Increasing income: Over 50% increment
There was a time during my career lows that everything was muddied and increment / promotion / bonus was like breathing in space (= impossible). That was also a prime learning point that taught me a very good lesson about the kind of boss to work with (shared in my post here).
So moving on from that experience, I took up a position in another company after careful consideration. They say interview is a 2-way thing. That is true, but that is only the start. I also took ample effort to understand the bosses, business, company, people around, culture, etc even after starting in the new position.
Recently, to my delight, I got an increment of over 50%. At a senior position, the amount does move the needle. I’m sure there are many out there who wants to achieve this as well and so I’m sharing my personal experience here.
Well, the joke is, if you start low enough then this gets easier. Well, jokes aside…
(1) Know who you’re working FOR
The core of every employment is that we’re working FOR the owners of the business / company. #salarymanFTW
This also means that our future in our career is dependent on them as well. If you want to take hold of your own future then perhaps self-employment and starting your own business is the way to go. However, that exposes you to an entirely different set of uncertainties. But that is a story for another day. #ownersworries
What are we looking for? Here’s the subjective part. Personally, I value owners I work for who have the following traits:
- Open to listen & value feedback
- Open to change & always looking to improve
- Value their people & rewards them accordingly
I’d say to follow your heart when you want to work for someone. Our brains tend to screw us over quite often. But for the purpose of this post – point no.3 is the key!
(2) Know who you’re working WITH
Chances are… we need to work with colleagues. There are 2 main elements in this:
- Our direct report
- The person we report to directly
For our direct report, it is important to have competent people working under us so that we can elevate the performance of the team.
For the person we report to directly, it is important to have someone who takes care of the team and always fights for the team’s wellbeing, which of course includes any remuneration!
We can influence our direct report to some degree, but for the person we report to directly, there is little to no chance of changing anything. Hence, I’d suggest speaking directly to the owners about your future in the company under this person and see if you can come to some agreement. Else, it probably is a better option to jump ship (and as soon as possible at that).
The reason? The owners only have so much visibility and usually only work with the senior positions. So if we’re not being taken care of by our senior position person, then chances are our career will also be limited.
(3) Know what you’re GOOD AT
Once the environmental factors (points 1 & 2) have been met, the next 2 points will focus on ourselves and our capabilities.
Knowing what we’re good at ensures that we can deliver the kind of performance that is required to be classified as “exceed expectations”. Knowing is not good enough. We have to figure out how to position us in the right position within the company to be able to deliver such results.
As different job have different requirements / departments / factions / etc, it is up to us to figure out how do we best fit in this puzzle. Partly, the interview and job description before joining the company is crucial for us to identify this.
Keep impressing.
Then, it is up to us to manage expectations on how we can better position ourselves, which leads me to the next point.
(4) Know that you have to (proactively) SPEAK UP
Life is about communication. This is the same in our career.
What I see quite often in the world of employment is that people will work hard and expect to be rewarded accordingly without any communication. They would just take what comes their way after a year’s of hard work and decide on themselves if they should continue or jump ship.
Some would communicate any discontent after their reward. But alas! All is too late by then.
I started having conversations with my bosses when it’s near appraisal time (before… not during / after). Take note that this happened after no.3, AFTER I have proven my worth.
I sat down with them to communicate my expectations in relation to the contributions that I have done over the past year. Actually, I mainly talked about bonus for the year. I have also did some research on how is the market paying high performers and draw reference to that.
There were a few sessions.
Once I get the nod that they would do something about it, then I just leave it all to them.
This brings me to the last point…
(5) Know that a big part lies with Lady LUCK
Undeniably, luck plays a big part in this as well.
When the stars align from points 1 – 4, the chances of getting a good raise / bonus is higher.
We can’t control everything and the part that we can control (no. 3 & 4) is highly dependent on the part that we cannot control checking out first (no. 1 & 2).
When luck finally smiles on us, we must seize the opportunity and give it our best. Showing our worth and speaking up. Expect that whoever is giving your appraisal and raise / bonus is not going to give it to you just like that. You need to tell them what you have done and what you want.
They are not blind, but sometimes they need to be reminded!
If the result from all you have done is sub-par, then it’s back to point 1… Are you really working for the right person?
Closing Thoughts
Yes, it isn’t an easy path.
I joined this company in 2nd half of 2019. We all know what happened in 2020.
So, forget about raise / bonus. I got a temporary paycut instead due to the pandemic jeopardising all businesses.
But I didn’t leave because of point 1 (work FOR) & 2 (work WITH). And it eventually paid off in 2021.
This was my experience and my journey. Now onwards for 2022 / 2023!
