Job Search Tip of the Week #3 (2019)
Caressa Moy | January 14, 2019 | 9:00 am
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Let’s Talk Money: Part II
Go in for a Performance Review, Come Out with More Money in Your Proverbial Pocket
Which is more daunting: negotiating a higher starting salary at a new job, or approaching your current employer about a pay raise?
If you think the latter, you’re not alone. Results from the Salary.com survey we referenced last week indicate people fear the pink slip more than a rescinded employment offer. A staggering 44% of people never ask for a raise during their performance review, as compared to 12% who always bring it up.
One of the main reasons why people hesitate to ask for a pay bump from their current employer is because they believe that they lack the skills to negotiate properly and effectively. So without further ado, if you’re looking to stay at your present place of employment but with more money in your proverbial pocket:
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Job Search Tip of the Week #2 (2019)
Caressa Moy | January 7, 2019 | 9:00 am
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Let’s Talk Money: Part I
Negotiate a Salary That Works for You
According to data from professional networking site LinkedIn, January is the best month to get a promotion or a raise (unsurprising, considering it’s also the best time to job hunt), followed closely by June and July.
Alarmingly however, the majority of workers leave money on the table. Of the 2,000 respondents to a survey conducted by salary research site Salary.com, 18% reported that they never negotiate their first salaries and 44% only occasionally so due to fearing repercussions or lacking the necessary negotiation skills. Failing to negotiate is costly; studies have shown that those who fail to negotiate at least a $5,000 increase in their first salary lose out on approximately $600,000+ over the course of a 40-year career.
So whether you’re looking to discuss your compensation package with a prospective employer or your current one, follow the following negotiation tips to start – and conquer – the salary conversation!
Q. How can I overcome my hesitation about negotiating my desired salary with a prospective employer?
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