How to Negotiate Salary Increases and Promotions

There are only two ways to get extra money to save. Either you can cut your expenses or start earning extra income. While reducing your expenses is a good first start to sticking to your budget, there’s only so many soy lattes and unused gym membership that you can get rid of. It’s often much more productive to focus your energy on increasing your income. 

There are a couple of different ways to earn more money. You might consider a side hustle or starting your own business. You can look for another job that pays more or try to get more money from your current employer. In this article, we’ll take a look at how to negotiate salary increases and promotions and make sure that you’re getting paid what you’re worth.

The difference between a promotion and a raise

One important distinction to make is the difference between a promotion and a raise. A promotion is usually a change in job title and/or job responsibilities. A raise is just what it sounds like – more money. The two often come together, but not always. Be careful when you get a promotion that it comes with a salary increase commensurate with the added responsibilities you’ll be taking on.

Know how much you’re worth

Knowing how much you’re worth is a key factor in the negotiations for a promotion and salary increase. There are many online sites where you can see the average salaries for just about every type of job out there. Compare several different sites to see where your salary fits in. If you can show data that you’re underpaid for someone with your experience, education and responsibilities, that can be something your manager can take to HR to approve your promotion and raise.

Track your accomplishments

If you’re looking to negotiate a salary increase or promotion, start by acting the part. Promotions and raises generally are backwards-looking. What that means is that you’re likely to get a raise for work that you’ve done or are doing ALREADY. If you’re planning on talking to your supervisor about a salary increase or promotion, it can be helpful to track your accomplishments. 

If you’ve gone above and beyond your job description, or if you’ve received praise from a customer or co-worker, keep notes of when and what. That can be useful ammunition to show why you deserve this raise. Avoid the temptation of comparing yourself to your peers – instead, look at the job responsibilities of the role you’re aiming for. If you have detailed descriptions of how you’ve been doing those responsibilities already, you’ll be well on your way to getting that promotion.

Have regular conversations with your supervisor

Healthy companies have regular conversations between supervisors and the employees that they manage. It is a trait of a good manager to care about the employment and advancement of the employees that they manage. Don’t be afraid to talk with your supervisor regularly – ask her for constructive and timely feedback, and ask for concrete steps on what you would need to do to merit a promotion. Then document those steps and come back in a few months with details of how you’ve met those steps and deserve a promotion and a raise!

Be prepared to come with a backup plan

It’s important to understand the pay and compensation structure of the company you’re at. Many companies have pay “bands” or ranges of compensation for a given role. Knowing where your salary fits within that range can be helpful when you’re preparing to negotiate a salary increase. 

Also, if the company has announced a hiring freeze or layoffs, it might not be the best time to ask for more money. Understanding the bigger situation can help you pick the right time to have the discussion. Be prepared for what you’ll do or say if your supervisor turns your request for a raise down. Is there anything else that would be meaningful to you? Maybe it’s a more flexible working arrangement, deferred compensation like stock options or other types of non-monetary compensation.

Don’t be afraid to leave

At the end of the day, you’ll have to decide how much working at this job is worth it to you. It’s always a bit nerve wracking to quit your job, but it’s generally much harder to get a significant raise without moving to a new company. You don’t want to be hopping around from job to job every few months, but it’s also important to feel like you are getting paid the money that you are worth. 

If you don’t get the promotion you’re looking for, then it may be time to start exploring other options. After all, the best time to look for a new job is while you still have your OLD one (and don’t have to worry about making ends meet)

The post How to Negotiate Salary Increases and Promotions appeared first on MintLife Blog.

Source: mint.intuit.com

5 Ways to Look for a New Job

This post can be found en Español here.

The current coronavirus pandemic has caused a large upheaval across many different areas. In addition to the changes COVID-19 has made in the areas of health and safety (masks, social distancing and quarantines), it has also caused major changes to the economy across all walks to life. The United States has experienced record levels of unemployment, and even many of those who are still employed have experienced disruptions to their unemployment. 

If you are recently unemployed or are looking for new work due to changes in your work situation (being furloughed, having hours reduced or changes in the type or location of your work), there are several different ways that you can look for a new job. In this article, we’ll look through some of the best ways to look for a new job.

Networking with friends, family and former colleagues

There’s a reason the saying “it’s not what you know, it’s who you know” is so popular – it’s quite true. As it has in most industries, the Internet has disrupted the way that recruiters and HR departments source their open job positions. Since most job applications are available at no cost and with the click of a button, the volume of resumes received for each open position is staggering. You truly have to make sure that your resume stands out.

One way to do this is to have a referral from a friend, family member or former colleague. Talk to your circle of influence and see what jobs are available where they work. A referral from someone who already works where you’re looking to hire on is a great first step. In many cases, a referral from an existing employee can help to short-circuit the HR department and get you directly in front of the hiring manager.

Make sure that your Linkedin profile is up-to-date

Going along with the power of networking and referrals is making sure that your Linkedin profile is accurate and current. Linkedin can be more useful in certain professions and in certain areas, so you’ll have to take a look to see how it might work for you. Generally, you’ll find more people and companies active on Linkedin in more white-collar trades. 

Linkedin also has a setting where you can state that you are actively looking for jobs. That setting will bring your Linkedin profile to the attention of recruiters who are looking to hire in your industry. This can be both positive and negative. Most recruiters also cast a wide net, so you may find it to be distracting having to answer calls and emails from recruiters who are hiring for jobs that may be not quite what you’re looking for.

Don’t forget about a solid resume

A traditional (paper) resume is less important than it was 10-20 years ago but still is useful to keep current. Depending on where you’re looking and in what industry, you might find a resume more or less important. The big reason resumes are not nearly as important anymore is that most job applications online are done electronically. So you may fill out an online form rather than uploading a Word document or PDF. Even if you do upload your resume online, it’s likely that it is getting parsed and converted into a different format, so all the time you spent carefully formatting your resume doesn’t tend to matter.

Another great resume tip is to make sure and target your resume and cover letter to the individual company and position you’re applying for. Each job is different, and showing that you took the time to emphasize skills and experience that was directly solicited in the job posting will only help.

Scour the big job boards

All of the traditional job “boards” have also moved online, with big job sites like Indeed, Monster, CareerBuilder and Linkedin posting millions of jobs per month. With so many jobs posted, it can be challenging to wade through all of them and find ones that make sense for what you’re looking for. Some good advice is to make sure to narrow down your search as much as possible. 

You may be tempted to cast a wide net in the hopes of finding something, but unless you have a ton of time, you may find it more beneficial to focus more narrowly. Most job sites will also let you set up ongoing searches that will immediately alert you if a new job is posted that matches your criteria.

Explore the gig economy

Depending on your household’s financial situation, you may also be looking to pick up some extra income while you’re looking for a new job. Joining the gig economy may make sense as a short-term option while you’re looking for a more stable job. Companies like Uber, Lyft, Doordash or Instacart are generally always hiring people to work through their platforms and offer flexibility that could make it an easier fit on your schedule. 

Most of these companies also offer signup bonuses from $200-$500 to incentivize new people to join with them. Taking advantage of these gigs might be a good way to stabilize your budget while looking for that perfect job.

What to do if they say no

Even in high-demand professions, you’re likely to encounter a pretty significant level of rejection. If you’re not getting rejected a lot, you’re probably not applying to enough places! Unfortunately, many companies or HR departments do not typically let you know if you are rejected. If you don’t get the job, one strategy can be to ask when would a good time to follow up. Their answer to the question can help give you an idea for possible next steps with that company. 

Again, this is where the power of having a friend or former colleague on the inside – most HR departments are historically tight-lipped because they’re afraid of getting sued. But if you have a connection on the inside, you may be able to get more and better information to help guide your path going forward.

The post 5 Ways to Look for a New Job appeared first on MintLife Blog.

Source: mint.intuit.com