Many people make New Year’s resolutions about health and fitness. Just as often, however, people make New Year’s resolutions about money. If you’re one of them, this could be your year to maximize your earnings at work. The first step toward a bigger paycheck this year is surprisingly simple: Ask for one.”Negotiating a raise is by far the fastest and easiest way to earn more from your current job,” author Yasir Khan writes in an article for Glassdoor’s blog. “It’s interesting how many people have never negotiated a raise of their salary despite having been at their job for so many years. Even for some of those who negotiate a raise, they do it so inconsistently and often out of fear. That’s a great mistake.”
Khan cites research from PayScale, which shows that 57 percent of people have never negotiated their salary.
“While this might not appear to be very serious, everything changes when you realize that regularly negotiating a raise could result in you earning an additional $1 million in your lifetime — yes, that much,” Khan continues. “If you’re like the 57 percent of people who have never negotiated a raise in their jobs, it’s time to do something. If you earn a $100,000 salary and get a 3 percent raise, that’s $3,000 extra that could go a long way.”
If you won’t ask for a raise, consider asking for extra benefits, instead.
“Often, when negotiating or aiming to earn more, many people only focus on their base salary and completely forget that benefits and perks from their job is part of their overall compensation package,” Khan says. “Many organizations have bonuses and perks that you might not be aware of, or that you might be aware of and have not considered negotiating. Look up these perks and benefits, and look at the possibility of negotiating them. All things being equal, practically anything can be negotiated.”
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