Originally published at http://www.aussieresumes.com/2010/gaining-a-salary-increase-or-career-promotion/.
Gaining A Salary Increase or Career Promotion
Have you been in the same position for awhile? Feel it’s time to boost your salary and / or career prospects? Ever been overlooked for a salary increase / promotion?
A resume and cover letter is a great tool in your job hunting toolbox, but there are times when you need to go outside of the box and market yourself in a totally different light.
Since 1992, I have been stating that a job seeker needs to market their services to an employer, just like an employer markets their services / products to a consumer. This is still true. However, what if you took it one step further?
Have you ever been prospected by a sales rep who whipped out a chart full of wonderful statistics to prove what they were saying was the real deal? This is an interesting point and one you can use to your advantage, assuming that you have exceeded your own workplace targets or outstripped your peers.
A job performance chart is a new tool for your job hunting toolbox that you can utilise, irrespective of whether you are seeking an internal salary increase / promotion, or whether you are attending an interview at a new company.
How do you put it together and how does it work?
First, you need to collect as much data as possible on your key performance indicators (KPIs) or targets – whether they be personal or team orientated or both.
As an example: one of your KPIs may be a target of acquiring 20 new sales per month with total revenue of $100,000.
Next step is to document all of your KPIs and achievements on a worksheet so you can quantify the results. Quantifying with numbers is something managers relate to – so use it to your advantage.
As an example:
- In January you may have acquired 22 new sales for the month with a total revenue of $125,000; or
- You may have acquired 15 new sales for the month but achieved total revenue of $155,000 (so even though your total sales did not meet the new sales target you exceeded the revenue target).
In quantifiable terms this would equate to (respectively):
- 10% above target for new sales and 25% above target for revenue.
- 55% above target for revenue.
If you don’t know how to arrive at a percentage between the two figures (i.e. quantifying), then follow this simple formula:
- Figure subtracted by Figure
- Divided by the first Figure
- Multiplied by 100 = %
For example: target = 20 new sales; achieved 22.
- 20 subtracted by 22
- Divided by 20
- Multiplied by 100 = 10%.
If you want further clarification on this there are some great mathematical sites on the Internet which explain it in further detail in layman terms.
Once you have quantified your achievements, next step is to produce a job performance chart or graph of your accomplishments – this is a powerful tool you can use at a meeting and / or interview.
It clearly outlines what you have personally contributed to your organisation, thus demonstrating your true worth to the company and what you have added to the bottom line. This is a great bargaining tool when requesting a salary increase / internal promotion, as well as something you can use at an interview. Consider it as your own personal marketing document. There is no right or wrong way in putting together your chart – present it in a way which works for you. There are numerous charts you can utilise to display your data.
For every achievement that you cite, you could also include the team’s “average” achievement, or indeed, a colleague’s underperformance (excluding names of course!).
Here is a simple example:
Of course, to make this work really well you should be diligently documenting all of your achievements – don’t leave it to memory (can you recall your achievements from a year ago?).
Every week or month (whatever works for you), jot down your achievements so you have a ready access of information at your fingertips when you need it.
Be bold in your approach when demonstrating your true worth and take the time to present yourself in a positive light.
It could mean the difference between getting a new position in 2 weeks as opposed to 6 months, or indeed the difference between a $50k salary or a $65k salary. Have a think about what you are potentially costing yourself in monetary terms.
Good luck and happy job hunting!