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!
