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Instant Career Notifications for April 23, 2008
6021 Yonge Street, Suite 317, Toronto, Ontario M2M 3W2 [t] 905.201.6515 [f] 905.201.6514 www.timmooreassociates.com |
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FOR IMMEDIATE RELEASE
HOW TO INCREASE YOUR SALARY! [ cont'd from newsletter ]
Whether speaking with clients or candidates, I often refer to salary levels like buying a car. You've got a 'base' level model, on which, there are a ton of (required and optional) 'accessories;' dependant on the task to be completed. Clients requiring individuals with loads of options are naturally going to have to pay more, for a reliable, and proven commodity. (Funny, but UNLIKE buying a car, one has to pay more for an older, more reliable model, than one that's been sitting new on the showroom floor…!)
And just like commodities, there are times when a premium is required dependant on the 'supply and demand' out there. Naturally, the more scarce the 'commodity' or exact combination of experience, acumen, education, and skill set, required for the job, the more one is going to have to offer these days. And just like cars, salary, job related benefits, and working conditions are the 'gas' that efficiently drives the engine. Put in a "watered down" mixture right from the beginning, and you're under-powering performance.
The very best time for getting the salary or compensation package you want is when you NEGOTIATE for that new job or position. However, if you're gainfully employed, it becomes much more difficult, and you must take a different approach.
You need to be aware of what your performance has been in the past review period, and how you've met - and ideally exceeded expectations. How DID you add value to the company? Has your level of spend increased? Have you ensured increased cost savings? Have you managed your vendor base and partnered additional improvements or efficiencies? Have you developed new practices or methodologies that have impacted on the bottom line? (Are they measurable?) Have you received accolades from internal or external stakeholders? Have you taken it upon yourself to improve your skills or educational credits? Has your job expanded in any way…?
Now, as far as the unemployed candidate was concerned, they recently went into an interview unprepared and when asked 'what salary were you expecting…?", blurted out an amount $ 10,000 LESS than what we had been given by the client and advertised externally. "I'm sorry Tim, it just came out…and I knew it was the wrong thing to say!" (The candidate is new to Canada, brought a wealth of knowledge and experience, and felt that they HAD TO take far less for their very first job here.) The candidate was just what the client needed, AND was willing to pay for. Luckily our client recognized the extra 'value add' that the candidate we introduced brought to the table, understood that she was correctly and properly aligned for their needs (and brought along the right 'options') and ultimately offered an amount far more appropriate, regardless of what was mentioned earlier. They realized that some candidates may be afraid to negotiate and risk losing a job offer.
Salary negotiation can be the most sensitive part in a job interview; but why is it, considering that negotiations in general is an integral part of the Supply Chain profession? You need to be prepared; and you need to understand your value. You need to be clear on the skills and qualification required for the particular position as well. Don't be short sighted, and don't overlook that you need to consider the entire compensation package - salary, job benefits (vacation, insurance, bonuses, stock options), working conditions, proximity to home, and a whole host of other aspects.
Negotiations start in earnest, after the potential employer has made their offer. Don't frustrate things in advance by 'blindly' blurting out a high salary figure or range, in your initial interview(s), without getting a firm idea of what the job entails first. Then match your experience, education, skills and proven ability against their needs. The better the match, the more solid your foundation for salary negotiations will be. Keep in mind too, that you may think you're a Superstar and worthy of an additional $ 15,000 to simply switch jobs, but holding the new employer 'out to dry' by obtaining a fat increase, may also be increasing their level of expectations of performance, even before you've started working there. It might have been better to accept less now, in an effort to step up, prove your abilities early during probation, and then obtain a more substantial 'boost' later.
In the end, whether you accept the job or not, it's all a matter of what you (and the employer) think you're worth.
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