Posts Tagged business
Avoid the Consequences of Not Negotiating Your Salary
Posted by Trevor Davide Grant in Health on January 27, 2009
The amount of compensation one makes throughout their lifetime career and the subsequent lifestyle and quality of life as a result of that income depends a lot on the amount of salary a person negotiates before their first day on the job.
This might be considered whether it is your first job out of university or if it’s a mid-life job change. Further, there are financial impacts when you are in your career working for an employer that you are very happy with, of not negotiating your salary with the best timing.
Throughout your career, you may earn pay increases or promotions within the company that you work for, but take as an example, when the company offers scheduled raises, as most companies do, the impact of your intitial salary with that company is measurable.
This is not only applicable to your first job salary and subsequent scheduled pay increases but also to salary difference you may get when you changes roles within an employer. You may transfer into a career requiring significantly increased effort, more duties, or higher responsibilities, and the salary you had negotitated beforehand can genuinely influence the salary you earn in the new job.
Take a person starting a career as a system analyst in a high tech company somewhere in the United States, as an example. Say that person begins with a starting salary of $45,000. Most likely that person will have to dedicate at least 6 months to one full year before they are offered their first raise. Suppose it is a 10% raise which would be A LOT in most businesses. That person would gain an additional $4500 yearly based on that raise.
Now imagine that same employee started at $55,000 or even higher. That same pay raise of 10% would provide the same person $5500 additional salary per year. With the first salary, the employee would still be under the $50,000 level after one full year of work and after a 10% pay raise, while in the second scenario the employee would be at over $60,000 per year after a 10% raise.
Imagine the compound impact of these two starting salaries on the person’s earning potential. First let’s examine a four year timeline, all other things being equal (that is, assuming no pay raises and no promotions). The employee earning $45,000 will have earned $180K in gross salary in four years. The person earning $55K will have earned $220,000 in 4 years. That is a $40,000 difference just because of where the person started in terms of salary.
Now imagine a 10% raise after the first year and consider the impact as the person advances through their career. The person with a higher salary in the beginning will always be ahead of the person with the lower starting salary, all things being equal (e.g. same title, same job performance). The person with the better salary negotiating will be moving ahead faster than the person starting with the lower salary. This impact amplifies with each subsequent year considering the same percent annual pay raise for each.
When requesting a pay raise, if a person earning $50,000 earns a 5% raise without negotiating anything more, that’s not bad. But consider the impact if the person negotiates a 15% raise because they have outperformed in the job and they have all the supporting research and a track record to warrant it. That employee will have negotiated salary – $7,500 in a raise versus just accepting $2500. Multiply that by 10 years, and there is a $50,000 impact on the person’s earning potential.
Experts feel it goes without saying that it is better to try negotiating a raise or an improvement to one’s total compensation package than to simply accept what is offered. The first offer is often the lowest offer and can be negotiated higher. This salary negotiation must be done with tact and must be well founded with a supporting case for the pay increase.
It must also consider factors such as market, company guidelines, and professional performance. However when done well, it can really pay off. Remember to consider the value of all factors of compensation when asking for an increase. Some people truly value time and quality of life, while others are willing to venture out and accept stock options in lieu of extra salary.
However, when it comes to salary negotiation, don’t be afraid to consider asking for more salary.
A Healthy Vacation
Posted by David Loren Sullivan in Health on January 12, 2009
I need to take a vacation! There might be more underlying this statement than most people realize. Recently, studies have shown that your health may depend on it.
The Conference Board, a private research firm, reports the number of Americans planning to vacation in the next six months is at a thirty year low. Their regular consumer survey indicates 39% of respondents were not considering a getaway next year either — the lowest figure since 1978. Public health consultants say this is a mistake.
Just when job insecurity and stress are at an all-time high, we could use a break. The Framingham Heart Study, an ambitious health research project, has been striving since 1948 to identify common risk factors contributing to cardiovascular disease. Researchers of the project observed three generations of questionnaires filled out over a twenty year period. The data showed women who vacationed only once every six years or less were almost eight times more likely to develop coronary artery disease or have a heart attack.
There is a clear correlation between lifestyle and stress. A study published in 2000 involving 12,000 men over a nine year period had parallel findings. Men who did not vacation annually were 33% more likely to die of a heart attack and had a 21% risk of death from other causes. The facts also point to the effect vacations have on your mental health. Research scientists at the Marshfield Clinic in Wisconsin report the rate of depression increased as the frequency of vacations decreased.
So, there is true evidence that travel is necessary to a healthy well-being. The time is now to redefine our vacation planning strategy. Tighter budgets require that we consider all the options. In the not too distant past, the ambitious travel giant, MOR Vacations, made public a new product that makes family travel on a shoestring budget a reality. Getting vacation time approved may be the only hurdle.
Nearly 25% of Americans in the private business sector are not awarded paid vacation time. Moreover, 127 countries do mandate paid vacation time. However, the United States does not. Mr. John de Graaf, the editor of Take Back Your Time, is lobbying for Congress to pass an amendment to the Fair Labor Standards Act that would ensure three full weeks of paid vacation to workers who have been employed with their organization for at least one year. Even though this may be a tough sell to business, vacation time is more attractive than sick time because it is easier to anticipate.
It seems that economic progression is still on a downhill slide. Neutralizing the negative consequences is essential to our well-being. Earmarking funds for a leisurely and luxurious vacation is now urgent. After all, we are entitled.
A lifetime travel club membership could add up to be an excellent investment. Steer clear of timeshare scams which require annual maintenance fees and lengthy payment arrangements. Investigate options offering only an up-front fee and a membership that is fully-transferrable. Free unlimited guest travel and upgrade to VIP status for new members is even more valuable. A product like this will leverage your work-life balance and make the most of your travel budget.
Individuals Can Obtain Texas Health Insurance Employers
Posted by Jordan FeRoss in Health on December 29, 2008
With all the information available online and from insurers themselves, it can be confusing and overwhelming for individuals searching for health insurance in Texas. There are so many different plans and their wording is often quite complex, making it difficult to fully assess options and even more difficult to choose the one that will provide the best care at the most reasonable cost. This is true even when working with employer-sponsored health insurance in Texas.
Full-time employees need to check with their employers in order to find out which options they have for health insurance in Texas. There are few employers that don’t offer insurance for their employees because it is usually required. And usually adding group health insurance coverage is a simple process and you should be able to look over your options and choose the one that is best for you.
Usually you can sign up for a health insurance plan in Texas as soon as you are hired in. New employees are usually given thirty days from their date of hire to get signed up. People that miss this opportunity often have to wait for the next open enrollment period to get health insurance. The open enrollment period usually occurs once a year and lasts for thirty days. This is also the time when employees who dislike their current plan are permitted to switch to a different carrier.
You may have a health insurance plan in Texas that will pay for your health services and later on submit a claim to get reimbursed by the health insurance plan. Just like any other plan, health insurance in Texas provides services that come from a network of medical providers. Not only that, you have a choice of preferred providers that are in the network of the specified health coverage.
With employer-sponsored health insurance in Texas, the downside is that your choices in providers are somewhat narrow. You are given a limited number of choices of providers. Your coverage options are determined by your employer and the insurance company so you either take what they offer you or strike out on your own to buy insurance coverage, which will usually cost a bit more, but may be worth it if you need better coverage than they are offering.
The reason that the employer’s selection is limited because of what they can include in the health insurance package. Since health insurance in Texas increases every year, they also have a budget as to how much of the package they will pay on behalf of their employees. If the company is large (more than 50 employees working full-time) or small (less than 50 full time employees), the health insurance coverage will be set up according to that. There are some things that a large employer has that a small employer doesn’t and vice versa.
In addition to that, health insurance in Texas for employers is comprised of a managed care plan and an indemnity coverage health plan. A managed care plan means that you have to get medical services using a certain network of doctors and other medical personnel. An indemnity health plan is when you have to pay for medical services upfront and then submit claims to get reimbursed. So depending on the size of the employer, you may be looking at either one of these plans listed above. Just make sure that you have some type of health insurance coverage so that you won’t be so much out of pocket for expenses.
Personal Development Always Fails Without Action And Application
Posted by Christina Helwig in Health on December 21, 2008
While reading a book a few weeks ago, I saw something very basic to the entire topic of self improvement. I understood so much more clearly why even though I have deep knowledge of this material, I have not been able to produce the results I desired in my life until now.
For years my focus has been on learning and understanding this information; not their twin sister – application. I have spent hours reading, studying and taking notes on these topics. Those hours moved me light years ahead mentally but they did nothing until now for my physical, daily environment. I have been so intent on getting my mind around these concepts that I failed to pay attention to the most crucial aspect of this process = personal action.
Throughout “Think and Grow Rich” Napoleon Hill gives his readers many action steps to complete and several daily tasks to perform. I always thought “I will read the entire book and then go back and DO what he suggests.” This was a HUGE mistake. Even if I was not in the right position, those action steps would have moved me closer to my dreams and would have begun the process of building up my self-esteem, self-confidence and my level of awareness of my innate ability to handle my big life goals. And, I incrementally would have been moving closer to what I desired, even if it was only a little bit at a time. I have since become an active student of the application of these concepts. It is only through action that I prepare the way and the method by which I can receive what I want in my life.
Please stop just reading about improving yourself and really think about whether you need to become an “active” student of “application” in your life. You learn the methods or the “certain way” only by doing, not by studying. Studying allows you to understand the process but to learn and internalize material you must act on all things that Napoleon Hill, Brian Tracy, Jack Canfield, Bob Proctor, Wallace Wattles and all the other personal growth authors tell you to do.
“Take the first step in faith and the rest will be revealed to you.” Wallace Wattles. Take is a verb. A verb requires action. Recently I came up with an idea to help law students. I did not have the product finished or know all the details of what I wanted to include in my product. I did not know the distribution method or how I would advertise the product. But, I took action. I called my mentor and booked an appointment with her to talk about my idea. As the month ticked down I worked on my presentation, read some more material and got more ideas.
When I finally went in to talk to her in person she loved my idea. I only showed her a short snapshot of the project and she ended up booking me to teach to over 70 students in a month and a half. All of this happened because I did not wait until everything was “perfect,” “complete,” “just right” or “totally finished.” I acted on my idea and my idea produced results. As I continue to take action on this project the next steps and new ideas keep coming to me. The project gets better and better and will help many people in the near future.
You can do this too. Stop waiting for the time to be right and just start working on your ideas. Without action nothing will happen. You will continue to pile up self-help books and seminar tickets and you will blame the books and speakers for not helping you. They are helping you; they are giving you the tools you need to move forward. Since they are not there to hold your hand when you act, you have to do it on your own. Remember small steps add up to big results. Last year I climbed Half Dome in Yosemite and I did it one step at a time. Sometimes it was hard, and sometimes it was fairly easy, but every step was important because it moved me closer to my goal.
While this may seem very elementary, taking action is crucial to your results and can delay or completely block your efforts if you do not pay attention to making things happen instead of just thinking about things happening. Like yin and yang: learning and application are two sides of the same coin.
Increase Your Income And Grow Your Business With a Life Coach
Posted by Christina Helwig in Health on December 15, 2008
After running in circles trying to accomplish some big goals in my life, I finally bit the bullet and hired a life coach. The differences I have seen lately have completely thrilled me. My coach has helped me in ways I never thought possible to expand my business and create real wealth for my family.
When we first met my coach took the time to get to know me. She did not ask me what I wanted to accomplish or what my goals were. I thought this was a little surprising at first but I now understand why she did it. Instead of rushing in to save the day, she wanted to understand what was holding me back in life. By understanding what my struggle points were, she could better craft a plan to help me move forward.
It took me awhile to find a life coach that I clicked with. One of the biggest criteria for me was personal responsibility. Would the coach call me back when they said they would? Would the coach follow up on a led that I gave them telling them that I wanted to work with them? And most importantly were these coaches demonstrating in their own life the type of results I wanted? Were they happy, healthy, wealthy, were they genuinely nice people and lastly did they have great relationships in their lives?
I had also made the choice that I personally wanted to partner with a female coach because women have unique concerns that a male coach might not always take into account or fully understand. This is in no way intended to disparage a male coach, it was just a personal choice I have at this time in my life. I have had male coaches before and they were great mentors.
After contacting a few women life coaches that met my criteria I was getting no where with finding the coach I wanted to work with. I put the thought in the back of my mind and continued working on my different projects and goals. Then on a cruise in the Caribbean I had the good fortune to run into a friend / acquaintance that did life coaching. I was a little nervous but I asked her at dinner if she would coach me and she to my delight said yes. Earlier that week I had watched her interact with people and more importantly observed how she connected with me personally. She was warm, gracious and had built a life for herself that I wanted to emulate. She was someone I could look up to and someone I wanted to work with deeply. Her coaching started off at my pace and was not a preset agenda she led all her clients through. It was truly personalized and was built for me and for what I wanted. She was also accessible and responded to my questions and concerns quickly. I did not have to hunt her down and felt like I was her only client. The sessions completely focused on me and what I wanted.
You have to first know where you are and how you got there before you can really take a giant leap into real success. My coach helped me see personal traits and flaws that I did not recognize or ones that I chose to ignore. Now don’t get me wrong, I am no stranger to personal growth and self-development courses, etc.. I am an avid reader, writer and I personally coach people to help them reach their goals and live their dreams. Because of this I know that to really get great results, I had to take my own advice and get myself a professional life coach.
You should really sit contemplate whether you are achieving the goals that you set for yourself. And more importantly are you merely shooting for goals you think you can achieve? Your goals should be a challenge, something to strive for and push yourself with. Not something that you can clearly see yourself doing. Your goals have to scare you a little bit and make you a tad nervous, otherwise you are not thinking grand enough. Remember that you are trading your life for the dreams that you set for yourself. Each moment you give up should be worth it. When you look back at your life you want to see great accomplishments and a truly fulfilled life, not a life that was lived in the shadows or played safe.
Think of the type of life you really want to lead and look at how you are living now. Do you think that your current habits, actions and thoughts are congruent with what you want to create in your life? What can you do to bring those three things into alignment.
Life Insurance Policies – Protecting Your Future At Present.
Posted by Todd Martin in Health on November 16, 2008
Negotiation which a person does about a life insurance policy is very difficult task, this is because a person can find end number of ideas and terms in the market of policy. you need to remember you have to get this decision right for your loved ones as by the time you claim any of the policy, you will be gone and cannot come back to correct any mistakes. Many different types of policies are available today; term life insurance and whole life policies are two such policies which are much in demand. Variable universal life insurance policy is in demand but not much as the above two.
One thing is very essential which has to be kept in mind about these types of life insurance policies. This information is that each insurance company has different ideas about what these types of life insurance policies will cover. And you can also find that there are various ways of looking at the policy depending on the status you are in by these insurance companies. Few people have no knowledge about these different types of policies which are prevailing in the market today. There is nothing to worry about a rough idea can be got from the information given below about these types of life insurance policies.
The first thing to know is what some of these life insurance policies are generally called. You have Term Life insurance, Universal Variable Life Insurance, Whole Life Insurance, Variable Life Insurance and you also have Universal Life Insurance. Every human has his own needs to fulfill; never two humans can have the same needs. In the same way financial situation may look the same as your colleague’s, your needs are different. Depending on the needs and requirements of the person purchasing the policy one insurance policy can be chosen among them.
None of the insurance policy is similar to the other policy, there are differences which can be seen as you look at each policy. For example you will find that each of these policies has a different insurance policy rates. Of these many policies you will see that you can organize matters so that your dependents will be able to maintain a good deal. Among all the types of insurance policy one should prefer buying that one which works for you. For example in whole life insurance policies you will notice that the premiums are set for the entire period of your life.
To get the best policy which suits your needs and requirements of your loved ones? The only way is to compare between the various differences and rates each policy offers to its buyers. If you have not got a life insurance done yet, this is the right time just go and gets one to secure your future. To take care of your loved ones and to enjoy all the benefits which it provides its policy holder, it is a must for every human to have a life insurance policy.