Increasing Your Compensation

Posted by
Joni Rose
Oct 19, 2007

Job Role has Changed

You are now supervising a team or getting involved in training of new staff. Your responsibilities are closer to the bottom line so your accountability has increased as well.

No Cost of Living Increase

Inflation continues to happen. As housing prices soar in some cities, the cost of covering the basics – food, water and shelter – take over pay cheques. If you have not seen annual increments in your pay, prepare for your meeting by researching the stats on cost of living increases since the date you started.

Bonus is Based on Salary

From a monetary standpoint, if your bonus is based on a percentage of your base salary, then asking for a raise to your base will also affect your bonus amount.

Inequity of Pay with Coworkers or Industry

An inequity of pay based on gender differences is a reason to ask for a raise. Also, if your compensation package is not competitively aligned with industry standards, present your case to your supervisor.

Increased Sales, Decreased Wastes

If your efforts have directly affected the bottom line e.g. you’ve introduced a product or service to a new market, then you have great evidence to support a pay increase.

Taken Further Education

You’ve been proactive in your professional development. You’ve gained a credential. Bring this to the attention of the HR department and your supervisor.

Excessive Overtime

You are on a fixed salary and are consistently putting in over time with no time off in lieu.

If you have comments or suggestions on this blog entry, please start a discussion

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