The other day, a client shared with me her financial situation at work, and asked some probing questions about money, salary, compensation and promotions that revealed a good deal about her personal money story and behavior.
She shared this:
“Kathy, I’m not earning nearly what I should be, despite asking for a raise repeatedly (and being told “Not now”). I just don’t know what else to do. And I can’t figure out why I chronically under-earn compared to my peers at the same level. What should I do differently?
We delved into her relationship with money overall, including the salaries she’s been earning, how and when she asks for a raise, ways in which she advocates and negotiates for herself, if she has sponsors and mentors, and other key factors impacting her level of success.
Over the years, I’ve heard a plethora of common misconceptions and misguided beliefs from professionals about their financial situation, and I’ve seen that there are core reasons people don’t earn what they think they deserve in their jobs. I’ve also observed behaviors that help others easily command more and more money for their work.
What are the core factors behind why we’re able to consistently grow our salaries and job earnings?
What many people don’t understand is that they won’t be granted a raise just by doing a good job, or just by asking for one. Performing your job well is expected and a requirement for keeping your job, not a guarantee of a raise or promotion.
People are granted raises and command more money than their peers at the same level typically for these 5 reasons:
They’re influential, positive, and exceed expectations consistently
People who are compensated well have a highly-effective way of getting things done, removing obstacles in the path, and accomplishing important, mission-driven outcomes that benefit the organization. And they reveal a positive, can-do attitude and approach, behaving in a consistently high-level manner that exceeds expectations of the role and this contributes to their being viewed as an important team player and contributor. They have the ability to pave the way for success where others fail.
They demonstrate empowering leadership
Professionals who command great money regularly demonstrate the 7 positive leadership traits that encourage people to rally behind them and support their vision and goals, and those of the company. Regardless of their level or rank, they reveal their leadership know-how and their growth potential is obvious. They’re also keenly aware of their own dominant action style and are great at leveraging it, but welcome working with those with a diversity of styles.
They innovate powerfully and challenge the status quo in productive ways
People who are rewarded financially don’t just tackle the stated objectives of their role. They go beyond that every day. They innovate, create, problem-solve, collaborate, and bring to the table new ways to address business challenges and dilemmas. And these innovations pay off, making a difference in how the organization moves forward.