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Smart tips for getting a raise
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Money ManagementMonthly financial advice
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Are you earning the salary you deserve? In a tight economy, many people are finding that they aren’t receiving impressive increases when evaluation time rolls around.
Don’t despair. According to the Maryland Association of CPAs, there are some steps you can take to maximize your chances for a fatter paycheck.
Don’t be afraid to negotiate
If you think you’re not making what you deserve, it’s acceptable to speak up, as long as you keep the discussion cordial and professional. Name the amount you were hoping to receive, and explain why you think you deserve it.
Be prepared
When you begin your negotiations, make sure you have information to back up your requests. That means, first, knowing what your job is worth. The Occupational Outlook Handbook, a publication of the Labor Department’s Bureau of Labor Statistics, provides earnings and other information for a wide variety of jobs on a national level. To get a sense of what the market is like in your area, you can also talk to local employment agencies or professional associations.
In addition, online job-search sites can provide details about what’s being paid for a position like yours in your location. If you learn that you’re receiving less than others are for the same duties, you can present your research to your boss as part of your negotiation.
Know your own value
In addition to understanding what your job is worth in the marketplace, you will also need to think about what you personally are worth to your company. Have you taken on new responsibilities? Spearheaded an initiative that saved the business time or money? Taken the time to learn a new skill? Developed a way to raise profits? Make a list of such actions and have it ready when you negotiate. You might even consider giving your boss the list before your meeting so you’re both prepared to discuss it.
Be realistic
Of course, if you can’t think of ways that you have made an outstanding contribution, now’s the time to begin trying to make one. That way, you’ll be in a better position to negotiate at your next salary review.
Consider alternatives
It is possible that you can be an excellent employee, present a strong case for a raise or promotion and still not receive one. The company may truly be facing lean times and unable to reward even the best workers. If you know that profits are down, you should be prepared to accept this reality.
There may be alternatives you can request, however. For example, you might consider asking for perks such as more time off, the opportunity to work at home part-time, increased training that can enhance your career options or some other benefit that the company could more esily afford. If you believe that you have a promising future with the business, it may be worth accepting these alternative rewards during tough times and asking for more money when the economy improves.
Your CPA can help
The size of your take-home pay is an important factor in your monthly budget. If your salary is not quite what you’d like it to be, there may be other money-wise steps you can take to expand your purchasing power.
If you’d like advice on how to create a workable budget —- or how to get more miles out of your dollar -- be sure to consult your local CPA. He or she can help answer your family’s most important financial questions.
Only CPAs are equipped to address your full range of financial needs with integrity and insight. In Maryland, CPAs must pass a rigorous two-day examination, adhere to strict ethical and professional standards, and, beyond college, complete 80 hours of continuing education every two years to be certified by the state — accountants do not.
Your doctor is certified; your lawyer is certified. Make sure your accountant is a certified public accountant.
For CPA referrals in your area, contact the MACPA at
The Maryland Association of Certified Public Accountants (MACPA) is a statewide professional association that provides leadership, information and services for its nearly 10,000 CPA members, who are employed in private practice, industry, government and education. CPAs are business and financial professionals who have passed a rigorous two-day examination in order to be licensed by the state. CPAs are committed to protecting the public interest, and must adhere to stringent ethical and professional standards and continuing professional education requirements.