There’s a good chance that you’re expecting to receive a raise this year. However, the question probably weighing on your mind is this one: just how big is that raise going to be?
According to a recent article in USA Today, 2014 could very well be the “Year of the Raise” for many workers, especially those who possess skills that are in demand within their industry and/or who work in geographic locations where those skills are scarce.
According to compensation consultants Aon Hewitt and Buck Consultants, corporations plan to keep 2014 raises around 3%, not adjusted for inflation, similar to 2013. The USA Today article suggests that wage growth won’t accelerate—really accelerate—until 2016.
Do you want to wait two years to receive a raise that’s technically defined as “wage growth”?
We’ve written before about the fact that workers who seek employment at another company typically receive a larger increase in compensation from their new employer than workers who stay at a company for an extended length of time and receive standard raises (often 2% to 3%).
Now, it’s true that more companies are opting for compensation in the form of bonuses and one-time rewards. These rewards aren’t entirely monetary-based, either. They could also take the form of a more flexible schedule or extra paid time off.
What does this mean for you?
It means that you should have a very clear understanding of your employer’s compensation structure. Take these three steps to better gauge your employer’s situation:
- Meet with your supervisor to discuss the company’s current structure.
- Ask about the different forms of compensation available to you and how you can achieve them.
- Express your desire to be a top performer, and then ask your supervisor to help you brainstorm ways in which you can accomplish that.
Once you have a clear understanding of the compensation structure and how to maximize it, you’ll be able to decide whether or not 2014 will be the “Year of the Raise” for you with your current employer.
If not, then it might be time to seek that raise with a company that’s willing to provide it.
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