There are five viable ways to go for a 10% raise. If you’re like most professionals, you’ll find two that could work for your job situation. Which of the following five are a match for you?
When I talk about my clients getting pay increases of 10% or more, it’s because their salary was that far below market value. Using third-party market data, they made a convincing case for a Competitive Pay Raise or a Salary Adjustment.
If your salary is below market value by 5%, for example, start there. Add 2% for cost of living (more or less; Google the current adjustment), plus a merit raise of 3% (roughly, US average, 2016). Combinations and percentages will vary of course, but you get the idea. Will you get the full 10%? Probably not all of it, but if you’ve made your case based on the merits, you’ll likely get more than what your employer planned to grant you. Which brings us to #3…
Research shows a direct correlation between higher targets and higher outcomes. An ambitious (10%) yet realistic (see the breakdown in #2) goal will get you better results than a more modest goal. Aiming and anchoring high could mean the difference between getting a 3% raise and 6% one. Like that idea?
To position your achievements to get a 10% raise, you'll find some ready-made opening lines scripts inside the Salary Accelerator Course.
Variable Pay, AKA Pay-for-Performance, could get you 10% or more. It doesn’t add to fixed costs so employers are allocating more and more of their compensation budgets to Variable Pay. More than 90% of US organizations offer a Variable Pay program, so check with your employer about how you can tap into theirs.
This is likely the long-lingering result of The Great Recession of 2008. The post-recession recovery has been painfully sluggish; corporations have been slow and cautious about adding staff and ramping up salaries. Meanwhile, companies have piled up record profits, so now there’s money for your big pay jump. You can tap into it when you follow a strategic Pay Raise Process℠ for getting a sizable raise. It's taught here at Pay Raise Prep School.
Do you see the possibilities? For these five reasons, I suggest you think in terms of increasing your pay package by 10%. Really.
It’s easy; simply knock off a zero from your annual salary and you have your minimum pay raise target goal.
My 10% Pay Raise Target Goal = $ ____________ (Worth a go, yes?)
If you’re ready to ramp up your earnings, the Salary Accelerator Course here at Pay Raise Prep School guides you all the way.
Pay Raise Prep School for Women offers online training so that career women like you can build their case and their confidence to get pay raises of 10% or more—without acting pushy or feeling greedy.