How to Maximize Your Salary: A Guide to Getting Paid What You’re Worth

In your primary job, it’s important to maximize your compensation to ensure you're not leaving any benefits or opportunities on the table. There are strategies for negotiating compensation both during the interview process and after you’re in your role. However, in both cases, doing your research and consistently performing well are key. No one will advocate for a higher compensation package if you're not meeting or exceeding expectations. Plus, if you're aiming for a promotion, you must have mastered your current responsibilities and started developing the skills required for the next level.

Know Your Number

Before entering discussions with your current or potential employer, it's important to understand what fair compensation looks like for your role. This requires research to know your compensation market rate. Here are key factors to consider when determining what your fair market compensation:

1. Location: Salary expectations vary by the city and state due to cost-of-living differences.

  2.   Role Level: Ensure you’re comparing salaries for the role level (e.g., individual contributor vs manager).

3. Years of Experience: Take into account both the quantity and relevance of your experience.

4. Industry: Compensation can differ across industries for similar roles.

5. Performance Level: If you are consistently exceeding expectations, this should be reflected in your compensation.

   
   

Resources for Market Compensation Research

1. Online Salary Databases: Websites like Glassdoor.com and Salary.com provide salary estimates. Be sure to filter for relevant factors such as location and job level.

2. Networking: Ask colleagues and industry professionals about compensation ranges. If they are unwilling to share exact figures, ask for a salary range or ask if they make above or below a certain dollar amount to gain insights.

3. HR Department: Your HR team can provide insights into your role’s market rate. If demand for your position has increased, you may have grounds to request a market rate adjustment - just ensure you’re meeting or exceeding performance expectations before asking for an adjustment.

4. Explore Other Job Opportunities: Reviewing job postings with listed salary ranges or interviewing with other companies can provide valuable insights into competitive pay.

   
   

Keep a “Brag” File to Advocate for Yourself

Throughout the year, track your contributions to the company. These don’t always have to be monetary, although they can be. Consider keeping a “brag” file to document:

• Securing $X in sales

• Saving the company $X through contract or other negotiations

• Improving processes to increase efficiency, reduce mundane tasks, and take on more meaningful work

• Any praise or positive feedback you’ve received from team members or colleagues you support

By tracking these accomplishments, you can confidently advocate for your value when the time comes for a compensation discussion.

Understand the Timing of Raises and Promotions at Your Company

Raises and promotions often follow specific timelines, whether annually or at multiple points throughout the year. While there may be opportunities for off-cycle adjustments, don’t rely on them. Understanding these timelines and starting discussions with your boss early is key. For instance, if raises and promotions are announced in March, decisions are likely being made in January (or earlier). Don’t wait until March to have the conversation—start in September (or earlier).

Ensure You Understand How You’re Performing in Your Role

It’s essential to know how you’re performing in your role. If there are areas for improvement, take action to address them. Once you’ve made improvements, ensure those efforts are recognized by speaking up. Don’t wait for your manager to bring it up – you’re the one who needs to keep the conversation on the agenda. If you’re already performing above the expectations, make sure to highlight that and start discussions about promotion opportunities.

Other Compensation Considerations

While cash is always welcome, there are other compensation options you can negotiate. Consider these alternatives when discussing your overall compensation package:

• Overtime rate

• Bonus percentage

• Equity

• Paid Time Off (PTO)

• Education reimbursements

• Job title

• Flexible hours

It’s important to evaluate the full compensation package, not just the base salary or hourly wage.

Final Take Away

If you truly enjoy your job and feel valued by the company and manager, it may be worth waiting for raises and promotions to come through. However, if that’s not the case, it might be time to explore new opportunities. While loyalty to a company is admirable, remember that companies aren’t always as loyal —especially in times of workforce cuts.

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