Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Monday, June 4, 2007

"Working your way up", how have you done it? What obstacles did you personally face?

It is always a challenge to find ways to work up in a company. The implications is always that you are in competition with others and that favoritism will rule.

I do not believe this premise and in my career it did not work this way.

I have found that by following some simple principles / processes you will move up because there are so many people who don't so you are quickly recognized as an achiever / leader.

They are as follows.

1. Work Hard, always give a bit more then expected. This may be coming in 10 minutes early and not leaving as soon as the day is done, it may be putting a bit of flash in a report, or simply double checking your work so the common errors don't show up.

2. Treat everyone with respect. Both above and below. It doesn't matter how smart you are or how well you do the job, if people don't like you, they will avoid you and they will pass you over when choosing bosses.

3. Always take on extra responsibility. In general do it without asking for more money. The money will come. It is the old adage " You Dance Like You Don't Need the Money"

4. Train those under you to do your job. It is not commonly understood, but you can not move up until someone is able to back fill you. It is very common for people to hold on to information about their job believing they are protecting themselves. What they are doing is locking themselves into that position so they can not move up.

5. Look for opportunities for the company to grow or excel that are out side your normal responsibilities. Think like an owner, not an employee. Find ways to improve the company.

I can almost guarantee that if you learn to live the above simple principles you will excel and move up in any organization and as a corollary you will probably happier then a good percentage of the population because the same principals allow you to have pride in what and how you do it.

Tuesday, May 29, 2007

When is the right time to ask for a raise

In general there is never a good time to ask for a raise. If you have a good relationship with your boss / company raises should be accomplished at regular intervals. There are a couple of exceptions to this rule.

If you are given a new job, title, or significant increase in responsibility then it is legitimate to ask if additional compensation comes with these responsibilities. Do not be surprised if the answer is that in the next cycle this will be considered. The employees that I have seen get the largest raises over time are those who take on the task with the understanding the money will follow.

Implicit in this relationship / understanding is that you received fair compensation when you hired on. This is the most legitimate time to negotiate your salary and when you can expect increases over your present compensation. If this is the first real job, do some research so you know what is reasonable for the position you are hiring on to. Do not be afraid to negotiate this. Almost every employer I know will make an offer at a lower price then they are willing to pay. This is because a large percentage of people will counter and an employer needs to be able to counter as well. It is also reasonable to enquire about any probation period and if a raise can be expected at the end of this period.

One strong word of caution, never, never, never lead off with this discussion.

First and foremost you must determine if you are a fit for the job, if the job is a fit for you and if the corporate culture is a match for where you wish to work. You should be inquiring / demonstrating how you can benefit the company through hard work, not how you can get a job and what it pays. If you are successful in this exercise, when the offer comes you can then negotiate. Be prepared should you be asked how much you want and respond that you would like to be paid a fair compensation in line with your peers and the position and responsibility you are anxious to assume. Try not to put a price on yourself unless you are confident that you know that number and you will not take less.

I have seen many people state a required starting salary thinking they are starting negotiations. When this number was over what the employer could pay they where taken out of the running. In later discussion I learn that the would have taken less. It is much better to hear what the employer offers, add 10 to 20% and see if that is attractive. It keeps your options open and allows you to make informed decisions when you are not in the interview mode.

Finally the quickest way to raises is to take on functions that are outside your normal responsibilities. Any employer worth their salt will give the larger raises to the folks who are demonstrating they are willing to do more then they are paid for or assigned.... It is just good business sense and leads to a win win situation.

Thursday, May 10, 2007

How the heck do you figure out your taxes? Do you do them yourself or do you take them to a friend or service?

Taxes, the evil IRS, how do I cope. I have always been a believer in doing my own taxes. I believe I am the one who cares the most about me and with the inexpensive tax packages available today it is just not that tough.

When doing the taxes I always end up explaining to someone the difference between tax avoidance (a right you should exercise to the extreme) and tax evasion which is illegal and unethical.

The American tax system is extremely complex. But this means you can probably find a clause that works to your advantage. Understanding the code allows you to transfer this knowledge to your business life and makes you sensitive to what others are going through and paying.

While I will always try to avoid taxes, when the time comes to pay what I owe, I do it with a bit of pride. First you have to make money to have to pay taxes and second, my taxes are what help to pay for the American lifestyle and all you have to do is look around a little to know that we have it pretty darn good.

Thursday, April 19, 2007

Dude, where's my money? What to expect when first starting your career.

Wow, we are on a thread here and again it seems like the wrong question to me, but perhaps I am not being fair.

The standard scale for any job is available from many sources, whether it is an engineer or a teacher. Expectations should be established on that basis.

I have seen young folks that worked for me that got out of college and forgot they still had limitations. They bought a new car, new clothes, a big screen etc., then would come in and complain they did not make enough money. Somehow they felt the employer was short changing them. They forgot what the going value was for what they did. Many times they became bitter because they thought after 4 or 5 years of college they would be on easy street.

So the key is to understand what money you will get and just like you did in college budget your expenses and live within your budget. Be prepared to buy the used car and perhaps still eat at home. Understand you are starting out and the big bucks come when you have paid your dues and bring exceptional value to your job.