Thursday, January 29, 2009

5 Ways to Get Better Compensation in 2009 from MSN-CareerBuilder.com

5 Ways to Get Better Compensation in 2009
By Anthony Balderrama, CareerBuilder.com writer

The normal way to ring in the new year is by creating a list of resolutions that results in you eating straight from the fridge at midnight so you're not technically cheating on your diet. If you received a good performance review at work, you might be fortunate enough to get a raise (to offset the cost of the gym membership you'll never use).

As you're undoubtedly aware, businesses are operating with caution these days and watching their bottom lines more closely than ever. Accordingly, employees are feeling the pinch. Maybe year-end bonuses and holiday parties were smaller or nonexistent this winter. Expect lean operations to continue for a while longer, but don't assume you have no chance of receiving a salary boost.

Whether you're already employed or negotiating a job offer, all hope for bumping up your compensation is not lost. With the right amount of flexibility and good timing, you can end up getting what you want.

Prove your worth
Don't expect to earn a hefty paycheck based on your merits if you have no proof of your accomplishments. Specificity is the best friend of job seekers and employees. When budgets are already tight, employers won't be willing to hand out more cash than necessary. Businesses are always trying to do more with less, but these days they are forced to.

If you're already employed, your boss might not notice your accomplishments. Smooth operations mean no hiccups or need for finger-pointing; therefore your good work might go unnoticed. You should be able to list specific achievements during your time at the company to be a reminder of your accomplishments. Did you increase sales, make operations more efficient or receive positive feedback from clients? If so, have proof and use it. Quantifiable numbers and direct quotes make a better case than pretty phrases.

For job seekers, the story is the same, except your highlights should span your career. A strong track record throughout your work history gives a hiring manager good reason to expect more from you ... and do more for you.

Know the market
Although you might think you're worth a seven-figure salary, your boss isn't likely to agree, so don't walk into negotiations thinking you can start at $1 million in order to negotiate your way to an $80,000 salary. Your boss probably knows how much other workers in similar positions earn and so should you. Go to salary sites, such as CBSalary.com, and see what the standard rate is for your job title in your city or across the country. Putting your salary in context gives you realistic expectations and helps you bargain effectively.

Read the FULL Article at: http://msn.careerbuilder.com

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