ffc07ffd7abf908932116173dfdf197d53″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Titles can be misleading. A vice president of marketing at one company could have drastically different responsibilities than a vice president at another firm. When you’re broaching the pay topic, ask about their job responsibilities as well.u003c/p>n””,”wordCount”:37,”DataBlock:58738027a3cd813f6db3958e931fd27090dcecd2″:”id”:”58738027a3cd813f6db3958e931fd27090dcecd2″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Sadly, u003ca href=”https://www.pewresearch.org/fact-tank/2021/05/25/gender-pay-gap-facts/” target=”_blank”>gender and racial pay gaps still existu003c/a>. In 2022, women earned 84% of what men earned. It would take a woman an extra 42 days of work to earn what a man did in 2020. The disparity is even greater between black women and white, non-Hispanic men. u003ca href=”https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/racial-wage-gaps-persistence-poses-challenge.aspx” target=”_blank”>Black women earned only 63%u003c/a> of what their white male counterparts earned.u003c/p>n””,”wordCount”:61,”DataBlock:42ef50f3018d46a401934f906efdfe1af8b28ce6″:”id”:”42ef50f3018d46a401934f906efdfe1af8b28ce6″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>When doing your research, the best approach is to ask as many people from as many diverse groups as you can. Otherwise, your ballpark salary range may be an anomaly and not the norm.u003c/p>n””,”wordCount”:34,”DataBlock:95250f016db37c5ad33c431ef5e1f1b2be68b69f”:”id”:”95250f016db37c5ad33c431ef5e1f1b2be68b69f”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Step 2: Ask for a Raise”,”size”:”2″”,”wordCount”:null,”DataBlock:6e109f13d5198151eb9dffbdae4e0d4adc68ea4a”:”id”:”6e109f13d5198151eb9dffbdae4e0d4adc68ea4a”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Let’s say you do discover that your salary is at the low end of what you should be paid. What’s next? You could lu003ca href=”https://www.kiplinger.com/personal-finance/careers/604103/7-financial-planning-strategies-for-your-own-great-resignation”>ook for a job u003c/a>at another employer and negotiate a bigger salary. It’s pretty common to request a 10% to 20% pay increase when you switch jobs.u003c/p>n””,”wordCount”:50,”DataBlock:1f059af823ca41da56dc1641a9a61eae3f442a4c”:”id”:”1f059af823ca41da56dc1641a9a61eae3f442a4c”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>But leaving isn’t always the best option. What if you like your co-workers, the work and the company culture? Don’t leave; instead, ask for a raise.u003c/p>n””,”wordCount”:26,”DataBlock:1c0e6eaeebafd52eb21748ab5833ce6e5b9f5271″:”id”:”1c0e6eaeebafd52eb21748ab5833ce6e5b9f5271″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Many of us dread asking for a raise, so we simply don’t. Women are especially hesitant, not wanting to rock the boat or appear too aggressive. During the pandemic, u003ca href=”https://www.benefitnews.com/news/men-are-in-the-dark-about-pay-equality” target=”_blank”>42% of employed men asked for a raiseu003c/a> compared with only 27% of women.u003c/p>n””,”wordCount”:43,”DataBlock:62bfc33f8ad641a9c11e838b0effa7cc20a0a017″:”id”:”62bfc33f8ad641a9c11e838b0effa7cc20a0a017″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Women aren’t asking for raises, and they are also less likely to negotiate salary during their initial job offer. More than u003ca href=”https://www.glassdoor.com/blog/3-5-u-s-employees-negotiate-salary/” target=”_blank”>two-thirds (68%) of women accepted the salary they were offeredu003c/a> and did not negotiate compared with 52% of men. Over the course of a career, not negotiating salary or asking for raises leads to women making $900,000 less than their male counterparts.u003c/p>n””,”wordCount”:63,”DataBlock:e865e1b87e5131d085c8b46f5516e9d9f54820ed”:”id”:”e865e1b87e5131d085c8b46f5516e9d9f54820ed”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>That almost $1 million can have a pretty significant impact on your financial health.u003c/p>n””,”wordCount”:14,”DataBlock:72c241a13f2b54aef9fd36a5c25f60ab549df501″:”id”:”72c241a13f2b54aef9fd36a5c25f60ab549df501″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Here are some tips I’ve shared with clients to help them make the most powerful case for why they deserve a raise:u003c/p>n””,”wordCount”:22,”DataBlock:5afcf70a26f4e5a5a459ac8d2f8dc426fb673400″:”id”:”5afcf70a26f4e5a5a459ac8d2f8dc426fb673400″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>u003cstrong>Share what you’ve learned during your research.u003c/strong> Having done your homework on what others in your position earn shows you are professional and take salary negotiation seriously. Talk about salary trends for people with similar roles, qualifications and job responsibilities.u003c/li>nu003cli>u003cstrong>Focus on the value you bring to your position and the company.u003c/strong> Highlight your strengths, your commitment to the job and your accomplishments. Please don’t be shy! If you’ve taken on additional responsibilities or learned new skills, now is the time to show your hand. Taking online courses, reading about your industry, or earning certificates on your own time — and your own dime — count.u003c/li>nu003cli>u003cstrong>Timing is everything.u003c/strong> If you just landed a huge sale or aced a project or solved a complex challenge that saves your company money, now is a perfect opportunity to request a salary increase. Ride the wave of your success.u003c/li>nu003cli>u003cstrong>Don’t settle for cost-of-living-adjustments (COLA).u003c/strong> Unless you leave your company or get a promotion, your company may just offer a modest yearly increase to keep up with the cost of living. In 2022, those increases won’t even keep up with inflation. u003ca href=”https://www.cnbc.com/2022/01/18/us-companies-are-expecting-to-pay-a-3point4percent-raise-to-workers-in-2022.html” target=”_blank”>U.S. employers are set to offer employees an average raise of 3.4%u003c/a>. As I write this, u003ca href=”https://www.kiplinger.com/economic-forecasts/inflation”>inflation was pegged at 8.6%u003c/a>.u003c/li>nu003cli>u003cstrong>Still hesitant to ask for more?u003c/strong> It costs an u003ca href=”https://www.yahoo.com/now/rising-employee-turnover-costing-companies-135000026.html” target=”_blank”>average of $26,511 to replace an employeeu003c/a>, and that figure is much higher for well-paid, experienced professionals. As a result, employers are more open to bumping up salaries to retain workers. You never want to make empty threats to leave, but remember that keeping you, even at a higher salary, is likely more cost-effective for your employer.u003c/li>nu003c/ul>””,”wordCount”:277,”DataBlock:98209e4a4f8317078f93906431e127121addfc29″:”id”:”98209e4a4f8317078f93906431e127121addfc29″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The good news is that more companies know that they need to increase salaries for their existing employees. More than half (56%) of C-suite executives say they have observed salary discrepancies between new hires and more tenured staff in the past year. Of those, u003ca href=”https://rh-us.mediaroom.com/2022-04-08-56-Of-U-S-Companies-Have-Experienced-Pay-Compression-In-The-Last-12-Months,-Robert-Half-Research-Finds” target=”_blank”>62% say that are reviewing compensation plansu003c/a> and increasing salaries for existing employees to align with current market rates.u003c/p>n””,”wordCount”:63,”DataBlock:714d3eee2b288df9a5e94cda69ce24584e1de78f”:”id”:”714d3eee2b288df9a5e94cda69ce24584e1de78f”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Step 3: What If the Answer Is ‘No’?”,”size”:”2″”,”wordCount”:null,”DataBlock:9e5608ca45523911cfa17ed7654206eebc9f5317″:”id”:”9e5608ca45523911cfa17ed7654206eebc9f5317″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>I advise my clients to strongly negotiate their base salary, but if it’s clear that the employer won’t budge on their offer — and you really want the position — non-salary benefits that indirectly boost income are an important piece of the total compensation package.u003c/p>n””,”wordCount”:45,”DataBlock:4fcd34cd1ecc9fcce3c83466931c9951eb31aea0″:”id”:”4fcd34cd1ecc9fcce3c83466931c9951eb31aea0″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>While you should go into any salary negotiations — whether for a new job or asking for a raise at your current job — confident that what you are asking for is a competitive salary for someone with your experience and responsibilities, consider asking for non-salary compensation that doesn’t affect your company’s payroll costs but allows you to spend less. u003c/p>n””,”wordCount”:60,”DataBlock:cd86a39c019b16e3d40e3845b76be5c739113980″:”id”:”cd86a39c019b16e3d40e3845b76be5c739113980″,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[“url”:”/business/small-business/604670/the-key-to-employee-retention-compassion”,”title”:”The Key to Employee Retention? Compassion!”,”label”:”The Key to Employee Retention? Compassion!”,”primaryMediaType”:”IMAGE”,”image”:”id”:”50944″,”publicId”:”WomanListening”,”format”:”jpg”,”version”:1652381503,”url”:”http://mediacloud.kiplinger.com/image/private/s–gHX8UMrm–/v1652381503/WomanListening.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–gHX8UMrm–/v1652381503/WomanListening.jpg”,”width”:3200,”height”:1800,”size”:354620,”tags”:[“audio equipment”,”computer”,”event”,”fun”,”happy”,”laptop”,”microphone”,”table”,”tableware”,”white-collar worker”,”window”],”created”:”2022-05-12T18:51:43Z”,”credit”:”Getty Images”,”alt”:”A businesswoman listens intently to an employee talking.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–gHX8UMrm–/v1652381503/WomanListening.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”summary”:”If companies want to hold on to their best employees, they have a powerful (and free) tool at their disposal. They need to connect with empathy but lead with compassion. Here are some insights on how to do that.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””]”,”wordCount”:null,”DataBlock:7e837048f657e3373b18592c79d081a14a39fff9″:”id”:”7e837048f657e3373b18592c79d081a14a39fff9″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The average American spends u003ca href=”https://www.yahoo.com/video/15-ways-dramatically-increase-income-230011009.html” target=”_blank”>$2,600 a year commutingu003c/a>. Negotiating full-time remote work puts an additional $216 in your pocket each month. But even a hybrid schedule that combines remote and in-office work reduces your commuting costs and therefore increases your take-home income.u003c/p>n””,”wordCount”:43,”DataBlock:7f15c7b308530591ac9caca093760941b6d2d323″:”id”:”7f15c7b308530591ac9caca093760941b6d2d323″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>If negotiating a higher salary isn’t an option, one area you can negotiate is vacation time. While asking for an additional week or two of vacation won’t add to your overall salary, the extra time you have to relax, recharge and spend with family and friends may be far more valuable than the extra 1% or 2% pay increase. u003c/p>n””,”wordCount”:59,”DataBlock:dfa5492e85d8e77fdc88e848d0b551abd2bf1227″:”id”:”dfa5492e85d8e77fdc88e848d0b551abd2bf1227″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>What is the company’s 401(k) match? Is it negotiable? Bumping the match up even a few percentage points can mean hundreds of thousands of dollars in your retirement savings over your career. Let’s assume that your salary increases 3% per year, a pretty conservative estimate, and you contribute $10,000 per year to your 401(k). The rate of return on your investments is 6%. If the company matches 5%, your balance after 25 years is just north of a million dollars. Increase the match to 7%, and you’ll have more than $1.3 million.u003c/p>n””,”wordCount”:92,”DataBlock:e5bded8278a7754f7fcf8ee82559e7da1d9a0fb9″:”id”:”e5bded8278a7754f7fcf8ee82559e7da1d9a0fb9″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The best time to negotiate non-salary compensation is once the potential employer has offered you the job and before you sign the offer letter. They’ve put in the time and effort to determine that you are the right person for the job and are more likely to accommodate non-salary benefits to close the deal.u003c/p>n””,”wordCount”:54,”DataBlock:e11a91fea8f364b50d6cea3c442458eb3bdb8917″:”id”:”e11a91fea8f364b50d6cea3c442458eb3bdb8917″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>A positive company culture can also indirectly boost your income. Is the company committed to work/life balance, giving you more time to pursue hobbies or interests outside of work that lower your stress level? Do they offer health and wellness programs that help you keep your fitness resolutions and result in reduced out-of-pocket health care costs or lower premiums? Do they offer tuition reimbursement or training so you can enhance your skills and advance into a higher-paying job?u003c/p>n””,”wordCount”:78,”DataBlock:63d2c835a9b46f529b1e06ed923881e62b4a5255″:”id”:”63d2c835a9b46f529b1e06ed923881e62b4a5255″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Can you negotiate a better title? Sure, a better title doesn’t put more money in your pocket but if you decide to pursue career opportunities outside your current employer, “director” sounds more impressive than “manager,” assuming that your job responsibilities are in line with a director-level position.u003c/p>n””,”wordCount”:47,”DataBlock:c1f9c943efa161837a17ea1a615ad2edf1b74a56″:”id”:”c1f9c943efa161837a17ea1a615ad2edf1b74a56″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>In a lot of ways, financial health is analogous to physical health and well-being. Say you want to lose some weight to improve your health. Most physicians would recommend that you attack weight loss from two fronts to get the best results: eating fewer calories while increasing your activity level.u003c/p>n””,”wordCount”:50,”DataBlock:235d9b3fd6f765745fa6cb9837e94d4213c8d127″:”id”:”235d9b3fd6f765745fa6cb9837e94d4213c8d127″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The same is true for financial health — continue to look at ways you can reduce unnecessary spending, but don’t neglect the impact of asking for — and getting — a better salary.u003c/p>n””,”wordCount”:33,”DataBlock:9efcaa9630663e156423add917342d2b1a43ede7″:”id”:”9efcaa9630663e156423add917342d2b1a43ede7″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”The Timing Is Perfect to Negotiate New Perks”,”size”:”2″”,”wordCount”:null,”DataBlock:d07b68ed974ffc8abd283ad928c90c02f04e7b6c”:”id”:”d07b68ed974ffc8abd283ad928c90c02f04e7b6c”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As a result of the pandemic, u003ca href=”https://www.roberthalf.com/salary-guide/perks-and-benefits” target=”_blank”>88% of HR managersu003c/a> have added new perks to their benefits packages, making now a great time to negotiate non-salary compensation. Here’s a partial list of some of the common — and less common — benefits to negotiate in addition to your base salary.u003c/p>n””,”wordCount”:50,”DataBlock:565c891ba4efa3cf0870caf1ed766de49381542a”:”id”:”565c891ba4efa3cf0870caf1ed766de49381542a”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Work/Life Balance Perks:”,”size”:”4″”,”wordCount”:null,”DataBlock:dbdeaebf33754671c7365047d6312fd2c5fdb17a”:”id”:”dbdeaebf33754671c7365047d6312fd2c5fdb17a”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>Compressed workweeku003c/li>nu003cli>Fully remote or hybrid worku003c/li>nu003cli>Additional vacation timeu003c/li>nu003cli>Flexible hoursu003c/li>nu003cli>Sabbaticalsu003c/li>nu003cli>Parental leaveu003c/li>nu003cli>Health and wellness programsu003c/li>nu003c/ul>””,”wordCount”:19,”DataBlock:006b5c51f1e1c02625dfa50820a403ac63c01ae2″:”id”:”006b5c51f1e1c02625dfa50820a403ac63c01ae2″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Financial Perks:”,”size”:”4″”,”wordCount”:null,”DataBlock:f401739e782beb46d9bcfc400b475f428d7e4adb”:”id”:”f401739e782beb46d9bcfc400b475f428d7e4adb”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>Increased 401(k) matchu003c/li>nu003cli>Stock optionsu003c/li>nu003cli>Signing bonusu003c/li>nu003cli>Financial planning assistanceu003c/li>nu003cli>Child care reimbursementu003c/li>nu003cli>Elder care reimbursementu003c/li>nu003c/ul>””,”wordCount”:16,”DataBlock:ff4ffad1c1bceb6130478e34c4d3b2c0081fe2bf”:”id”:”ff4ffad1c1bceb6130478e34c4d3b2c0081fe2bf”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Continuing Education Perks:”,”size”:”4″”,”wordCount”:null,”DataBlock:a2969070dd8173c5d3fd9b9ca18cf66c1864e111″:”id”:”a2969070dd8173c5d3fd9b9ca18cf66c1864e111″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>Tuition reimbursement for you and your family membersu003c/li>nu003cli>Student loan paymentsu003c/li>nu003cli>Access to online coursesu003c/li>nu003c/ul>””,”wordCount”:15,”DataBlock:d154feb99dc8e734fc57223b352acaa472c7870c”:”id”:”d154feb99dc8e734fc57223b352acaa472c7870c”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Feel Good Perks:”,”size”:”4″”,”wordCount”:null,”DataBlock:c826fa70cf5824ee39608e52155ce2353ef4136c”:”id”:”c826fa70cf5824ee39608e52155ce2353ef4136c”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>Time off to volunteeru003c/li>nu003cli>Charitable contribution matchingu003c/li>nu003c/ul>””,”wordCount”:7,”DataBlock:da8a5bf5f4151dc17fa9a2320dff7517c8980ef5″:”id”:”da8a5bf5f4151dc17fa9a2320dff7517c8980ef5″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”Insurance Perks:”,”size”:”4″”,”wordCount”:null,”DataBlock:5a7fa7d62a2d102276aafd5345060f178d4f8e7f”:”id”:”5a7fa7d62a2d102276aafd5345060f178d4f8e7f”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>Disabilityu003c/li>nu003cli>Lifeu003c/li>nu003cli>Visionu003c/li>nu003cli>Dentalu003c/li>nu003cli>Petu003c/li>nu003c/ul>””,”wordCount”:5,”DataBlock:c409aa7c7e9b7fb476ab78068fcfb7ab829177b6″:”id”:”c409aa7c7e9b7fb476ab78068fcfb7ab829177b6″,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[“url”:”/personal-finance/careers/604747/dont-let-changing-jobs-derail-your-retirement-plans”,”title”:”Don’t Let Changing Jobs Derail Your Retirement Plans”,”label”:”Don’t Let Changing Jobs Derail Your Retirement Plans”,”primaryMediaType”:”IMAGE”,”image”:”id”:”51175″,”publicId”:”QuitPostIt”,”format”:”jpg”,”version”:1653939853,”url”:”http://mediacloud.kiplinger.com/image/private/s–Z-iYKTwV–/v1653939853/QuitPostIt.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–Z-iYKTwV–/v1653939853/QuitPostIt.jpg”,”width”:3200,”height”:1800,”size”:307265,”created”:”2022-05-30T19:44:13Z”,”credit”:”Getty Images”,”alt”:”A Post-It Note on a computer keyboard reads, "I Quit!"”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Z-iYKTwV–/v1653939853/QuitPostIt.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”summary”:”Many Americans expect to change jobs in the coming year, which could have significant effects on their retirement planning. Before writing your own resignation letter, take this chance to revisit your financial strategy.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””]”,”wordCount”:null};

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