salary

New Year, Boost Your Career! 9 Strategies For A Successful 2017

Yahoo!!! (iStock.com)

Yahoo!!! (iStock.com)

It's the end of 2016. And what an interesting year it's been – please join me in welcoming 2017!

Many people use the new calendar year to mark a new beginning. If boosting your career is part of your agenda, here are X strategies you can use to position yourself for a promotion, or get that new job you've wanted.

1. Maximize Your Annual Performance Appraisal. Most employers do performance evaluations in the beginning of the year. Come prepared with your list of accomplishments. Quantify the value you've brought the company. If you're angling for a promotion, a strong performance appraisal is essential. Go in with your eyes open - if you're surprised by what you hear from your manager during your review, you haven't truly been paying attention to feedback throughout the year. If there are any development opportunities identified during the review, own them and discuss how you have worked to overcome them and plan to correct them going forward.

2. Create An Individual Development Plan (IDP). An IDP is a tool to help you in your personal development. Prepared in conjunction with your manager, it documents your strengths, your weaknesses, and your career goals, explores career possibilities, identifies training opportunities, and provides you with a road map how you plan to get there. Preparing and adhering to an IDP also serves the critical function of reinforcing to your organization's leadership your commitment to your professional development. It's also a good opportunity to ask yourself if you really want a promotion and all the headaches which accompany it. Also, here some specific strategies you can follow to prepare yourself for that promotion.

3. Find A Mentor. It can be helpful to find somebody inside or outside your company who has achieved career-wise what you are looking to do. A good mentor is helpful because they aren't typically your manager (so you can be freer to discuss concerns and personal areas of development) and they can provide you an outside perspective as well as helpful guidance.

4. Benchmark Your Skill Set. It's helpful to know what the job market looks like for professionals such as yourself. Check out the job listings on LinkedIn and Indeed. Take a look at what you could earn with another employer by using salary data on Salary.com or Paysa. You might find out that your current employer is compensating you quite well and above market averages; or, not so much. Do you know some agency recruiters (i.e., headhunters) who work in your field? Pick their brains about the job market, too.

5. Get Your Resume In Shape. It doesn't matter whether or not you're planning to leave your current company. Even if you're applying for an internal opportunity at your employer, or you've been tapped to interview for a promotion, you'll need a resume which reflects your accomplishments and personal growth, and is strategically targeted for the job you're hoping to get. Here are 6 things you can do to strengthen your resume today.

6. Polish Your Interviewing Skills. Again, even if you have no intention of leaving your company, it's become increasingly common to have employees interview with their own organization's leaders if they're being considered for an internal move or a promotion. Learn as much as you can about behavioral interviewing - that's when an interviewer asks you about how you've dealt with a difficult situation in the past to get an idea about how you would handle it in the future. Here are some additional ways to make the interview work for you.

7. Network. Your reputation is only as good as what people hear, and if they're not hearing anything about you, then you really don't have a reputation to speak of. Join the board of the local chapter of your professional trade group. Volunteer with a nonprofit. Attend those college alumni events. You don't necessarily need to work a room to get noticed, either. Often, familiarity breeds awareness of your career and your skills, and you'll often find that people will keep you in mind and recommend you if they hear of any appropriate job opportunities. And yes, connecting and engaging with your peers on LinkedIn certainly counts as networking. Want to get noticed on LinkedIn? Here are some tips.

8. Keep Learning. Considering how quickly the required skills are changing due to technological advances, it's lethal to stop upgrading your skills. Take classes through your trade group. Go back for your Master's degree. Take a course on Coursera or LinkedIn Learning. If you don't know the essential emerging technology in your field, it's guaranteed that somebody else will know it – and they'll be a more desirable job candidate. All other factors being equal, skills trump all.

9. Dress The Part. Your appearance speaks volumes. People perceive your professionalism through your attire. Take the opportunity to upgrade your wardrobe, and reinforce your manager's and your peers' positive impression of you. It might be time to put the jeans away, and wear a nice pair of slacks.

Here's to a prosperous 2017!


Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, and career coaching services, including a free resume review. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.

 

The Joy of Salary Negotiation

After you've sent a resume to a company, somebody in human resources will call you up to screen you for fit. Inevitably, they will ask you what you will be looking for in terms of salary.

This is where it gets tricky. It's kind of like a game of chicken – salary discussions, especially at the beginning of the process, are especially difficult because the first one to give away their position loses their leverage to negotiate.

Your goal here is not necessarily aligned to the company's goal in terms of compensation. Assuming the position is a good match for both parties, here's where your interests diverge.

Your goal as a job seeker is to get the best salary offer you can.

The company's goal is to get the best candidate into the position in the most cost-effective manner possible.

In other words - you want to get a boatload of cash; the company would rather you work there for free. The actual figure you agree upon is the reality.

Before we get into negotiation strategy, let's discuss a few facts about how corporate salaries are determined (by the way, this is a heavy simplification of the compensation process, so I'm sure that some compensation professionals out will have some information to add):

  1. Companies - especially larger ones - usually have salary bands in which employees need to fit. For a particular position, there is an assigned salary range. For example, the company may have determined that they are able to pay between $15 and $20 per hour for an administrative assistant. The reason for this is that they don't want to have too much of a salary discrepancy between individuals doing the same type of job, but they want to have some wiggle room for folks with more experience.
  2. Salaries are usually driven by market data. A company will subscribe (and often provide information) to compensation studies telling them what the market will pay for a particular job. The data take into consideration several factors - the skill set involved, competitive nature of the market, geography, what competitors are willing to pay and other information.
  3. A company decides upon a compensation philosophy. This goes back to the market data described above. After looking at the data, company executives make a decision about their compensation philosophy as to how it relates to their compensation. A company looking to aggressively hire high-performing talent or that competes in a fast-changing market like technology tends to extend offers at the higher end of the range. Other companies may look to hire at the general market salaries, tending toward the average.
  4. Companies often have less flexibility on salaries for recent graduates and entry-level hires. This applies to your newly minted MBA just as much as it does to your nephew who recently received their bachelor's degree. Companies will often have a concrete salary structure for these recent grads, with adjustments up and down for work location and the ranking for the school from which they graduated.
  5. There's a lot more to consider in the offer than just salary - benefits matter. A lot. Companies often pay a great deal of money to provide a competitive benefits package. You know that health insurance the company's offering? Not every employer subsidizes the same amount to cover that, often leaving you - the employee - to pay a larger share of your premiums or co-pays.  There are other benefits, too - dental insurance, life insurance, disability insurance, tuition reimbursement, vacation time, holidays, company car, 401(k) matches and so on - into which companies can often pay dearly. A richer benefits package leaving more money in your pocket may give an employer a viable incentive to offer a lower base salary while still helping an employee make ends meet.
  6. Variable compensation matters too. By this, I mean bonuses, profit sharing and long-term incentives. Not every job offers an incentive, which rewards the employee if they or the company has a good year. A bonus is real money, and a company's philosophy may be to offer a lower base salary in exchange for a desirable bonus target.

Here are some considerations when negotiating salary:

  • It's to your advantage to avoid giving a specific expected salary figure until it's essential.  It's not always possible to hold off - a recruiter may really push for a specific number to ensure that you fit their structures - but try. It's ideal to see if it's a good marriage before locking yourself down to a specific number - this way, you keep your leverage.
  • Sometimes ignorance can work in your favor. This isn't always true, but in certain cases it can be. If you're a recent graduate and an employer is asking you what you are looking for in terms of salary, it's okay to say, "I don't have a specific figure in mind, I am looking for a compensation package that is in line for a recent graduate with an MBA from my university." A similar approach also works well if you know you've been underpaid against the market, saying something like, "I'm looking for a salary that is in line with my experience and education."
  • The employer may really push to find out your salary expectations. In which case, you may wish to consider taking a slightly different approach with your answer - "In my current position I have been earning $x, I am looking for a salary that will take into consideration the accomplishments and experiences I gained in my present role." You're not telling the employer you are asking for a specific figure - you're giving an idea of where you've been.
  • Sometimes it doesn't matter what you want. See #4 above - the company may pay EVERYBODY the same for a certain job. You have the choice of taking or leaving the offer.
  • Ask about the benefits. A rich benefits package has real cash value. Consider what you're being offered as part of the perqs as part of the total compensation.
  • A sign-on bonus may make up the difference. There are times when a company really wants to get you on board, but their salary bands (or some other reason) may prevent them from offering a higher salary. Or maybe you are walking away from a bonus at your current job. A sign-on bonus might help close the gap during that first year.
  • Be sincere in your negotiations. Assuming this is true - tell the corporate recruiter that you really want to make this work and that company x is clearly your first choice. Perhaps you are willing to meet somewhere in the middle of what was offered and what you asked for - tell them. The more you can make the recruiter feel that this is a partnership designed to meet a common goal, the better.
  • The choice is ultimately yours. You don't have to accept the job at the salary offered just because the company offers you the position. If you've negotiated in good faith, then you should be able to walk away from an offer with no hard feelings. Which leads me to one last point...
  • Avoid getting into the negotiations for counter-offers with your current employer.  It's not recommended - find out why here.

Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. He is a Human Resources professional and staffing expert with almost two decades of in-house corporate HR and staffing firm experience, and is a Certified Professional Resume Writer (CPRW) and Certified Professional Career Coach (CPCC).

Insider Career Strategies provides resume writing, LinkedIn profile development, and career coaching services, including a free resume review. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.