by Caroline Potter, Yahoo! HotJobs
If the present year has been unpleasant in terms of your total income, 2009 doesn't look to be too much better.
According to Hewitt Associates, a global human resources consulting and outsourcing firm, most workers will have only flat base-pay raises to look forward to in the coming year. Base pay for salaried exempt employees will rise to 3.8 percent next year -- just one-tenth of a percent over the previous two years.
So what can workers do to boost their bottom lines in the coming months? Read on for several tips.
1. Request a variable pay program.
Due to concerns with attracting and retaining talent, Hewitt Associates asserts, "A majority of companies (90 percent) have at least one type of broad-based variable pay plan." Variable pay plans include awards, bonuses, and incentives. If you're unhappy with getting a raise that barely equates a cost-of-living increase, talk to your supervisor and human resources department about how you can tie your pay to your performance. Set aggressive goals with your boss and agree on the compensation you'll receive if you meet them.
2. Consider relocating.
Where you work may be as important as the work you do in determining the size of your raise next year. The Hewitt survey shows that salaried exempt workers in Washington, D.C., Houston, Denver, Los Angeles, and New York City will all enjoy higher-than-average increases, while their counterparts in Philadelphia, San Francisco, Milwaukee, and Minneapolis/St. Paul will receive lower raises. Keep in mind, though, that cost of living varies from city to city, and a minor bump in salary may not counter the sharp increase in housing.
3. Change industries.
If gains are stagnant in your industry, consider switching to one that is enjoying more lucrative times. Hewitt Associates reveals, "The industries experiencing above-average salary increases in 2009 include accounting/consulting (4.6 percent), energy (oil/gas) (4.5 percent), and construction/engineering (4.5 percent)." Many jobs can be found in various industries. Don't remain tied to one if it's going to limit your earning potential.
4. Plan to get a raise anyway.
Even in lean times, Norman Lieberman (who runs thepayraisecoach.com) thinks you can still get a raise. "Companies use negative news to their advantage regardless of their profitability. It's fodder for keeping the masses down in terms of pay raises," he says.
"It works for them to say to raise-seekers: 'You see the papers. Here's the headline: Plants are closing. A recession is coming!' But what they don't tell you is that the top eight people at the company got raises." This tactic, he adds, works "because most people just shut up and go away."
Rather than having to retreat, Lieberman has three tips to help folks get a raise in the coming year:
* Have a plan. Position yourself as an irreplaceable employee. Says Lieberman, "Perception is reality here. If your employers think that you are a rubber stamp of everyone else, they can go out and easily replace you; you're not an added benefit." Plan to take on additional work, volunteer for special projects with higher-ups, and master other tasks that make you stand out from the crowd.
* Keep track of your progress. Don't spend six months trying to stand out only to forget all you've done when you're in front of your boss. Instead, Lieberman advises, "Keep an informal journal that lists what you've accomplished. Show how you've saved money and time, increased income, or created a new methodology. If you want a 10 or 15 percent increase, you have to show that you've contributed in a major way."
* Don't beg -- request a raise! People falter when they're in the hot seat if they're not prepared, believes Lieberman. Instead of thinking of a raise as a gift or begging, he states, "You're reminding your employer of your value." If you've laid the proper groundwork and can speak confidently and specifically about your accomplishments, Lieberman says, "It will be really tough for a boss to turn a blind eye to that."
If the present year has been unpleasant in terms of your total income, 2009 doesn't look to be too much better.
According to Hewitt Associates, a global human resources consulting and outsourcing firm, most workers will have only flat base-pay raises to look forward to in the coming year. Base pay for salaried exempt employees will rise to 3.8 percent next year -- just one-tenth of a percent over the previous two years.
So what can workers do to boost their bottom lines in the coming months? Read on for several tips.
1. Request a variable pay program.
Due to concerns with attracting and retaining talent, Hewitt Associates asserts, "A majority of companies (90 percent) have at least one type of broad-based variable pay plan." Variable pay plans include awards, bonuses, and incentives. If you're unhappy with getting a raise that barely equates a cost-of-living increase, talk to your supervisor and human resources department about how you can tie your pay to your performance. Set aggressive goals with your boss and agree on the compensation you'll receive if you meet them.
2. Consider relocating.
Where you work may be as important as the work you do in determining the size of your raise next year. The Hewitt survey shows that salaried exempt workers in Washington, D.C., Houston, Denver, Los Angeles, and New York City will all enjoy higher-than-average increases, while their counterparts in Philadelphia, San Francisco, Milwaukee, and Minneapolis/St. Paul will receive lower raises. Keep in mind, though, that cost of living varies from city to city, and a minor bump in salary may not counter the sharp increase in housing.
3. Change industries.
If gains are stagnant in your industry, consider switching to one that is enjoying more lucrative times. Hewitt Associates reveals, "The industries experiencing above-average salary increases in 2009 include accounting/consulting (4.6 percent), energy (oil/gas) (4.5 percent), and construction/engineering (4.5 percent)." Many jobs can be found in various industries. Don't remain tied to one if it's going to limit your earning potential.
4. Plan to get a raise anyway.
Even in lean times, Norman Lieberman (who runs thepayraisecoach.com) thinks you can still get a raise. "Companies use negative news to their advantage regardless of their profitability. It's fodder for keeping the masses down in terms of pay raises," he says.
"It works for them to say to raise-seekers: 'You see the papers. Here's the headline: Plants are closing. A recession is coming!' But what they don't tell you is that the top eight people at the company got raises." This tactic, he adds, works "because most people just shut up and go away."
Rather than having to retreat, Lieberman has three tips to help folks get a raise in the coming year:
* Have a plan. Position yourself as an irreplaceable employee. Says Lieberman, "Perception is reality here. If your employers think that you are a rubber stamp of everyone else, they can go out and easily replace you; you're not an added benefit." Plan to take on additional work, volunteer for special projects with higher-ups, and master other tasks that make you stand out from the crowd.
* Keep track of your progress. Don't spend six months trying to stand out only to forget all you've done when you're in front of your boss. Instead, Lieberman advises, "Keep an informal journal that lists what you've accomplished. Show how you've saved money and time, increased income, or created a new methodology. If you want a 10 or 15 percent increase, you have to show that you've contributed in a major way."
* Don't beg -- request a raise! People falter when they're in the hot seat if they're not prepared, believes Lieberman. Instead of thinking of a raise as a gift or begging, he states, "You're reminding your employer of your value." If you've laid the proper groundwork and can speak confidently and specifically about your accomplishments, Lieberman says, "It will be really tough for a boss to turn a blind eye to that."
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