I recently came across a social media discussion on starting salaries. A certain applicant who happens to be a fresh graduate rejected a sizable starting package and demanded for an amount that was almost double. While knowing what we want and deserve may be good, when does one know if what they are asking equates reasonably to the credentials they carry?
Do not get me wrong. Both are important in your professional development—a higher designation entails you have acquired the necessary skills and competencies to do the responsibilities of the position, and a higher salary denotes the organization’s appreciation of your loyalty and contribution to its growth. There are so many factors involved in a salary—industry standards, specialization, performance reviews, years of experience, and additional training and certifications, to name a few. To rely solely on educational attainment for a salary is not only unconscionable and inconsiderate, but also indicates a lack of understanding of what the work requires.
In negotiating between position and salary, there are several things one must look at to objectively ascertain which one to prioritize. I know a colleague who took on more responsibilities, but he had the same salary because the organization needed it at that time. He took it on as a means of widening his skills and developing connections with other groups in the organization. The intangible benefits far outweighed the financial remuneration.
And this brings me to the first consideration—priorities. If you desperately need a job for the salary and to make ends meet, the option is clear that you need to take the job. But this also does not mean that you will stay in the same position or salary for a long time. Take every opportunity to learn about your industry and improve the skills and competencies within your professional track. Do the work properly and competently, and the salary will follow.
But if you are financially stable and you can take your time choosing the position and salary which
best fit your aspirations and credentials, then by all means take your time and choose the one which fits you. It needs to start with what is more important to you and which one you value most. But also, be careful to ascribe value to something that the company cannot benefit from. Sure, your educational attainment might be a feat on its own, but from an organization’s point of view, how does that benefit them?
The next consideration is the total benefits package which includes opportunities to upskill and career opportunities within the organization. Aside from considering the organization and their capacity to afford the salary commensurate to your credentials, you also need to understand how your skill set will enhance their existing products and processes, and how your expertise will complement the existing group you will join.
Sometimes, the starting salary is the same as the benefits package that goes with it—medical and dental, house and car plans, flexible shift schedules, leave allocations, and others. Some even give date allowances and leaves for singles, solo parent leaves, gym or club membership, and a host of other creative benefits which might be of more value to you depending on your priorities.
And do not forget the possibility of upgrading your skill set through opportunities for further training and certifications. These will help you build credibility in the organization and, at the same time, provide opportunities to develop professional relationships in other departments, or other professionals in the same industry. In some industries, the currency for a higher position and salary depends on your years of experience and educational credentials, while others depend on a proven track record of products and services. Understanding the in and outs of your industry will go a long way in prioritizing what you need to improve to attain a higher position or salary.
A colleague once shared that he accepted a lower position but with a higher salary because he wanted to be exposed to the different facets of his industry. He may not have maintained his position, but his ultimate priority was to develop his skills in a bigger organization which exposed him to different specialties and helped him develop the right connections. Today, he has his own company and provides consultation services.
Another colleague transferred to a different organization because it offered him the position of a manager, but he does not have extensive experience leading people. He took the position because of the manager title, so he had to work doubly hard and learn fast to adapt to the needs of the position. He knew what the position involves, and he took the effort to learn and adapt because, ultimately, his end goal was to take on more responsibilities.
Which brings me to another consideration: your motivation. Some people are satisfied with where they are and will consider more responsibilities or promotions as punishment more than opportunities for growth and development. Others see more responsibilities as a chance to be recognized for their effort, and an indication that management trusts them with the added tasks. It all depends on your motivation. Why do you want a higher position or salary?
The opportunity to accept or apply for a higher position or salary depends largely on a clear understanding of your own personal motivations, your current skill set and competencies, and what drives you forward. It is never a bad thing to aspire for more for yourself. But it needs to be backed up by several considerations which include not just your educational credentials but also your proven track record, high emotional quotient, and a clear understanding of your place in the organization.
Image courtesy of Green Chamelon on Unsplash