Getting a raise at your job is often brought on by a promotion to a new position. Other times, it is because you are doing a great job. Regardless of the reason, a raise at work comes along with benefits that are often overlooked. Regardless of the amount of the raise - large or small, for most employees the impact is both financial and personal. 

The first thought for many of us when we get a raise is to think of how we can spend the money.  A better idea is to look at some of the benefits your company provides in order to maximize the raise. One of the easiest ways to do this is through your 401(k). Most companies will match a portion of your salary in your retirement fund. My increasing the amount you put in, or just simply by getting a raise if you already contribute a percentage - you earn yourself some extra cash!

The idea of getting a raise at work also has some strong emotional pulls.  For many of us, a raise at our job isn’t something that is taken lightly by the company. The fact that we are getting a raise leads us to know that we have been recognized by our managers for our hard work and effort over the past year. It creates a feeling of pride and respect and encourages us to continue to work hard. What you have to be careful not to do is think that you can slack off. What got you the raise in the first place is now your expected level of performance and if you want to get another pay raise, you have to continue to improve your work.

While it may sound like more to think about than the initial “Whoohoo! I got a job raise,” they are things that you shouldn’t over look once the accomplishment has been made. Now, back to celebrating the raise!

Money & Salary

Tags: Money & Salary