January, 2008
In This Issue
Compensation Negotiation
Part Two:
Negotiating Compensation with Your Current Organization
Happy
New Year!
Setting Goals for 2008
Compensation
Negotiation
Part Two:
Negotiating Compensation with Your Current Organization
Have any of these scenarios ever applied
to you?
- You
have been with your company for three years and have
recently been given responsibilities for an additional
department. Despite the fact that your responsibilities
have increased, you have not been awarded a raise in
salary.
- You
are bringing in 300K in new business for your firm,
in addition to contributing billable hours for work brought
in by others.
But you are only paid $100K.
- You
are given a promotion from Director to VP. Your boss has
promised that you will
receive a compensation increase commensurate with your
new title and responsibilities. But two months has passed
and
nothing has happened.
- You
initiated an operational efficiency that saved the company
500K while increasing revenue by
1M. You feel that you should be recognized with a salary
increase. In all of these scenarios you felt positive
about your compensation until recently. But circumstances
have
changed and it is time to revisit your compensation package.
How can you convince your company that you are worth an
increase in compensation?
- Write
a proposal that compares your salary with those of others
with equal responsibilities
in your professional organization. Most professional organizations
do periodic salary surveys. You can also review salary.com
for regional information that includes details about your
qualifications, including education.
- If
you bring in more business but are not paid for the difference
in the business
you initiate versus the billable hours that you produce
for others, create a worksheet that delineates the numbers,
and builds your case. You can propose a higher percentage
payout for the business that you bring to the firm.
- If
you have gotten a promotion but have not receive a raise,
follow-up with those in charge.
- Compare
your achievements with those of others in your position.
What have you done
to save the company money or increase its revenues? Do
you think that you deserve a larger bonus? Develop and
present
your written proposal for a fair compensation schedule.
- Perhaps
you took on a major project that no one else wanted and
completed it on time and within budget. This project helped
to increase revenue while producing operational efficiencies
that saved the company money. Quantify the results and
present them to your boss with a proposal for a bonus.
Conclusion
If you do not get a positive response to your efforts
to increase your compensation, it may be time to update
your resume and start looking for another job. On the
positive side, now you have some additional accomplishments,
and perhaps even the only way to get a raise.
Setting Goals for 2008
The new year is traditionally the time to set
personal and career goals.
First: Take stock of 2007.
What could you have done differently? We can
all learn from our mistakes.
Next: Develop goals in two categories,
Personal and Career.
To be successful, you need to be inspired, committed and disciplined.
It helps to have someone who holds you accountable. A friend or
professional coach can serve that role.
Several years ago I wrote an article entitled: Career Goals and Stress: How to Achieve Goals and
Maintain Your Sanity.
I invite you to read this article for more detailed
information on how you can make 2009 you best year
ever!!
Have a Wonderful 2008!
If you
do not want to be included in future emails, please accept
my apologies, hit reply and write "Remove" in the subject line.
