Most employers are not willing to discuss the methods used to determine pay. But you need some information to compare just how much the company actually values your services.
Here are a few company salary secrets and how you can use them to your advantage.
1. The average salary increase in most companies is about 3.9%. High performers will get about 5% raises, while others receive around 2% or less. So if you are shooting for a 6% increase, that may not work at all for you. On the other hand if you're getting a 4% increase, then you know your boss values your performance a little bit more tha those of your colleagues.
2. Your boss or future boss may not know the going salary rate for your job. Do the research and find out how much your pay compares with those in similar positions in other companies. If it's at the low end of the range, you may use the data as a negotiation point during your next performance review or the next time you apply for a job. If it's on the opposite end, then you should give yourself a pat on the back for being highly valued by your boss.
3. Most bosses have poor memory during performance review time. Make sure to document all your achievements within the past year. Use a spreadsheet or a special email folder to keep track of your accomplishments as they happen. This will give you a strong case for a higher annual pay raise. Make sure you have all your accomplishments that are in terms of numbers. How much money did you make or save for the company? Note down also extraordinary praise you have received and tasks you have performed above the call of duty.
4. Your boss probably has little say about your annual pay raise. Pay raises are decided at a high level of company management. You can't do much about this. If you're still unsatisfied with your raise, it may be time to look for a new job.
5. Sometimes, threatening to quit may get you a bigger pay raise. Tell your boss how you feel about your raise and let them know you're considering quitting. Maybe (but not always) that will get you your biggest salary jump. You may tell your current boss about a better offer you've received and use it as a bargaining chip – they may be willing to match the new offer just to keep you. But make sure you really want that new job and can back up your word to quit with action if this strategy does not work.
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