Do you want a better bonus or raise? How would that help you out right now?
I’ve always been obsessed with finding out how businesses do raises, bonuses, promotions and perks. If I had to sum up all of the tips and tricks in one sentence it would be this:
Think like a business owner.
I went fishing with the owner of a multi-million dollar company and we started talking about career development from his perspective.
He said two things that really stood out to me:
1. Employees want a paycheck and to know how much time off they get
2. I could pay my employees more if they made less mistakes
As an employee, I am definitely concerned about growing my paycheck and I also want as much time off as possible.
But that is a very one sided focus, and to ask for more just because I want more isn’t going to get very far. We need to set up a fair exchange.
Let’s turn that around and think from the perspective of the business owner:
How much value am I producing for the company?
Employees are an investment. Put in a dollar, get more than a dollar back.
Do you know how you add value to your organization?
Do you have a direct effect on revenue?
Can you show a correlation between what you do and revenue?
Or are you providing support to your organization that doesn’t have a direct tie to revenue but can be measured in time savings, productivity, or some other way?
We’re getting close to that time of the year associated with presents and that favorite present from your job – a bonus.
What if getting your bonus was less of a mystery and more like tracking a package you’ve ordered from Amazon?
The first and foremost element of taking control of your raise, bonus, and other perks at work revolves around the value you are producing and your ability to demonstrate that value.
All of the other tips and tricks fall apart if you don’t have a value based focus.
How am I producing value for the company? How much?
Am I producing more than I am consuming?
Making less mistakes is a natural consequence of producing more than you consume.
I know times when I have printed off waaaaay more copies of a report than I would have on my home machine.
I once received two huge gift boxes because it was shipped to the wrong address – awesome for me (they said keep it) but the company who sent it had to pay for another one because of the mistake.
Now, we’re all going to make mistakes, and most of these things go unnoticed in the day to day bustle of work. But at the end of the day they do have an effect on the bottom line of the company and how much is available to come back to us.
The focus of this newsletter is things you can do at your current job to make more money.
It’s not about starting a business or going off and doing something completely different than what you’re doing right now.
This is for people who are good at their job, like what they do, and could use an extra $100, $500, or $1000+ each month.
This is for people who want to have a bigger influence on your raise, your bonus, and the perks you receive at work and who aren’t afraid to try something a little different to get those results.
Even if you have “something on the side” that you hope will replace your day job, why not get the most out of it while you’re there?
I want to support you with what is going on right now in your career.
What is your next step? What is stopping you?
Send me a message using the link below or comment with your #1 challenge right now with your own career development.
If you are a business owner or manager, what is the #1 challenge with the career development of your employees?
PS: Here’s to a better bonus than a subscription to the jelly of the month club. Unless, of course, you really like jelly.