I’m always surprised by people who tell me that they have not received a raise or promotion in the last few years. These friends of mine spend all day working – they stay late, they volunteer for the big projects, they take on more than they need to, but still, they don’t seem to be achieving as much professional success as they should. Sometimes I think that I should hire them since they are getting underpaid and are still willing to work so hard! If you’re one of those people, then here’s a piece of advice –
Every 2 years, go out and figure out what you are worth in the market.
This means, go shopping! Most of us know that in order to find the best deal, you have to at least go to one other store to compare prices. I’m not talking about the 10 cent difference between toilet paper at Target versus Walmart, I’m talking about the $20 difference between jeans at Sak’s versus Nordstrom’s, or the $75 difference between TV’s at Best Buy versus Target. Without shopping around and doing your homework, you won’t know if you are getting the best deal. The same thing applies to a job. If you don’t shop yourself around, you won’t know if you are getting the best deal.
So, how do you do this? Well, go on the job hunt, if only for a month or two. Go talk to recruiters, look for a new job, and see what other companies would be willing to pay you. Knowing these numbers is the best way to determine how much you should be getting paid at your current job. If you find another company willing to offer you 10% more than what you currently make, then you know that you might be getting a little bit underpaid and should be able to move up. But, if you find another company willing to offer you 20% or more, then you definitely know that either you need to ask for a raise or take the new job. This same thing goes for your job level. If you are currently a manager and another company offers you the title of Director, then it might be time to think about jumping or asking for a promotion.
Sometimes, the fastest way to make more money or get ahead is to switch to another company. Other times, the best way for you to negotiate is to know what your benchmarks are. You don’t have to take the job that you get offered, but a new job offer will let you know exactly what your current employer should be paying you and help you negotiate better with your current employer.