Get Paid What You’re Worth in 2017
Ever wonder if you’re worth more than your paycheck indicates? We’ve probably all thought this at one time or another. But if you know you’re underpaid—or naggingly suspect you are—2017 is the time to take charge to get paid your worth, whether it’s when accepting a new job or asking for a raise.
Here are some pointers to get started:
- Know what your industry pays. Before going out for a new job or asking for a raise, know what you’re worth! Sites like Monster and Glassdoor have tools to calculate what you should be making based on your position, industry, location, and years of experience. You’ll also walk away with a helpful salary range for the position, which will come in handy when you…
- Offer a salary range during the hiring process. Never offer a blanket number when asked your salary expectations! When you offer a straight-up number—say, $60,000—best scenario is you’ll be offered the job at $60K and not a penny more, worst scenario is you’ll immediately be disqualified for a too-high request. Better to offer a range of what others in a similar field and position are making, which will look more palatable to hiring managers and will give you more flexibility around an offer.
- Hold out for the second (or third) offer. Again and again, studies show that most new hires accept the first salary they are offered. We get it—it can be stressful, intimidating, and fear-inducing to try to talk up a salary when you could get a “no” or even a “no thanks.” But as in most sales arenas, the first offer is rarely the best offer, and may even be a lowball. When you’re presented a salary offer, try this: quietly restate the offer and then count to 10 in your head. Silence tends to make people uncomfortable, which means they could start talking to fill the gap. And this could lead to a better offer straight away, or justifications that could lead to further negotiations. Either way, it gives everyone a moment to consider.
- Ask for a raise at the right time. Most companies have a cycle to their fiscal year, and that cycle includes a window for performance reviews and raises. So when you ask for a raise, you’re far more likely to be considered if you ask just before that window opens. And remember all the factors that have to be considered—your performance review and whether you met your goals matters, but the company and department budgets also matter. Could be the budget has no room to spare!
Armed with market research, forge ahead this year to get the salary you deserve!
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