Money Matters - Simplified

How to Earn the Remuneration You Deserve

After a performance appraisal, bargaining your pay with an employer is never an easy task. MG guides you on ways of being able to get the money you actually deserve.
Don’t let the fear of being judged, make you settle for something much below your merit, its probably time you get up and demand what is rightfully yours.

One often accepts whatever is being offered by an employer from the fear of demanding a lot more than what the employer might be prepared to pay.

Remember, never undervalue your skills simply because the offer made to you sounds okay, or the job will not require too much of an uphill struggle. Being frank about your salary expectations and voicing your money concerns are perhaps the only way you can get the pay you had always wanted.

Here is what you can do to determine your true worth and get it in your next paycheck.

1. Research
You think you are being underpaid, so what exactly is your worth? Your search for determining your actual worth should start with rummaging through the internet.

There are scores of sites available on-line which offer the facility of something called a ‘salary calculator’. This instrument gives you a clear idea of the range between which your salary should lay, based upon the job title and description mentioned by you.

Another reliable source where you could get some valuable advice on what to ask could be friends and relatives, who are a part of the same industry as you are. They can be relied upon to give the most frank and worthwhile opinion.

Don’t forget to check in the U.S. Bureau of Labor Statistics Handbook. It is a great source for obtaining information on wage rates for a particular job and area.

2. Review Your Performance in the Last Year

Note down on a piece of paper all that you contributed for the betterment of the organization in the last one year.

Don’t forget to mention things you did in addition to the responsibilities mentioned in your job description. Make a mention of any other effort that you might have made to enhance your educational qualification or job related skills.

On the basis of these details and the data collected on the salaries prevalent in the market, prepare a spreadsheet that can summarize all that you wish to convey at merely a glance.

3. Calculate Your Desired Salary
On the basis of your research and self analysis you should be able to arrive at a figure that you think the employer should pay. While doing so, you should be as objective as you possibly can.

The amount so arrived at must not seem to be overestimated, or else you run the risk of losing your trustworthiness. After all, you have to remain with the organization for a considerable time in future.

4. Be Open to Negotiations
Don’t ever mention a conclusive amount as your expected salary. Always leave some scope and space for negotiations, even if it means accepting what they are offering you at present.

This is of prime importance as they may not accept your arguments this time, but during the next performance appraisal they would know that you cannot be taken for granted.

Thus, if not now, your efforts will surely bear the desired results next time.

5. Don’t be Rigid
Lastly, be open to other forms of benefits such as health insurance, bonus or the company’s stock. These forms of compensation are just as valid and should hence be readily accepted.

Now don’t let the fear of being judged, make you settle for something much below your merit, its probably time you get up and demand what is rightfully yours.