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There are only two ways to get extra money to save. Either you can cut your expenses or start earning extra income. While reducing your expenses is a good first start to sticking to your budget, thereâs only so many soy lattes and unused gym membership that you can get rid of. Itâs often much more productive to focus your energy on increasing your income.Â
There are a couple of different ways to earn more money. You might consider a side hustle or starting your own business. You can look for another job that pays more or try to get more money from your current employer. In this article, weâll take a look at how to negotiate salary increases and promotions and make sure that youâre getting paid what youâre worth.
The difference between a promotion and a raise
One important distinction to make is the difference between a promotion and a raise. A promotion is usually a change in job title and/or job responsibilities. A raise is just what it sounds like – more money. The two often come together, but not always. Be careful when you get a promotion that it comes with a salary increase commensurate with the added responsibilities youâll be taking on.
Know how much youâre worth
Knowing how much youâre worth is a key factor in the negotiations for a promotion and salary increase. There are many online sites where you can see the average salaries for just about every type of job out there. Compare several different sites to see where your salary fits in. If you can show data that youâre underpaid for someone with your experience, education and responsibilities, that can be something your manager can take to HR to approve your promotion and raise.
Track your accomplishments
If youâre looking to negotiate a salary increase or promotion, start by acting the part. Promotions and raises generally are backwards-looking. What that means is that youâre likely to get a raise for work that youâve done or are doing ALREADY. If youâre planning on talking to your supervisor about a salary increase or promotion, it can be helpful to track your accomplishments.Â
If youâve gone above and beyond your job description, or if youâve received praise from a customer or co-worker, keep notes of when and what. That can be useful ammunition to show why you deserve this raise. Avoid the temptation of comparing yourself to your peers – instead, look at the job responsibilities of the role youâre aiming for. If you have detailed descriptions of how youâve been doing those responsibilities already, youâll be well on your way to getting that promotion.
Have regular conversations with your supervisor
Healthy companies have regular conversations between supervisors and the employees that they manage. It is a trait of a good manager to care about the employment and advancement of the employees that they manage. Donât be afraid to talk with your supervisor regularly – ask her for constructive and timely feedback, and ask for concrete steps on what you would need to do to merit a promotion. Then document those steps and come back in a few months with details of how youâve met those steps and deserve a promotion and a raise!
Be prepared to come with a backup plan
Itâs important to understand the pay and compensation structure of the company youâre at. Many companies have pay âbandsâ or ranges of compensation for a given role. Knowing where your salary fits within that range can be helpful when youâre preparing to negotiate a salary increase.Â
Also, if the company has announced a hiring freeze or layoffs, it might not be the best time to ask for more money. Understanding the bigger situation can help you pick the right time to have the discussion. Be prepared for what youâll do or say if your supervisor turns your request for a raise down. Is there anything else that would be meaningful to you? Maybe itâs a more flexible working arrangement, deferred compensation like stock options or other types of non-monetary compensation.
Donât be afraid to leave
At the end of the day, youâll have to decide how much working at this job is worth it to you. Itâs always a bit nerve wracking to quit your job, but itâs generally much harder to get a significant raise without moving to a new company. You donât want to be hopping around from job to job every few months, but itâs also important to feel like you are getting paid the money that you are worth.Â
If you donât get the promotion youâre looking for, then it may be time to start exploring other options. After all, the best time to look for a new job is while you still have your OLD one (and donât have to worry about making ends meet)
The post How to Negotiate Salary Increases and Promotions appeared first on MintLife Blog.
Manufacturing has a special place in the American story, but for the past few decades, this sector has been largely on the decline, impacting many workers and affecting decisions around things like budgeting and where they call home. Since 1997, more than 91,000 manufacturing plants have closed and almost 5 million manufacturing jobs have been lost, according to a 2020 study from the Economic Policy Center. Still, there are jobs to be had and careers to be built in the world of manufacturing in the U.S., provided you are looking in the right places. To that end, SmartAsset analyzed various data to find the best places to work in manufacturing in 2020.
To find the best places to work in manufacturing, we compared 378 metro areas across the following metrics: manufacturing as a percentage of the workforce, job and income growth between 2015 and 2018, job and income growth between 2017 and 2018, housing costs as a percentage of income and unemployment. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is SmartAssetâs fifth study on the best places to work in manufacturing. Read the 2019 version here.
- About one in 10 U.S. jobs is in manufacturing. Manufacturing represents 11.39% of jobs on average across all 378 metro areas we analyzed in our study. The metropolitan area where manufacturing makes up the highest percentage of jobs is Elkhart-Goshen, Indiana, where 57.45% of all jobs are in the manufacturing sector. The area where this rate is lowest is Laredo, Texas, where just 0.84% of the workforce is in manufacturing.
- In recent years, manufacturing income has grown faster than jobs in the industry. From 2015 to 2018, the average number of manufacturing jobs has grown by just 3.66%, while the average income for manufacturing workers has grown by 6.44%.
1. St. Joseph, MO-KS
The St. Joseph metropolitan area, located in both Missouri and Kansas, has 24.74% of its workforce in manufacturing, the 18th-highest rate in this study. Itâs also a place where jobs are fairly easy to come by: The unemployment rate in October 2020 was just 3.1%, 16th-lowest across all 378 areas we studied. St. Joseph scores lower in terms of income growth between 2015 and 2018 â though still within the top half of the study â coming in 145th for this metric, at 7.61%.
2. Lafayette-West Lafayette, IN
In the Lafayette-West Lafayette, Indiana metro area, home to Purdue University, around 25.23% of the workforce consists of manufacturing workers, the 16th-highest rate for this metric in the study. Income growth between 2017 and 2018 was especially high here, at 16.64%, seventh-highest of the 378 metro areas we analyzed. This seems to be a recent development, though, as income growth between 2015 and 2018 was not as robust at 8.73%, ranking in the top third of the study at 126th.
3. Hinesville, GA
Hinesville, Georgia saw manufacturing job growth of 27.50% between 2017 and 2018, the third-highest increase for this metric in the study. It also finished 38th in terms of job growth between 2015 and 2018, at a total of 14.50%. In this metro area, 17.81% of the workforce is in manufacturing, placing this coastal community 59th in the study for this metric, a top quartile finish.
4. Decatur, IL
Decatur, Illinois, in the central part of the Land of Lincoln, saw income for manufacturing jobs increase by 33.08% between 2015 and 2018, the fourth-highest increase in the study for this metric. The one-year increase in manufacturing job income between 2017 and 2018 was 12.88%, the 10th-highest bump in the study. Decatur is also a fairly affordable place to live, as housing costs represent just 10.81% of income on average, the fifth-lowest rate for this metric across all 378 metro areas in the study.
5. Spartanburg, SC
In Spartanburg, South Carolina, manufacturing jobs represent 25.05% of the entire workforce, the 17th-highest percentage for this metric overall. Spartanburg also ranks in the top 20 for both job-growth metrics: It comes in 15th for job growth between 2017 and 2018 (11.45%) and 18th for job growth between 2015 and 2018 (18.98%).
6. Fond du Lac, WI
In Fond du Lac, Wisconsin, 20.98% of the workforce holds jobs in manufacturing, the 30th-highest percentage we saw in the study for this metric. The unemployment rate in Fond du Lac for October 2020 was 3.7%, the 32nd-lowest rate on this list. The Fond du Lac metro area ranks toward the middle of the study in terms of housing costs as a percentage of income, placing 155th at 19.29%.
7. Columbus, IN
Manufacturing employees constitute 27.78% of the workforce in the Columbus, Indiana metro area, the 10th-highest rate for this metric in the study. From 2017 to 2018, the manufacturing job base grew just 1.67%, ranking 177th of 378 overall. The metro area also ranks toward the middle of the study in terms of housing costs as a percentage of income, ranking 160th with housing costs at 19.37% of income on average.
8. Rome, GA
Between 2017 and 2018, income for manufacturing workers actually went down 0.09% in the Rome, Georgia metro area, placing the locale in the bottom quarter of the study for this metric. However, the job market there is fairly strong right now: The unemployment rate in October 2020 was just 3.7%, 32nd-lowest overall. The Rome metro area is also a fairly robust town for manufacturing job opportunities, with 17.98% of jobs being in manufacturing, the 57th-highest rate we analyzed for this metric and a top-quartile result.
9. Appleton, WI
The workforce in the Appleton, Wisconsin metro area is 20.08% manufacturing employees, the 37th-highest rate of the 378 areas we studied. It also ranks strongly for long-term income growth, with pay for manufacturing jobs increasing 16.33% between 2015 and 2018, the 34th-largest leap we analyzed. Appletonâs job growth over the same time period is strong but not quite as robust, placing 102nd overall, at 8.63%.
10. Staunton-Waynesboro, VA
The final entry on this list is the Staunton-Waynesboro, Virginia metropolitan area. The metro area saw manufacturing jobs decrease by 0.32% between 2017 and 2018, ranking 256th overall for this metric. However, it performs well in terms of income growth between 2017 and 2018, for which it places 23rd of 378, at 9.97%. The Staunton metro area also ranks well for job growth between 2015 and 2018, with a 15.26% jump that places it 34th in the study for this metric.
Data and Methodology
To find the best places to work in manufacturing, we compared 378 metropolitan areas across the following metrics:
- Manufacturing as a percentage of the workforce. This is the percentage of all workers employed by manufacturing firms. Data comes from the Census Bureauâs 2018 County Business Patterns Survey.
- Three-year job growth. This is the percentage change in the number of people employed by manufacturing firms from 2015 to 2018. Data comes from the Census Bureauâs 2015 County Business Patterns Survey and Census Bureauâs 2018 County Business Patterns Survey.
- One-year job growth. This is the percentage change in the number of people employed by manufacturing firms from 2017 to 2018. Data comes from the Census Bureauâs 2017 County Business Patterns Survey and Census Bureauâs 2018 County Business Patterns Survey.
- Three-year income growth. This is the percentage change in manufacturing workersâ average incomes from 2015 to 2018. Data comes from the Census Bureauâs 2015 County Business Patterns Survey and Census Bureauâs 2018 County Business Patterns Survey.
- One-year income growth. This is the percentage change in manufacturing workersâ average incomes from 2017 to 2018. Data comes from the Census Bureauâs 2017 County Business Patterns Survey and Census Bureauâs 2018 County Business Patterns Survey.
- Housing costs as a percentage of average income for manufacturing workers. Data on median housing costs comes from the Census Bureauâs 2019 1-year American Community Survey. Data on the average income for manufacturing workers comes from the Census Bureauâs 2017 County Business Patterns Survey.
- Unemployment rate. Numbers come from the Bureau of Labor Statistics and are for October 2020. This rate incorporates all professions, not just manufacturing-specific ones.
First, we ranked each metro area in each metric. From there, we found the average ranking for each metro area, giving an equal weight to all metrics except for manufacturing as a percentage of the workforce, which we double-weighted. We then ranked the areas based on this average ranking. The metro area with the best average ranking received an index score of 100 and the metro area with the worst average ranking received an index score of 0.
Tips for Manufacturing a Solid Financial Strategy
- Find an expert who will help you build a financial plan. Whether you work in manufacturing or some other industry, a financial advisor can help you make the most of your income and other money. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- To buy or to rent? If youâre moving to a new city to work in a manufacturing job, youâll need to find a place to live. Use SmartAssetâs free calculator to see whether it makes sense to buy or rent.
- Work hard; save hard. Chances are, you donât want to be in the workforce at your manufacturing job for your entire life; eventually, youâd like to retire. If your company offers a workplace retirement plan like a 401(k), make sure to take advantage of it, as it is the easiest option for saving for retirement.
Questions about our study? Contact email@example.com.
Photo credit: Â©iStock.com/shironosov
The post Best Places to Work in Manufacturing â 2020 Edition appeared first on SmartAsset Blog.
Workplaces have always evolved with technology, trends, and research. The changing environment of our global economy and advances in technology mean organizations have to adapt to stay competitive. This also means employees should keep their eyes forward and focus on the skills that will keep them employed and open new career opportunities.Â
Looking into our immediate future, weâre seeing offices embrace telecommuting tools and implement flexible schedules to retain qualified employees and maintain social responsibility for the health and wellness of their teams.Â
With increasing reliance on technology, weâre also seeing a large shift towards prioritizing soft skills. Early adopters of artificial intelligence technology are reporting a 16 percent increase in the need for business leadership roles as the need for researchers drops and advanced technology fills the gap.Â
The best way to prepare for the office of the future is to set career goals and develop new skills, like how to run a productive meeting and collaborate within a team to increase productivity. Taking ownership of your skills and output can impress your manager and set you up for success when you negotiate your salary at your next performance review.Â
Read more about workplace trends and how to invest in your future below:
Sources: Global Workplace Analytics | NPR | CareerBuilder | SHRM | Gartner | Gensler | Lifesize | KFF | Cengage | Deloitte | IWG | World Economic Forum | Journal of Experimental Social Psychology
The post The Workplace of the Future: How to Prepare and Preserve Your Career appeared first on MintLife Blog.