Cost Of Living RaiseHow to ask for a raise and get the salary you deserve
Rising Levels of Cost of Living Raise the Alarm Bells
Nearly everybody are now concerned with the rising cost of living. The current downturn in the world economy has yet to show solid signs toward an immediate recovery. Definitely, more and more people are now feeling the pinch of the economic crisis and maintaining certain standards of living has become widespread. The rising levels of cost of living raise the possibility of lifestyle changes in order to cope with the resent economic difficulties.
Some lifestyle changes, however, are often hard to take. It could be an ego-deflating experience, for instance, to trade one`s SUV for a lower-priced car in order to make the most out of a limited budget. People will continue to search for ways and means by which to maintain their usual lifestyle. Among the options available for those who have regular employment is asking for a cost of living raise from their employers. Such an alternative is tantamount to seeking a salary increase, and is specifically provided in some employment contracts.
In labor contracts, such remuneration is referred to as cost of living allowance or COLA. Many companies also incorporate COLA into the basic pay of their employees. Thus, it is important to know upon one`s hiring what a company`s policies are regarding cost of living in a salary package. When negotiating a starting salary, it has to be determined first if COLA is separate or already built-in into the monthly. Future negotiations on remuneration such as a cost of living raise will hinge on the terms spelled in a labor or employment contract.
During salary negotiations for an entry-level position, it is likewise an imperative to determine exactly the work functions in a job description. Certain job functions may call for the inclusion of a cost of living allowance. Some expert negotiators believe that when finalizing the conditions for a job offer, an incoming employee should let the employer initiate the talks on the compensation. This way, the remuneration package can be first spelled out upon which the employment candidate can make a proper evaluation, and perhaps bring up a counter proposal such as the steps to take when rising levels of cost of living raise the necessity for a salary adjustment.
Increasing employee remuneration through a cost of living raise is usually tied to the changes in a cost-of-living index. Knowing how to track such an index is, needless to say, important particularly during these days when employees need to earn more in order to maintain their standard of living. Additionally, there has to be effective negotiation tools complementary to the economic indexes that can dictate salary or COLA adjustments. One e-book, "The Ultimate Guide to Salary Increase", provides some tested approaches to negotiating for higher work remuneration. This publication, which can be purchased through the link below, provides additional arguments to bolster the statistics on the rising cost of living and help overcome employers` oft-repeated reasons for freezing wages in a bad economic situation. Moreover, this e-book provides salary calculators which could help employees determine the pay increase due the under the current economic conditions.