Pay Raise Success: Measure Your Work Against Your Boss’s Performance
Make sure you understand how to help your boss construct performance objectives against which to attach additional salary. Most bosses do not use performance objectives when describing a position in a job posting. They talk in general terms such as “must be familiar with a high volume Accounts Receivable desk, or 8-10 years’ experience doing cost accounting. “ Your boss may not be used to measuring what needs to be done, and so he or she may be less inclined to appreciate your measured accomplishments.
Your job is to help your boss see and appreciate the value you bring to the table. If you discuss what he/she wants to achieve, in a metrically oriented way, then you can attach a value to that. For example, if I collect all the 90-day outstanding accounts receivable and do that within 5 months, then that may be worth $30,000 per year extra. Why? Because the employer did not have to farm it out to a collection agency, which takes up to a 50% cut.
90-day+ receivables are currently at $25,000,000. That would represent a fee of $12.5 million if an agency collected it. But, if you collect it then your firm is only out $30,000 extra per year to you instead of $12.5 million to a collection agency. It would take a bunch of lifetimes to eat up $12.5 million at a $30K per year rate. I’ve used strong contrasts in numbers here to make a point. Actual numbers may not be as dramatic.
Your boss walks away as a big winner and so do you. But, you need to have the discussion and tease out the particulars like I just did above. The contrast is glaringly obvious. (Keep in mind that your numbers may be somewhat tighter, but the same thinking applies) Your boss got a real bargain. If you truly want to make headway on your salary then it is your job to point out all the “bargains’ that your boss is getting because of your efforts. Get my 27 tips for pay raise success…
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