is always looking for talented writers. Think you have what it takes? Drop us an email at salarytalk [at] salary.com. Read more...
Fact: Many employers are able and willing to negotiate salary or non-compensatory benefits like number of vacation days in order to attract and retain key talent. Many employees have never tried to negotiate their pay or benefits and just assume that it's not worthwhile. The fact is, most employers would rather keep their employees happy in order to retain them than deal with having to hire and train someone new.
Your performance review matters. You must make every effort to ensure each performance review is its best, because it is almost always directly tied to your compensation. If you are unclear about how the results of a performance review impacts merit increases or bonuses - ask your manager.
Losing a valued employee can be a costly process for any company. HR professionals estimate that involuntary turnover costs an average of 33% of the replaced employee's annual base salary. Conventional wisdom suggests that the actual cost could range from a minimum of 50% to several times the incumbent's annual salary, depending on the individual being replaced. Costs like recruiting, training and lost productivity all factor into the end cost for employers.
Your satisfaction impacts the bottom line of your manager's budget. As a valued employee, most employers will be willing to take reasonable steps to ensure that you stay in your job, whether it is through career development, a spot bonus, or increased work/life benefits. Understand your performance ratings (performance review tips)and be able to show your impact on the company to your employer when negotiating a raise or other benefits.
Tip: Your employer wants to keep its high performing employees. If you had a good performance review but are not receiving the pay, benefits or work/life balance you feel you deserve, talk to your employer. If you never voice your concerns, you will never get what you want. Do your homework and make sure you enter into the negotiation with an open mind. Listening to and understanding your employer's policies and programs are critical to having a productive dialogue.