Workers who negotiate a small increase in their salary every three years can achieve far more than a pat on the back, a new study finds. They could also earn an extra $1 million over the course of their career.
Consider two workers: Jim, who starts at $45,000 — and accepts a typical 1% pay raise each year — and Jane, who negotiates for a starting salary of $50,000 and negotiates a 4% raise every three years. After a 45-year career, the difference in their total lifetime earnings is $1,037,773, Salary.com pointed out in a recent study. And that doesn’t take into account bonuses, promotions or stock options.
No comments yet.