| Strategies
for increasing your pay | | |
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Overall, base salary increases will average 3.6 percent
in 2006, according to Hewitt
Associates. Meanwhile, the human resources consultant says that
health-care costs are projected to rise 12 percent next year.
The good news: More and more workers
are eligible to receive bonuses that are based on performance. So-called "variable
pay plans," defined as performance-based bonuses that must be re-earned each
year, are becoming an increasingly popular offering from employers. About 78 percent
of large companies now have them, up from 50 percent in 1991. This type of merit-based
pay aligns the interests of both business and employees, who have incentive to
help the business prosper. Do
your own review
Managers are often so focused on
the latest pressing business concerns that they may be oblivious to their workers'
contributions to the bottom line. That's why you need to conduct your own analysis.
Have your efforts resulted in increased revenues for the company? Have
any changes that you suggested resulted in savings to the company? Have
you contributed in a positive way to the company's image by publishing a report
that was picked up by the media? Or did you participate in a panel discussion
that was attended by favorably impressed prospective clients? In
other words, what have you done for the company lately? If
you happen to work in a department that may not have a direct bearing on the bottom
line even though it's central to the business, there are probably a dozen things
you can do to improve your skill set that can in turn enhance your chances for
a promotion or a big raise. Get into problem-solving mode and come up with a creative
plan. What have you done for
yourself lately?
It's also the time of year when
Americans traditionally make resolutions to meet goals of self-improvement. Following
some of these suggestions can improve your value to yourself and quite possibly
to your company, giving you the ammo with which to demand higher wages: Take a
course in a relevant subject (for example, business management or accounting)
at a reputable local or online college. Some companies will reimburse your tuition
costs if the subject matter is related to the business. Check with your human
resources department. If your company doesn't pay for course costs, take advantage
of tax breaks
that apply.
Volunteer to do work that will
help you improve important skills that you may lack. For instance,
charities are always looking for help with fundraising, and your
involvement could help sharpen your sales pitches. Attend club meetings
such as Rotary or Toastmasters that may help you overcome public
speaking phobias or improve weak presentation skills. Join a professional
organization so that you can network among others who may have insights
on how to get ahead in your particular field.
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