How to Get a Pay Raise

An important aspect of being financially secure is getting paid what you are worth at your job. To be able to plan and budget for your future; fair pay is essential.

It is wise to keep current on the available jobs in your industry, even if you love your job! By staying informed it allows you to have clear understanding of the pay potentials in your field of work.

To find your salary worth many factors need to be considered.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Internet Access

1. Consider the location of your employer. Different regions of the country pay differently. Look at the cost of living in the area that you are working. If the cost of living is low then your pay will be lower than someone in the same job working in an area with a high cost of living. Make sure you are comparing apples to apples and looking at jobs in the same region. To find current and reliable information about wages by area and occupation I would recommend going to the U.S. Department of Labor, Bureau of Labor Statistics www.bls.gov. Under the Occupation heading you can find "wages by area and occupation". Having reliable unbiased information is an important tool in finding your occupational worth.

2. Look at the size of the company you are employed by. There are advantages and disadvantages that come with working for a small company just as there is working for a large company. Often a small company will not be able to pay you as much as a large company. But with smaller companies you are not a number but often a member of the company family. In a small company your hard work will not go unnoticed. In a large company you might not speak to your direct boss more than once a week on a conference call. Or project requirements might be doled out to your group where your work is not directly rewarded but rather the group as a whole. However, a large company can offer you better benefits, better health insurance, bigger bonuses, and a larger opportunity for growth within the company. You have to decide the company size that fits you and your pay requirements the best.

3. Watch the trends in your industry. Stay abreast to financial growths, new technology, and what your employer's competitors are doing. Be expected to get additional schooling if your field demands it. Be aware that not only your experience but your amount of schooling will be figured into your pay-scale. If you and a colleague are up for a promotion and you both have equal experience but your colleague has more of an education most likely he or she will get the job over you. Your educational level like it or not plays a role in your salary worth. In some professions when you have a limited education you will reach a ceiling in your career where no matter your experience you will not be able to go any further.

Tips & Warnings

• Finding your salary worth is not something you want to do with limited information. If you think you are deserving of a raise you need to have enough information to back-up your case. Look at the information with prospective and a clear head. Make sure you take everything into consideration. Realizing your worth in the work-place is essential; your financial future depends on it.

Resources

• Conservative Chit-Chat with Sarah

[Speedy-Max]

on 2/26/2008 Good advice