DAVE RAMSEY

Dave Ramsey says: Study up on compensation for promotion

May 12, 2020, 11:30 AM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

Dear Dave,

I’ve always made good money at my job, but recently I was offered a promotion to a salaried manager’s position.

The hours and pay would be much better, and I already know the approximate pay range.

Do you have any tips for negotiating salary in a situation like this?

— Natalie

Dear Natalie,

Congratulations on your move up! I’m sure you worked hard and deserve the promotion and recognition.

There are a couple of measuring sticks you can use when determining something like this.

One is a quick and simple approach associated with the revenue you bring in. It’s a nice, quantifiable reference point that appeals to a lot of supervisors and business owners.

The second thing you could do is research a few reputable career websites, and develop a short but detailed compensation study based on comparable positions in your area and those similar to your location.

Honestly though, if I had a valued and respected member of my team moving up from hourly to salaried, we’d have more of a give-and-take discussion and examination of the situation rather than a negotiation.

Yeah, in your position I’d create a few well-researched compensation studies.

Give them to your bosses, and talk with them.

I know I would be impressed by that, and depending on the size of the company, they may not have done a lot of work figuring it out.

In a way, it’s kind of like deciding what to ask for when you sell a car.

You try to appraise it for what it’s worth in the marketplace to other people. That leads to a discussion.

You’re not telling them what to do or presenting an ultimatum, you’re providing information and conducting a dialogue in a professional and respectful way.

Good luck, Natalie!

— Dave

Dave Ramsey

(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Remember to be a team when tackling finances after layoffs

A couple getting through double layoffs in the household should focus their finances on day-to-day and hold off paying down debt.
7 days ago
(Pexels Photo)...
Ken Coleman

Is enrolling in college the best choice for you to find success?

More and more people are wondering if they should spend the time and money to attend college when they can get a job without the expense.
9 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Pay off $3,000 co-signed loan in arrears if you can

If you have the money, and you can pay off an old debt without putting yourselves in a bind financially, do it. That’s the right thing to do.
14 days ago
(Pexels Photo)...
Kristina Ellis

What you can do this year to work toward being student debt-free

Let’s review what happened with student loans in 2022, look ahead at what’s coming, and talk about what to do to work toward being debt-free.
16 days ago
(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Parent should learn to take better care of personal finances

Bailing out a person who is irresponsible with money won't help them. But if you do, make the payment contingent on financial counseling.
21 days ago
(Pexels Photo)...
Rachel Cruze

Tips for 1st-time budgeters to take control of your money in 2023

Getting your finances in order can feel big and overwhelming, but we’re going to break it down in a way that’s simple and manageable.
22 days ago

Sponsored Articles

...
Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
...
Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
Dave Ramsey says: Study up on compensation for promotion