Now Withers coaches others on how to get the best deal at review time. Her tips (at negotiateyoursalary.com ) are timely, because the 2007 outlook for employees isn’t much brighter than it was when Withers got her deal four years ago. Most companies say they’re holding 2007 salary increases to about 3.6 percent, reports Watson Wyatt Worldwide. But there are good reasons to press for more. Managers are nervous about keeping good employees in a tighter labor market, and they do have room to fatten a few carefully chosen paychecks. Here’s how to get your big piece of the pie.
Sell yourself. Managers are using their discretion to reward their most valued employees. “The highest performers are getting close to 10 percent, and the lowest can go down to zero,” reports Ken Abosch, a compensation expert with Hewitt Associates. That means compiling a list of your greatest hits to refresh your boss’s memory.
Do your homework. Learn what you could command at another company by networking with your counterparts. (You could de-stress the question by saying something like, “I’m thinking of changing jobs. Is the range for this position at your company between x and y?”) Join a professional association and check out its salary survey. Or surf sites that offer salary surveys, like salary.com, payscale.com,jobstar.org and vault.com .
Act now. Don’t wait until your boss gives you salary news; request a meeting now. Start by asking how you’ve done this year and if there’s anything else you should be doing. Then, assuming your boss is happy with your work, ask for the raise.
Grab a bonus. About 80 percent of big companies now offer some version of a onetime payout, reports Hewitt, and it’s not all going to management. If your boss has discretion over any special annual awards, find out what it takes to qualify.
Go for a promotion. Your boss may have more luck winning you a 10 percent increase if he or she is able to tuck a “senior” in front of your title. That’s the technique that worked for Withers, and it’s even more promising now. “Companies are putting more money into promotions while they hold regular merit increases steady,” reports Laura Sejen of Watson Wyatt.
Take the consolation prize. If all else fails, request a catch-up review in about six months. Or offer to take a little bit of flextime or an extra week of vacation instead. That won’t add money to your bank account, but it may make you happier. Or give you time to dust off the old résumé.
