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How to get better compensation

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The business climate may not become friendly soon and companies are watching their bottom lines more closely than ever. Employees are feeling the pinch. But it is not a hopeless situation.

How To Increase Your Compensation?
Whether you are employed or seeking a job, you needn't to become jittery; there is hope for you to negotiate a salary you wish to have.

Without proof of your accomplishments, you can't get a fattier pay packet just on the basis of your merits. When the economy is bad, companies have to tighten their belts and that is what they are doing. They don't dole out more than what is necessary.



Prove your worth: Are you already employed? You must be careful. Your boss many not notice your accomplishments when everything is going on smoothly without any jerks. In a situation like this, you must list out the specific achievements of the company during your time and point out your contribution to that performance effort. Speak about specifics like your contribution to increasing sales and the revenue. Point out if you have made operations more efficient and cost effective; showcase the positive feedback from clients. If you can lay your hand on that, get proof and use it. Numbers and direct quotes make meaningful for the boss rather than high sounding phrases.

The same procedure applies to job seekers as well. But you should highlight your track record. If you have a strong track record throughout your career you can't miss the attention of the hiring manager.

Study the market: You may think that you should get a seven-figure salary. But don't start negotiating at $ 1 million and think of coming down to $80,000. The hiring manager knows how much other workers in similar positions earn and he rightly thinks that you should get the same salary. Take the help of Internet and find out the standard rate in the industry for people with your skills and talent. The exercise gives you an idea of what you can expect and helps you bargain effectively.

Six-month review: May be getting more at the moment is not possible as the hiring manager can't negotiate higher salaries as his hands are tied because of tight budgets. In that case you can ask for discussing the issue after six months when the company's financial situation could be better.

The other advantage is that you will have six months time to prove your worth and bargain for either perks or higher salary.

Choose the right time: You may not get a raise without asking for it even when you have proved your worth by bringing in promised results. If your company is in the midst of a financial crisis and people are being laid off, you have to wait for a better time. If you approach your boss at this time, you won't get what you want and at the same time, your boss will think that you don't mind about the company's welfare.

Liberal thinking: Bosses like their employees to have a liberal outlook. If salary can't be hiked, you could opt for more vacation time or flexible schedules or permission to work from home now and then and things like that. Your pay check may not show more numbers on it, but the way you spend those dollars will improve.
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