How to Get a Pay Raise If You Are a CEO: Rules for Success
The position of the Chief Executive Officer or the CEO is one of the most important and the most respectable positions in any company. The CEO is responsible for executing a multiple jobs related to the operation and the development of a company. In many small firms, it has been found that the owner or the co-owner of the venture enjoys the position of the Chief Executive Officer as he has the complete idea related to the business proceedings and knows how to make the business a success. However, in the larger corporations, the condition is not the same. A responsible person is appointed as the CEO of the company for a specific period of time. He works in exchange for a salary. His term is extended depending on his performance.
As the job and position of a CEO is quite important for any firm, it often becomes difficult for the owners or the board of directors to fix appropriate salary for the CEO.
If you are the CEO of a company or if you have the eligibility to become the CEO of any company, you should know the ways of getting pay hike. The most common rule in this case is observing the market and find what the other companies are offering to their CEOs. When you find your salary is lower than that of the people holding the same position with other companies, you should make a request for salary revision. Yet, one thing that is to be noted in this context is the comparison of salary should be made among the people working in the same industry and not with others.
The pay raise should be requested only after working in a company for a certain period of time. You should also check out whether the company is making profit or not. If the company is running in loss, it might not be interested in raising your pay and it might also look out for someone to replace you. Therefore, before seeking a pay raise, you should make all your groundwork for the act carefully.