When the economy is down, companies often have an approach to make low-ball offers and limit salaries. However, this should not be the case. Here are few salary secrets that your employer doesn’t want you to know. What is has got for you? Well, with this information, you’ll be in a better position to ask for the pay that you deserve.
We all can search thousands of websites and get this information. But, chances are that your company is unaware of the national average wages for a person in your city in your current field. You will have an upper hand while negotiating (for a new job offer or a pay rise) if you know the average wage trends for the position you are working in or have applied for. Always make sure what the going rate is, as it will help you in talking with more confidence rather than sounding silly.
Now Linkedin has introduced Linkedin Salary to bring transparency about salaries across the world.
It is likely that your reporting manager might have minimal influence and control over your annual pay raise. Yes, we have a reason to believe that. Usually, such decisions are taken at company’s management level. When the company decides to go for a blanket approach for pay hikes, there’s not a lot you can do about it, except searching for a new job if you are really dissatisfied.
We are not saying that it is not an important factor. There are various other factors such as your level of education, the organization’s size, your years of active service, the location where you have been working, the current job market. In most cases, the more education you have, the more will be your pay. Large originations tend to pay more than small companies. If the location you are living in has high cost of living, the higher will be your pay.
It is certainly risky if you do not have another offer in hand. The biggest salary hikes that people have got is when they threaten to quit because of a tempting job offer or if they have already got an offer with a great raise. Talking to your manager about your new offer can be a good negotiation tool – if you are really worth it, efforts would be made to retain you (but that might not happen always).
If you really think that you are not making the money that you deserve if you are a valued employee, you certainly have options. There are various online tools available which can help you to know your value and make your case strong.