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Finance Tip: Know Your Market Value

26 Mar
Finance Tip: Know Your Market Value

Hello MonFinance readers, i hope you had a wonderful weekend. Today i am going to give you a tip on getting paid what your job  worth; and how to ask for a raise if you feel underpaid .

It sounds simple, but many people struggle with this  basic rule; getting paid what you’re worth and of course spend less than you earn .

Whether you are employed or self-employed,  Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even one hundred thousand shillings a month can have a significant cumulative effect over the course of your working life.

After reading this and you feel underpaid; then you have to ask for a raise in a professional way.

How do you ask for a Raise?

Many employees make the mistake of asking for a raise because they need more money, can’t pay their bills, etc.  Your personal budgeting and financial problems are not your company’s problem.  Need has nothing to do with it, so it’s best not to talk about need when asking for a raise.

Base your request on your evaluation of your skills, productivity, job tasks, your contribution to the company, and the going rate, both inside and outside the company, for what you do.  Look at the entire situation from your company’s perspective, and base your approach on THEIR needs, and on what YOU can do for THEM.

However, no matter how much or how little you’re paid, you’ll never get ahead if you spend more than you earn. this is when the Budget Tip apply.  Often it’s easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to involve making big sacrifices.

Happy reading.

Monica.

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2 responses to “Finance Tip: Know Your Market Value

  1. ummu Mwinyi

    March 26, 2012 at 1:23 pm

    it is true, you cant ask raise because you cant pay your bill. i love the article. keep it up monie good work. very useful blog

     
  2. Jimmy Kiluvi

    March 26, 2012 at 2:42 pm

    On a light to that one must not forget that by wrights(most countries law) you can request I’n writing for a pay rise after know your jobs worth like Mrs Joseph rightly said also need to follow the life increment percentage which come to effect every 1 of April(I’n United Kingdom case)this is where your salary has to go up you must understand your a part of that firm and you worth a lot

     

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