Earn $1,000,000 more

By  via smartplanet.com   Article

How negotiating salaries can earn you $1 million

“Over the course of your career, is it possible to rake in an extra $1 million by negotiating small salary increases?

In a recent case study, Salary.com documented the difference between two workers: Jim, starting at $45,000 — and accepting a one percent rise every year — and Jane, who starts at $50,000 and negotiates a four percent raise every three years. After 45 years, the difference in their total lifetime earnings is $1,037,773. …

In a recent survey conducted by the website, only 41 percent of workers push for a pay raise, even though 84 percent of companies expect their employees to request one. …

While some employees may fear irritating those higher-up or losing their jobs by attempting to negotiate, a survey conducted by the website said that no employers have fired or demoted staff for asking. However, Tim Sackett, president of HRU Technical Resources, says that companies often “condition” their staff to believe that negotiation is a waste of time.

While negotiating salary increases, employees should focus on the skills they bring to the table, rather than become defensive, emotional, or mention personal needs for extra money.”


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