How do you know if your job is currently priced right? You’ll need to do some digging but it’s readily available. What’s the value of that information? If you can’t answer that question, go back to sleep and let opportunity walk right past.
First, answer some basic questions: How would you rate your performance and value to your current company? Can you measure it? People looking for greater opportunity, higher compensation and a career jump are more likely to know the answer. What was your last performance rating and salary increase? This past year high performers received an average increase of 4.6% while a satisfactory performer was about 2.6%. Check out your professional or trade association for pay averages in your geography or use the Internet: Monster Salary Checker and Payscale are two of them.
Higher performers tend to measure and document their results before an appraisal review. They can quantify how they increased revenue, reduced cost, saved expenses or increased value. They can define how they added value to their boss. Anytime you can make your boss look good, it’s in your best interest.
Part of your compensation is dictated by the company’s performance and industry. Expanding companies need more quality employees and will pay more than their competitors who may be losing money. Those who are recruited and leave for a higher-level job receive a pay hike of 15% to 17% on average, or more if it’s a promotion.
So what can you do about it? You need to know these 5 things:
1. Your total comp package, including salary, bonuses, incentives and benefits
2. The least amount your willing to accept for a new job. This includes everything in #1, but also the cost of moving and resettling the family
3. The comparable compensation for this position in the marketplace: What is this job worth to other organizations in this market?
4. What is the total cost of moving? How much will the new company cover? Three elements are: The cost of leaving, the cost of relocation, and the cost of moving in.
5. If it doesn’t work out, what’s the cost financially, to your career, time on the market, and reputation? Do you have a severance agreement and contingency plan?
Test the marketplace inside and outside of your current industry. When you get an interested company, find out what your worth to them. Meet with your boss and say, “The marketplace is heating up. I like it here and enjoy working for you, but recruiters are calling and talking about a major increase. I’m not currently interviewing but I’d be interested to find out what the job opportunities for advancement are here over the next 6 to 12 months”.
The organization’s reaction to your inquiries will tell you a lot about what you should do.
Want a free assessment of your resume? email@example.com
Ready to test the market? Email: Mygreenerfuture1@cox.net