pay raise http://www.wisebread.com/taxonomy/term/9537/all en-US 10 Ways to Boost Your Take-Home Pay http://www.wisebread.com/10-ways-to-boost-your-take-home-pay <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-ways-to-boost-your-take-home-pay" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/2390242316_bc07437579_z.jpg" alt="smiling woman" title="smiling woman" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>When you look at the paycheck you get every other Friday, are you dissatisfied? Do you wish it could be higher?</p> <p>If you've answered &quot;yes&quot; to either of these questions, take heart! The following 10 strategies you can do now will increase your take-home pay. They all require different levels of effort, and each come with different levels of payoff. (See also:&nbsp;<a href="http://www.wisebread.com/25-ways-to-make-money-today">25 Ways to Make Money Today</a>)</p> <h2>1. Check Your Withholdings</h2> <p>A quick and easy way to increase your income is to make sure that the tax man doesn't take more than he needs to. You don't want to have too much federal income tax withheld from your paycheck.</p> <p>The W-4 is a form you fill out whenever you start a job. You use it to choose the amount of Personal Allowances you claim.</p> <p>Here's how it works. The more Personal Allowances you claim, the less taxes you'll have taken out of your paycheck.</p> <p>Just to be clear, however, this doesn't give you a free reign to cheat the tax system. You need to have enough taxes taken out of each paycheck, or else you'll end up owing money to the IRS at tax time next year.</p> <p>So review your situation annually or after a major life change. If this results in you being able to claim more Personal Allowances, then update your form W-4, and give it to your HR department.</p> <p>You should see a bump in your take-home pay within a few pay periods.</p> <h2>2. Check Your Payroll Deductions</h2> <p>As part of your total compensation package, you probably receive benefits that include &mdash; but aren't limited to &mdash; life, medical, dental, and long-term disability insurance.</p> <p>Are you a relatively healthy person who actively monitors your well-being? Sometimes it's beneficial to see if switching to lower-cost insurance providers or decreasing your amount of coverage makes sense for you. Doing so will give you a slight bump in pay.</p> <h2>3. Submit Your Expense Reports on Time</h2> <p>Do you attend all-hands meetings at an offsite location? Drive to work meetings at a different facility? Are you asked to buy food for meetings? Take a client out to lunch? Have you taken advantage of your educational reimbursement program to advance your career?</p> <p>Although you normally pay for these expenses upfront, they're usually reimbursable to you by submitting an expense report. The key is to do this as soon as you can, so you don't delay repayment.</p> <h2>4. Work Overtime</h2> <p>If you're a non-exempt employee, you get paid for working overtime. This means that for every hour you work more than 40 hours per week, you get paid at least one-and-a-half times your hourly rate.</p> <p>Let's say you work 45 hours per week and normally get paid $25 per hour. This means that for those last five hours, you're getting paid more for your time &mdash; $37.50.</p> <p>Not only are you getting paid for your extra time, but you're also getting paid at a higher rate.</p> <p>Is there a busy season at your company? Do you do your job well, and does your boss know about it? If so, volunteer to work overtime if your boss asks you.</p> <h2>5. Earn a Raise</h2> <p>Most companies have a process to give employees a merit increase. There's usually a time of year when management performs an annual compensation review.</p> <p>The process will probably involve reviewing your work performance to see if you've reached your goals. So work hard and do well this year, and you'll likely get a merit increase next year.</p> <h2>6. Get the Bonus</h2> <p>Many companies have a results-sharing program that pays you a bonus if the company achieves its goals. This bonus payout is usually dependent on your job performance, as indicated by the rating you receive on <a href="http://www.wisebread.com/7-ways-to-ace-your-next-performance-review">your performance review</a>.</p> <p>If you do your job well and help the company achieve its goals, you should see this nice boost in your paycheck once a year.</p> <h2>7. Cash Out Your Vacation Time</h2> <p>Do you have more vacation time than you actually use? With company holidays and floating holidays, you may have more time off than you need.</p> <p>If this is the case, then cash out some of your vacation time. These hours are usually paid at your hourly rate and subject to income tax. Check your benefits handbook to confirm.</p> <h2>8. Get a Side Job</h2> <p>What if you don't get paid for overtime at your day job? Or what if you want to diversify your sources of income in case your day job isn't too stable?</p> <p>In addition to your day job, you can boost your take home pay by <a href="http://www.wisebread.com/part-time-jobs-that-can-get-you-serious-discounts">getting a part-time job</a>. This will give you a whole new paycheck that you can rely on.</p> <h2>9. Get a New, Higher-Paying Job</h2> <p>A merit raise will probably only boost your take home pay up to a limited amount. Landing a new position, however, is likely to increase your pay much more.</p> <p>Take courses to improve your skill set. You can often get reimbursed for them by your company through its educational reimbursement program. By doing this you'll put yourself in a position qualify for a higher-paying job in the future. In fact, you can make it part of your <a target="_blank" href="http://www.wisebread.com/how-to-create-a-financial-5-year-plan">five-year financial plan</a>.</p> <h2>10. Negotiate a Higher Salary</h2> <p>As mentioned earlier, a merit increase will only increase your income a limited amount. And if you're not ready to apply for a higher-level position, then the next best step is to negotiate your salary in your current position.</p> <p>Talk to your boss about what you can do to add more value, and quantify that value in terms of a salary increase. Do the extra work, and then ask for a meeting several months later to evaluate your progress.</p> <p>If you can document your results and come to an agreement, you'll have earned that increase.</p> <p><em>Have you been able to increase your take-home pay? How did you do it?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/darren-wu">Darren Wu</a> of <a href="http://www.wisebread.com/10-ways-to-boost-your-take-home-pay">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-much-money-should-a-ceo-make">How much money should a CEO make?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-deal-when-you-work-with-someone-you-hate">8 Ways to Deal When You Work With Someone You Hate</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-your-boss-wishes-you-knew">10 Things Your Boss Wishes You Knew</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/your-stressful-job-may-be-making-you-healthier">Your Stressful Job May Be… Making You Healthier?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-moves-to-make-the-moment-you-get-a-promotion">8 Money Moves to Make the Moment You Get a Promotion</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income increase income pay raise take-home pay Mon, 04 Mar 2013 11:24:30 +0000 Darren Wu 968068 at http://www.wisebread.com How to Hold onto Talent When You Can’t Afford Raises http://www.wisebread.com/small-business/how-to-hold-onto-talent-when-you-can-t-afford-raises <div class="field field-type-link field-field-url"> <div class="field-label">Link:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="http://www.openforum.com/idea-hub/topics/money/article/how-to-hold-onto-talent-when-you-cant-afford-raises-elaine-pofeldt" target="_blank">http://www.openforum.com/idea-hub/topics/money/article/how-to-hold-onto-talent-w...</a> </div> </div> </div> <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/small-business/how-to-hold-onto-talent-when-you-can-t-afford-raises" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000012767690XSmall.jpg" alt="Handshake " title="Handshake" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>During the worst of the recession, small company owners didn&rsquo;t have to do much explaining to employees if they kept a lid on raises; it was clear that many businesses were in survival mode. But the mood seems a little less dire this year, even with unemployment at 9.6%. For one thing, <a href="http://www.ft.com/cms/s/0/2f43d8f2-e6bd-11df-99b3-00144feab49a.html#axzz16XYWfgrw">consumer spending is picking up a bit</a>; on Black Friday, comScore reported a <a href="http://www.comscore.com/Press_Events/Press_Releases/2010/11/Black_Friday_Boasts_648_Million_in_U.S._Online_Holiday_Spending">9% increase in online sales</a> in the U.S. compared to 2009.</p> <p>Many entrepreneurs and executives realize that with business growth picking up, they need to act now to hold onto their best employees. HP, for instance, recently announced that after a two-year pay freeze, it would <a href="http://www.idahostatesman.com/2010/11/26/1432396/hp-to-reinstate-raises-after-two.html">start paying raises in fiscal 2011</a>. According to the <a href="http://www.businessmanagementdaily.com/articles/23712/1/Employers-still-giving-raises-mostly-to-high-performers/Page1.html#">WorldatWork 2010-2011 Salary Budget Survey</a>, while U.S. employers will offer salary raises averaging 2.5% in 2010, they will award high performers average raises of 3.7%.</p> <p>How do you keep up if your firm is still facing tough economic conditions? It takes some smart strategizing. Here are some tips from Jill Morin, CEO at Kahler Slater, a Milwaukee design firm that has made it onto the Great Place to Work Institute&rsquo;s <a href="http://www.greatplacetowork.com/what_we_do/lists-us-sme.htm">Best Small &amp; Medium Workplaces list</a> every year since the award was introduced in 2004.</p> <p><strong>Tie raises to increased responsibility</strong>.</p> <p>Kahler Slater has not offered across-the-board salary increases to its staff the past couple of years as it fought its way through tough economic conditions. However, it has given raises to staffers who got promoted and took on more responsibility. The company adjusted their pay to take into account its policy of paying higher-than-market rates to attract better-than-average people, says Morin. For those who already earned more than the market rate, it offered nominal increases to acknowledge their promotions, she says.</p> <p><strong>Link bonuses to achieving revenue goals. </strong></p> <p>Recognizing that it was important for the team to benefit financially if the firm met its financial goals, Kahler Slater continued to pay bonuses during the recession. Its top executives devised a formula in which bonuses were based on both the company&rsquo;s achievement of key goals in areas such as revenues and the contributions of its departments and individual employees in meeting those benchmarks. &ldquo;It&rsquo;s about succeeding as an organization and going above and beyond,&rdquo; says Morin.</p> <p><strong>Explain the company&rsquo;s financial status clearly. </strong></p> <p>When two employees asked for cost of living raises that the company couldn&rsquo;t afford, Kahler Slater had to turn them down. Higher ups referred the staffers to financial reports that the company posts online for all of its team to review, helping the employees to understand why they couldn&rsquo;t get more money at the time. &ldquo;Both of those people are still with us,&rdquo; says Morin.</p> <p><strong>Provide rewards that aren&rsquo;t just financial. </strong></p> <p>For the creative types that Kahler Slater employs, working isn&rsquo;t just about earning a paycheck, says Morin. So, while the company takes on &ldquo;bread and butter&rdquo; work to pay the bills, it also looks hard for higher-profile projects that will keep its team engaged. &ldquo;We try to work with clients where staff can do their best work and really shine,&rdquo; says Morin. &ldquo;They want to feel they&rsquo;re contributing to a cause greater than their own career.&rdquo;&nbsp;Of course, passion doesn&rsquo;t pay the bills. Strategies like these will get you through tough times, but if hiring picks up, many small companies will have to reinstate traditional raises &mdash; or will find themselves with empty desks to fill.</p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/elaine-pofeldt">Elaine Pofeldt</a> of <a href="http://www.wisebread.com/small-business/how-to-hold-onto-talent-when-you-can-t-afford-raises">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/250-tips-for-small-business-owners">250+ Tips for Small Business Owners</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">The 5 Best Credit Cards for Small Businesses</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-to-protect-your-business-during-a-divorce">5 Ways to Protect Your Business During a Divorce</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10+ Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-inspiring-stories-of-normal-people-building-a-thriving-online-store">4 Inspiring Stories of Normal People Building a Thriving Online Store</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Small Business Resource Center bonuses employee morale pay raise small business Wed, 15 Dec 2010 18:38:22 +0000 Elaine Pofeldt 358800 at http://www.wisebread.com How much money should a CEO make? http://www.wisebread.com/how-much-money-should-a-ceo-make <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-much-money-should-a-ceo-make" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/fatcat.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>Ah, to be the head of a large American corporation... can you imagine what <a href="http://www.ips-dc.org/reports/070829-executiveexcess.pdf">life must be like at the top</a>?&nbsp;</p> <ul> <li>In 2007, the CEOs of large U.S. companies&nbsp;were paid in one day what the average US worker makes in an entire year. With an average pay of $10.8 million annually, over 364 times the pay of the average American worker. (Looking at median pay, however, brings the pay ratio closer to <a href="http://assets.opencrs.com/rpts/RL33935_20070322.pdf">179 to 1</a>.)</li> <li>CEO pay has increased 45% in the past ten years. Contrast this with the fact that the federal minimum wage increase, which just went into effect, gives bottom-rung workers roughly 7% less money, in real terms, than they were making a decade ago.</li> </ul> <p>Is this fair? Is it just?</p> <p>I myself am ambivalent on the issue. On one hand, in a capitalist society, there really isn't any limit to how much money a person can earn, technically. And there are many cases in which the CEO of a company actually conceived of and founded the company - shouldn't such an individual have the right to make oodles of money from his or her ideas? After all, some of the biggest companies in the world were started in someone's garage or home office.</p> <p>On the other hand, many of the CEOs at big US corporations did not build the company from the ground up. They might be immensely talented individuals, but do they deserve to be paid over $10 million a year, to say nothing of stock options, and perks like use of the company's jet?</p> <p>What about poorly performing CEOs? And severance packages? How much should companies pay a CEO to leave? According to the Kellogg School of business, leaving a company can be as lucrative as heading it up. Look at the severance packages for the following ex-CEOs:</p> <ul> <li>Robert Nardelli (Home Depot) - $210 million</li> <li>Michael Ovitz (Disney)&nbsp;- $140 million</li> <li>Stephen Hilbert (Conseco)&nbsp;- $72 million</li> <li>Carly Fiorina (Hewlett-Packard) - $21 million</li> </ul> <p>Is this money well-spent? Anyone who runs a small business in middle America would tell you that it doesn't seem logical to give more money to someone who is performing poorly just to make them go away. Can you imagine firing, say, someone who works for your home cleaning business because they've done a terrible job, and offering them several thousand dollars to never work for you again?</p> <p>There are a number of economic factors that play into these scenarios, usually involving risk and&nbsp;stock volatility&nbsp;(a good but oddly apologetic article on the issue can be found <a href="http://insight.kellogg.northwestern.edu/index.php/Kellogg/article/are_large_ceo_severance_packages_justified">here</a>). Compensation packages are often meant to help protect the reputation of a departing CEO. According to the Kellogg School, &quot;Research also suggests that companies offer incoming CEOs a greater amount of ex-ante severance pay when requesting a confidentiality agreement.&quot;</p> <p>I'm trying to fathom what this really means. As someone who has signed countless confidentiality agreements without ever getting access to the coporate jet, what gives CEOs the impression that their discretion can be bought? When Fiorina left HP, her compensation package included &quot;financial counseling&quot;. What kind of counseling do you need when you're walking away with $21 million? <em>Put it mostly in savings?</em></p> <p>Publicly-traded companies are run by corporate boards who&nbsp;determine&nbsp;a CEO's pay and benefits. Board members are usually experienced leaders from other large corporations whose expertise is called upon. However, many corporate boards comprise members whose individual goals often include becoming CEOs of major US firms themselves, so it is in their interest to provide lucrative (or excessive) compensation packages to the chief executive officer.</p> <p>This has raised the question as to who, exactly, should decide how much a CEO makes? What if a company's employees had the right to vote on a compensation package for their leaders? Should a company's shareholders have a binding vote? Should there be a cap on how much an individual can earn?</p> <p>I have no easy answers, but the question has been weighing on my mind as of late. What do you think?</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-karim">Andrea Karim</a> of <a href="http://www.wisebread.com/how-much-money-should-a-ceo-make">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-besides-salary-to-negotiate-at-work">10 Things Besides Salary to Negotiate at Work</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-negotiate-higher-pay-at-your-next-new-job">How to Negotiate Higher Pay at Your Next New Job</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-important-signs-that-your-job-sucks">10 Important Signs That Your Job Sucks</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/crime-scene-cleaner-and-4-other-trades-that-pay-surprisingly-well">Crime Scene Cleaner and 4 Other Trades That Pay Surprisingly Well</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-great-jobs-that-dont-pay-much">15 Great Jobs That Don&#039;t Pay Much</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income CEO companies cost of living Fortune 500 pay pay raise pay scale salary Fri, 08 Aug 2008 17:47:04 +0000 Andrea Karim 2301 at http://www.wisebread.com