Before you leap into a job with another company, review what your current company's future may represent and how you'd fit in. Then consider the same factors for the future of the prospective company.
Is there a promotion in sight where you are now that would provide a substantial rather than a moderate raise to help compensate for your patience?
A difficult part of the salary negotiation meeting is stating what you want and why you deserve it. Thus, preparation is the key to overcoming the obstacles to success. Make notes after researching salary trends and other statistical material. Bring your activity log book to the meeting to back up discussions about your worth to the company. Demonstrate an air of success in your dress and mannerism. Avoid taking notes during the meeting, but afterwards, log the sequence of events and results in your journal.
Look to the future
Discuss your expectations for the next year, including benefits and perks. Ask questions about risks in the future of the project you're involved in, such as: Where will I be in five years? What are the future plans of the company and how will I be included? How long has my supervisor been with this company, on the project, in his or her current position?
Overcoming salary objections
The three most common objections of your supervisor in the area of salary are as follows:
1. "There's a limited amount of money in the budget for a raise at this time."
Assuming you are in the midpoint of your range, there may be another 20 percent available before you reach the top of your range. However, your supervisor may be easily convinced that you are worthy of an above-average raise, provided you can demonstrate to him or her that you have better-than-average skills and are valuable to the company. But if you're at the top of the range, shoot for a promotion. However, be careful. Do not give the impression that you want your supervisor's job, unless it can push him or her into the next higher level of supervision. Supervisors should have the latitude to provide higher salaries to retain top-notch skilled individuals.
2. "Some of your peers with education and experience similar to yours don't make as much as you do."
Your emphasis should be that you are an individual who brings more value to the company than the average individual in a similar position.
3. "In your previous position, you weren't earning anywhere close to the salary we'll be paying you in your new position."
You should expect to be compensated for the quality of your performance. If you were paid lower in a previous position, maybe you were not as valuable to the company as you are now. You should emphasize how you have helped the company reach certain objectives, such as increased revenues and profit. Hence, the higher end of the range for your new position should be considered.
THINK BEFORE YOU LEAP
If you decide to remain in your current position, you must learn to love your job. Make working a learning process: learn how to cooperate and how to communicate, expand your area of expertise and responsibility, learn from mistakes, and balance your life to enjoy the time at and away from work.
In changing careers, it's very tempting to start your own business. But before charging into this endeavor, think of the chances of succeeding. Government statistics show that on an annual basis, almost a million businesses are started. Many of them fail, but if a business survives its first five years, its chances of success are high. Before starting a business, review your prospect for success: Do you have enough capital to carry you through the business's infancy? Do you have a product or service that will fill the needs of the users? Do you have an adequate business plan, ranging from the beginning over a five-year duration? Do you have the means to distribute your product? The three biggest culprits in causing business failure are undercapitalization, inadequate marketing capability, and one's inexperience or lack of knowledge about a product or industry.
In researching employment opportunities, keep in mind the desirability of finding:
- A company that offers a profit-sharing plan.
- A company that allows the freedom to express opinions, especially in improving business by minimizing costs and increasing profitability.
- A company that offers retirement plans.
- A company that provides health care insurance as a basic benefit to an individual and to one's family.
- A business that is family oriented and offers programs for the well-being of the individuals, which may also result in the well-being of the organization.
- A company that is committed to assisting its employees in furthering their education or knowledge and skills.
- A company that may offer retraining programs to personnel who are slated for layoff.
"Flow to succeed in the second half of the '90s:
- Recognize the following be multilingual
- be a generalist with technical skills
- be computer literate
- be a doer, not a follower
- be a team player, or be a leader."
- Competition is tougher now than it ever was.
- Corporations are global.
- Corporations are more involved with government and public projects.
- Corporations are looking for:
- broader responsibility of individuals
- greater number of people reporting to one person
- computer competency
- Education: An MBA from a top-notch school may help you to advance.
Before changing your career, research opportunities elsewhere. Subscribe to a trade or professional magazine in the field of interest, join a professional society and attend seminars, keep your resume up-to-date and read books on business and career-related subjects.
