Your Ira Just Tanked? Don’T Despair, Act Now And Get A Raise

Your IRA just tanked? Don’t despair, act now and get a raise

We all are victim of slowing economy. I am stressing on “We all”, ’cause that does make most of us feel better. That does not, however, mean that we hit the couch and do nothing. Get out there and fatten your pay check, here’s how:

Investment in education and professional training programs During a slowing economy and growth, pursuing a master’s degree in your sphere of specialization or a job oriented professional training program may provide a boost to your job role and thereby your compensation. Consider doing an MBA, PMP (project management program) or similar professional courses for a definite scale in your career move.

Get smart - consider a variable pay program When the going gets tough for the Industry and employers, considering variable pay program works to mutual benefit. When the going gets tough for the Industry and employers, considering variable pay program works to mutual benefit. Employers always appreciate the fact that employees consider a variable pay program based on contribution and overall performance. Try to set aggressive goals with your manager and agree on the compensation you’ll receive if you meet them.

Consider relocating Your place of work will determine the level of your compensation based on the economic environment of location/state that you are in. According to Hewitt Associate survey salaried 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.

Consider changing industry verticals If the industry that you are working in has reached stagnation, consider a switch to one that is more stable and downturn proof like Healthcare, pharmaceutical, entertainment, energy (solar/oil/gas) and construction/engineering among others. If the industry that you are working in has reached stagnation, consider a switch to one that is more stable and downturn proof like Healthcare, pharmaceutical, entertainment, energy (solar/oil/gas) and construction/engineering among others.

Track your progress and review with management. It’s imperative that you keep track your deliverables, milestone and contribution from time to time. A periodic review with management to measure the progress and your contribution is an important parameter to determine your growth with the organization. If you can demonstrate over a period of time how you’ve saved money and time, increased income, or created a new methodology you can definitely expect a more than average raise (15 or 20 percent  or more). It’s imperative that you keep track your deliverables, milestone and contribution from time to time. A periodic review with management to measure the progress and your contribution is an important parameter to determine your growth with the organization. If you can demonstrate over a period of time how you’ve saved money and time, increased income, or created a new methodology you can definitely expect a more than average raise (15 or 20 percent  or more). Don’t plead, request a raise! Once you have been able to consistently establish your valued contribution and accomplishments do not falter to ask for a raise. However, you need to be somewhat reasonable and rational considering factors like overall economic situation, company’s business outlook etc. Once you have been able to consistently establish your valued contribution and accomplishments do not falter to ask for a raise. However, you need to be somewhat reasonable and rational considering factors like overall economic situation, company’s business outlook etc. Remember, no company would wish to lose a valuable worker.

Accept high visibility and tough assignments. Once you are able to pull through the difficult and high visible assignments, you are likely to be considered by your boss for the next ones. Generating management confidence is the key; once established, you are definitely considered for a role change and a higher salary. It’s important to be consistent, though. Your place of work will determine the level of your compensation based on the economic environment of location/state that you are in.