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How To Power Negotiate Your Next Bonus
A raise in your base salary is a permanent source of increased income. However, to increase your take home pay, you can also negotiate performance bonuses on specific projects, activities, or time frames. In the sales world bonuses are often called commissions. That is, a person is paid a salary plus commission for a certain level of sales. However, even if you are not in sales, you can find ways to earn extra income by negotiating win-win solutions. It's all about increasing profit for the company or your department. For example, let's say you are part of a project with a $100,000.00 budget and a 10-week timeline. In simple terms, the project average is $10,000.00 per week ($100,000.00 divided by 10 weeks = $10,000.00 per week.) You approach your boss, the project manager, and/or other decision makers with a question such as "How would you feel about setting up a special bonus to encourage excellent performance. Can you think of a workable approach?" Of course, you will have already thought things through and will have a couple approaches of your own. You might say, "If I can find a way to complete the 10 weeks worth of work in 8 weeks without compromising safety or quality, how would you feel about giving me a 10% bonus on the savings?" Let's do the math: You save 2 weeks off the schedule decreasing the cost by $20,000.00 (2 weeks at $10,000.00 per week.) This saves the company $20,000.00 and all you are asking for is 10% or $2000.00 of the $20,000.00 saved. The company wins and you win. In this case, you earned an extra $2000.00 and the company gained an extra $18,000.00. Don't worry: Once you show a track record of being the kind of person who can create these types of win-win's, the more you can negotiate down the road. Fifty-fifty has a nice ring to it! Following are some ideas where you might negotiate a bonus scenario in your organization: -- Special projects -- Increased efficiency of operations -- Decreased sick leave -- Budgetary savings through increased efficiency in purchasing, inventory control, distribution, etc. -- Decreased turn over of employees, customers, vendors, etc. -- Training and development savings through leveraging in-house expertise or bringing in outside experts instead of sending people to outside training -- Researching better rates on telephone services, vendors and suppliers, business materials, capital equipment, etc. In any organization there is unlimited opportunity to find ways to do things more efficiently and effectively. If you keep your eyes and ears open, you can often find these opportunities and translate them into more money in your pocket. Dr. Dan Strakal has been an expert on the changing workplace, job transition, and career development for nearly 20 years. He acts as a trusted client advisor and consultant within the corporate sector, government agencies, civic organizations, small businesses, and educational institutions. He also provides business, executive and career consulting, coaching and workshops for individual clients and is the coauthor of and contributor to two books, Better Job Search in 3 Easy Steps and Better Job Skills in 3 Easy Steps. Dan is often called upon by the national and international media as an expert and has appeared in The Wall Street Journal, Self Magazine, SmartMoney.com, Computerworld, Diversity Inc. Magazine, Chief Information Officer (Australia's Magazine for Information Executives), the Radio America Program: News You Can Use, KBS Radio Canada and many other media outlets. He is on the Board of Directors of the Career Planning and Adult Development Network and is a Platinum Member of the Career Masters Institute. More info at http://www.capable-consulting.com
MORE RESOURCES: Employment opportunities Department of Taxation and Finance Search & Apply Lowe's Careers at USCIS USCIS Careers UNCO News Central Careers | Career Opportunities West Virginia University The Best Jobs in America in 2025 U.S News & World Report Money Jobs- Legacy Energy.gov Jobs, health and inclusion at Davos 2025. Here's what to know World Economic Forum Careers ontarioca.gov Plan your career pathway or job search with comprehensive online resources from Workforce Development Board kawarthaNOW.com Careers | Home USDA.gov The Right Way to Look for a New Job The Atlantic Careers at TWU Texas Woman's University Nearly Half Of Workers Will Consider A Job Change If Ordered Back To The Office, Survey Finds Forbes Even Harvard M.B.A.s Are Struggling to Land Jobs The Wall Street Journal Jobs City of Rochester (.gov) Howard Levitt: Tariffs would lead to devastating job losses — without the usual safety nets Financial Post Careers and Jobs at CRS Catholic Relief Services Careers Catholic University Communications Anatomy of a jobs promise Financial Times Working for ICE U.S. Immigration and Customs Enforcement Newsroom Future of Jobs Report 2025: The jobs of the future – and the skills you need to get them World Economic Forum Jobs and Training at FDA FDA.gov The Future of Jobs Report 2025 World Economic Forum Careers Franchise Tax Board Careers The Ocean Cleanup Careers Fred Hutch News Service Work for the City of St. Louis City of St. Louis Jobs at Liberty University Liberty News Fake Job Postings Are Becoming a Real Problem The Wall Street Journal Careers BASF Career Opportunities UMHB Careers at University of Missouri Health Care | University of Missouri Health Care jobs University of Missouri Health Care The 15 fastest-growing jobs in the US, according to LinkedIn Business Insider Healthcare Jobs at Novant Health | Novant Health Novant Health Start your career journey with Illinois, a top leader in research, teaching, and public engagement University of Illinois Urbana-Champaign Career Opportunities Gilead Sciences Careers West Virginia Department of Education Careers at Union | Human Resources Union College Careers Washington State University Future of Jobs Report 2025: These are the fastest growing and declining jobs World Economic Forum Auberle's $1.5 million YouthBuild grant will change lives through training programs that lead to jobs Pittsburgh Union Progress Nursing jobs VA.gov Home | Veterans Affairs Jobs, inflation, and the Fed: How they're all related Yahoo Finance U.S. Job Growth Ends the Year Strong The New York Times Why elite MBA graduates are struggling to find jobs The Economist Job Search Results UnitedHealth Group Work for Us (U.S. National Park Service) National Park Service UF Health Careers UF Health - University of Florida Health UK employers cut jobs after Budget, official data shows Financial Times Careers at Prairie View A&M University Prairie View A&M University Working at Siemens Energy: Careers & Job Opportunities Siemens Energy U.S. payrolls grew by 256,000 in December, much more than expected; unemployment rate falls to 4.1% CNBC Physician recruitment agreements: Understanding signing bonuses, relocation expenses, or loan repayment incentives. Medical Economics Reservists (On-Call) FEMA Early Careers | Students & Recent Graduates | BCG Careers Boston Consulting Group State Job Openings CT.gov The Top 40 Jobs for Women Looking to Change Careers at 40+ Parade Magazine KPMG Careers KPMG Work with us | Veterans Affairs Veterans Affairs 33 Jobs That Require Little or No Experience in 2025 Money Crashers Aviation to advertising, top 10 fastest-growing jobs in India 2025 The Indian Express BP axes 4,700 jobs in cost-cutting drive Financial Times Most Americans Feel Good About Their Job Security but Not Their Pay Pew Research Center Join our team FHI 360 Careers Olympic Channel and OBS Olympics Work at the U.S. Department of Energy Energy.gov Students and graduates JPMorgan Chase Bring Resumes To Health Ministry’s Career Expo And Employment Fair Government of Jamaica, Jamaica Information Service Careers at Jacobs Jacobs WORK AT LVMH LVMH |
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