It’s rare that employees and employers agree on what constitutes a competitive salary. If you want the highest possible salary, then you need to understand the trends and factors that affect what your employer is willing to pay. You may not be able to change the trends that impact your salary, but you can certainly learn how to use them in your favor.
1. Continuing your education is important.
If you want to earn a competitive salary in your field, you need to have the strong educational foundation that your employer’s looking for. It’s hard to blame your employer for putting so much emphasis on continuing education when you consider how often technology and business methods change in any industry.If you’re serious about getting a higher salary, then you need to take it upon yourself to continue your education. Just because you have a college degree from 15 years ago doesn’t mean that you’re automatically entitled to a high salary. You must continue to expand your educational foundation if you want to get the big bucks.
2. The global economy affects everyone.
Instead of rolling your eyes at your employer each time he brings up the economy in relation to your salary, it may help you to listen to what he has to say. When the global economy is down, that usually means that your company is struggling to bring in sales. Since the ongoing status of your job relies on the company’s ability to generate revenue, you need to realize that this is a legitimate trend that affects your salary.Unfortunately, there isn’t anything you can do about the global economy. One thing you can do is realize that the global economy will eventually gain strength and it is in your best interest to increase your value to the company so you can be in line for a raise when revenue picks back up.
3. The value of your job.
It’s funny to talk about someone getting replaced by a machine—until it happens to you. Automation and computer innovations are trends that can threaten the status of your job and how much your company feels you’re worth. If there’s a machine that can do your job more efficiently and for less money, then you better watch out.You can help yourself by staying up to date on the latest technology trends in your industry and diversifying your skills to stay valuable to the company. If you diversify your skills, then you could put yourself in line for a raise as opposed to losing your job to a machine.
4. Your job performance.
Your regular performance evaluations create trends that can have a significant effect on how much money you make. If your evaluations show no development in your skills or you’re not progressing in what the company perceives to be a positive direction, then your salary will be affected.Use your performance reviews as opportunities to work with your manager on plans to develop your career. You’ll get out of your career exactly what you put into it. If you put in the effort, then your salary will reflect it.
5. Your career ambition.
If you’re content with the responsibilities you have at work and you show no ambition to take on more, then you don’t deserve more pay. In the corporate world, the reality of pay versus ambition is evident in every company. If you show ambition, then you will be rewarded for it.You should keep your name on the minds of managers and executives for special projects and jump at opportunities when they’re presented. If you show a trend towards adding value to the company by being aggressive, then you’ll be rewarded.
Your Salary Is a Dynamic Number
You need to know what you’re worth to your company. LiveCareer’s Salary Calculator is a free tool that provides you with a salary range based on your job title, location, industry, education, experience, and more. With this number in hand, you’ll be fully prepared to negotiate for a competitive pay rate.
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