Mastering Budgeting for Trips: Tips and Tricks

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N E G O T I A T I N G A P A Y R A I S E H E R
E A R E
T H E B E S T T I P S
B Y L E V E L F I N A N C I N G
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One way people can improve their financial
situation is by asking their employers to give
them a raise. However, salary negotiation is not
the easiest task in the world. First, managers
are naturally reluctant to increase the companys
costs, as maximizing its profitability is their
job. Second, you may feel that asking your
employer for a higher salary may cause the
company to lose trust in you and damage your work
relations. However, by following these tips on
negotiating a pay raise, you can maximize the
chances of your request being successful and
minimize the negative impact on boss-worker
relations.
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Information is power. Knowing how many people
working in your same position at other companies
are making can give you an advantage during
negotiations, especially when your current
salary is below the industry standard. Job
listing sites like Indeed can be a good source
to find out how much people working in your
position typically earn. Employers typically
want to avoid developing a reputation for
underpaying their workers. They also dont want
to lose them to competing companies that may
offer them their desired salary. Showing them
that you are aware of what the average salary in
the industry is can be very helpful.
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When companies are going through difficult times
due to issues like low revenues or high debt,
managers are particularly cautious regarding
increasing costs. Asking for a raise during one
of these periods may not be the best way to
proceed. In contrast, if the company is doing
very well because it had a good year or found a
new major client, your boss may be more
receptive to the idea of giving you a raise. Its
ok to mention that you waited for the company to
recover from a previous difficult moment before
asking for a raise. This will show your
employers that you can about the companys future
and that youre not simply motivated by
self-interest.
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Preparing a list of all the ways in which you
have contributed while working for your current
company can help your employer better evaluate
if you deserve a raise. Bosses have to look
after a large number of workers. Keeping track of
all the achievements and contributions of each
employee is not always easy. This list should
be realistic and based on proven results that
you obtain while working in your current
position. When negotiating salary increases, you
shouldnt come across as bragging or
appropriating yourself of results achieved by
others.
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As mentioned earlier, employers have a natural
reluctance towards cost increases, as they fear
that these could negatively impact the
profitability of the company or that particular
department. Part of the negotiation process
should be explaining to your boss that a pay
raise would have a noticeable impact on your
productivity and, ultimately, on the companys
bottom line. Explain to your employer that you
would see a pay increase as a vote of confidence
from the company, making you feel more motivated
and willing to put in extra work, as well as take
additional responsibility. Help them see that a
salary increase is not a cost but rather an
investment.
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There is a high likelihood that your boss will
need some time to evaluate your request or
consult other people in human resources before
making the final decision. While you should
discuss a pay raise in person, its also wise to
bring with you a copy of your request. The
written copy shouldnt be too long but should
highlight all the key elements of your request.
It should be easy to read and well-documented,
allowing your boss to.
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Like everything else in life, training for
something will significantly impact your final
results. Negotiation skills are no different.
Thats why you should ask a person you trust to
help you rehearse the salary negotiation. While
a friend or relative can definitely be of help,
colleagues will probably be even more effective
because they already know the environment you
work in and have probably already interacted with
your boss in the past. Tell them not to go easy
on you during the rehearsal and to treat you
like they would treat one of their employees if
they owned a business.
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