How To Increase Your Value At Your Company and Get Paid! $$$
A majority of people think that they deserve a pay increment just for completing another year of service at their company. The truth is you don’t automatically deserve a pay increment. Here’s why and here’s how to get one!
So, you are due for your yearly salary negotiations, and you hope it’s a big one. You have gone out and purchased a new car, maybe increased your monthly cell phone plan to add more data, and you are for sure your company is going to reward you big time for completing your fifth year of service. When they hand you the slip of paper that has your new salary on it, the number matches what you’re already making and you’re in shock, disbelief! How can this be? It’s your yearly salary review and every year before you’ve gotten 20% increments. What happened? Why is your company suddenly turned into Mr. Scrooge?
Watch Randall narrate this article below!
As your managers begin to explain why you will receive no pay increment this year, you find yourself getting defensive and angry. Their reasoning for not giving you more money is because you did nothing over the past year to add further value to the company and help them increase their bottom line. You adamantly disagree and vow to show proof of things you did to void their claims. However, you don’t have those backup documents, or emails because you did, as they say, nothing special.
Just because another year goes by, doesn’t mean an employee is guaranteed more money. If I am working for a bank, and I produce the same exact output as I did the year before, I am not adding any further value to the bank. Shouldn’t I get paid the same? I understand there is inflation to worry about, but inflation hurts the bank too. If I am doing nothing to help the bank by adding more value, then should the bank help me with a salary increment to offset the rise in inflation?
Just because another year goes by, doesn’t mean an employee is guaranteed more money.
I’ll give you another example. Software development is an ever-changing profession with new technologies coming out regularly. Each year software developers have to continue to learn new skills, or they can quickly become outdated, and their value drops. It is ultimately the responsibility of each developer to ensure they are getting the training they need to remain marketable during their careers. Technology companies can only provide so much training as they need their developers to produce for clients. Therefore, developers have to find time at home to continue sharpening their skills to stay relevant. Software developers chose this profession, and they know that continuous education is something they will have to do for the rest of their careers.
All of a sudden, that long-term client decides he’s finished with your developer for whatever reason. The developer was so comfortable working with that old technology and that client that he never bothered to continue his education. He failed to see the big picture that this client could leave at any time and he should be ready for new challenges. Now that developer is left behind and his value dropped immensely. It might take him three months to get caught up on new technologies.
If the developer had dedicated one hour per day, five days per week for those three years to learning new technologies in his field, he could have accumulated 780 hours of training time. That is nearly five months of training time he missed. Imagine what he would know if he had dedicated five months to training. I know one thing for sure, his value would have increased instead of decreased.
One might argue that the developer was making money for the company during those three years, so the company is obligated to give him time to learn new technologies. If a company is lenient and the developer showed value in other ways such as having a great attitude, good at team building, mentoring others, and possessing company loyalty then yes, I agree. However, the truth is, everyone is ultimately responsible for their career and their own lives. If the developer had a will to stay up-to-date and remain marketable, then they would have found a way to get it done. They could have attended weekend boot camps, watched YouTube videos, or taken Udemy courses.
So in this instance, the developer lost value because they did none of the above. They allowed themselves to become obsolete, they did nothing else particular to help the company grow, and now they are unmarketable for the company. They have allowed themselves to become a LIABILITY. What do companies do with liabilities? They can try to fix the liability, or they cut liabilities loose as fast as they can to save the company.
At the beginning of each work anniversary, you need to ask your manager, CEO or whoever is in charge, what they need to see from you for you to make X amount next year. Ask them what new responsibilities you can take on that helps the company perform better. Volunteer your extra time to help organize events or volunteer to head up a committee on training employees on new software. You see, asking for more money goes hand in hand with increasing your value. If your managers tell you that nothing you do will get you X amount, well now you know and you can set your expectations accordingly. Which also means, you know that you might need to look elsewhere to find a company that might be able to pay you what you desire.
It’s your life, don’t leave it up to others to decide it for you. Take life by the horns and set your own course.
If you and your manager agree on what needs to be done to get your desires met, then try to get it in writing if you can. Now it’s a matter of getting to work so you can exceed their expectations. Nobody is going to hand you something in this world for free; you have to earn it.
Ask management every three months how you are performing according to the guidelines outlined in your agreement. Communicate with management often, so you are never blindsided. I can’t stress it enough! Communicate with your managers often! It’s your life, don’t leave it up to others to decide it for you. Take life by the horns and set your own course.