Getting More Money From Your Boss
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In this area of puny or nonexistent raises, it’s tough to get extra cash from your boss. It’s not impossible, though. The magic word is bonus. More and more, companies around the country are getting rid of annual raises and replacing them with bonuses. About 30% of large and medium-size businesses now award bonuses, and many more are planning to start. The big hitch is that even if your firm has a bonus program, you’re not guaranteed to receive a bonus. The size of the bonus -if you get one at all -depends on your performance on the job and your employer’s profits. Generally, bonuses range between 2% and 30% of your annual pay. There’s one other draw-back to a bonus system. Your benefits such as profit sharing, pensions, and life insurance typically are pegged to your base pay. So if you get a juicy bonus, that money won’t be included when figuring your bennies. To boost the size of your bonus, do whatever you can to show your boss just how useful you’ve been in marking your employer more profitable, efficient, or both.
Whether or not you get a bonus, you may well want to persuade your boss to give you more money. The subject is no longer taboo. You need to raise the issue gingerly, however. If you can demonstrate to your superior that you’re underpaid, simply ask for the money you think you deserve to receive. Sometimes the answer will be “Sorry, everybody gets the same raise this year”. In that case, if there’s a bonus pool where you work, ask your supervisor what it would take to either start swimming in it or get a larger bonus than you were promised. You might want to set target goals with your boss and then update the list periodically.
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2 Responses to “Getting More Money From Your Boss”
Great ideas on bonuses. I’ve never worked in a place the gives bonuses, however it might be nice to get one. I’ve worked in sales and that is very performance oriented.
By Custom PHP on Jul 3, 2009
Good ideas here,but what if you have been working for a company for a long time and they do not give out bonuses at all?
By Stephanie on Jul 27, 2009