The best managers know when it’s time to reward you with a pay increase for a job well done. But what if your salary hasn’t gone up in a while? What if you feel like you should be making more?
Don’t bail out! Now may be a good time to ask your boss for more money, a bigger title, extended benefits or additional perks.
Nearly eight in 10 chief financial officers (CFOs) polled in a new survey by Accountemps said they are taking steps to boost employee retention as the economy continues to recover. And they’re doing so in a variety of ways.
The study, which polled more than 2,200 CFOs in the U.S., asked executives what steps they are taking or plan to take to prevent staff from jumping ship. Their responses suggest the rewards to workers willing to stay the course with their current employer could be great. Here’s how:
1. Climb the ladder
With 63 percent of CFOs surveyed indicating that they are, or will be, promoting top performers to keep their teams intact, you may be in the running for a new-and-improved role. Consider sitting down with your manager to discuss your past performance and future goals — and how they could align with an opportunity for promotion within the company.
2. Make more dough
Fifty-two percent of executives interviewed by Accountemps revealed that raising salaries is part of their employee retention plan. If you haven’t been offered a bump in pay, but feel the time is right to negotiate, preparing your case ahead of time and broaching the subject with your boss in a professional manner will greatly improve your chances of success.
3. Enhance your skills
Among managers polled, 50 percent pointed to increased investment in professional development or training programs as a top retention strategy. If you’ve been looking for a way to sharpen your skills, your employer could be agreeable to the idea — particularly if you can show how enhancing your knowledge and abilities in a certain area would benefit the bottom line.
4. Top off your benefits
If it isn’t in your boss’s budget to incent you financially at this time, he or she may be open to discussing other ways to keep you happy and engaged at work. Benefits from improved health coverage to enhanced retirement packages to extra vacation time may be perks you’ll appreciate as much as a padded paycheck.
5. Get a (bigger) bonus
About 32 percent of executives surveyed said they plan to reinstate or increase bonuses for their employees in an effort to retain top talent. This is a big reason to stay the course. Bonus pay is often provided to staff members who show long-term, steady and positive commitment to the company. The longer you are a loyal (and hard-working) employee, the more you may receive.
Now that there’s a good chance employee retention is on your manager’s mind, you may find yourself enjoying the fruits of your hard work sooner than you thought.