Nov 15, 2011

How to negotiate for a salary increase?

I'm heading into my year-end review. What's the best prep I can do to ask for a salary increase?

Hi gabrielle,

Here's a helpful article that looks at the best ways to negotiate a salary increase. You might find it helpful as you prepare for your review. Good luck! I hope you get a juicy salary increase. :)

How To Negotiate An Increase

"Sure, your boss or Board of Directors might call you in and offer you a raise, But chances are overwhelming that they will not. So if you want to earn more money next year than last, you will have to initiate the process yourself and use all your skills to pry loose a little extra.
It's not easy to accomplish, however. In fact, annual increases in base salaries are averaging only 3%, the lowest amount in more than 20 years according to Christine Seltz, spokesperson for Hewitt Associates, a nationally known compensation consulting firm based in Lincolnshire, IL.

Fortunately, about two-thirds of the nation's employers offer incentive pay for top performers. If you can work your way into this type of program, you will receive extra pay or other benefits whenever you achieve specific performance targets. Depending on the specifics of your situation, these performance targets might cover just you or your entire team.

Either way, however, incentives can provide much bigger take-home pay increases than conventional raises. Hewitt Associates' surveys show that today's budgets for incentive programs presently average about 7% of the budget for base compensation (that is, salaries). This means incentives provide more than twice as big a pie as raises from which to cut yourself a juicy slice.

Here are some strategic and tactical tips on how to increase your take home pay in the coming twelve months."
Great help jimlynch. To add more info, a report from an exclusive staffing firm Wednesday predicted that you might be getting a pay raise next year. That is, if you work in engineering, finance or administration. But it is for the private sector only. Government employees are doomed. Read more here
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