My coaching clients often speak to me about risk, because there’s quite a bit of risk associated with being alive. Specifically, they’re often concerned about the idea of becoming their own boss and giving up a “sure thing.” Job security in someone else’s business is an illusion at best.
Many clients have worked in corporate roles for years and, if we don’t drill down into why corporate America is uncertain or, ultimately, unprofitable, the model of trading skills for a paycheck and benefits seems like a good idea.
After all, a job enables most clients to own a home, a car, send children to college, and not want for material things.
That’s why I want you to take a closer look at how your employer views your job.
If you’re a financial person at work, you already know this. But for those employees who haven’t thought about how the employer places a pay grade or potential salary increases, you’ve got to think like a compensation analyst.
The compensation analyst is part of a team that writes descriptions for every role inside the corporation. He or she analyzes the competitive work place, or uses data that reflects such a comp analysis.
Then, each job is assigned a track.You’re already forming a mental picture when I say the word track.
In corporate speak, track doesn’t mean ‘reach for the moon’ trajectory. Instead, the track has a baseline and an apex.
Here’s an example of what I mean:
“I’ve been in my job for six years and my boss explains I’ve reached my maximum pay grade level. I didn’t get a bonus because our division turned in negative results. How do I negotiate for a better pay grade level?”
That’s an excellent question and I’m glad you asked it.
You need a promotion because the employer is looking at the box in which your job description resides. Unless you’re promoted, your employer actually has a perfect excuse about what’s happening.
He or she will say, “Susan, you’ve reached the maximum salary level for your pay grade and the rest has to be made up at bonus time” or something along those lines.
The only way to literally break out of this box is to work for yourself. You’re a great employee. But you could be an even better business owner.
Naturally, the business owner can give herself a raise whenever she wants.
Using your skills to start your own coaching and consulting practice is the best way to take control of your life.
Your employer takes the lion’s share of your productivity now. The company you work for wouldn’t have it any other way!
It’s possible to develop self-employment so that, when all the tools and systems are in place, you simply hand in a resignation.
It’s unnecessary to quit your job today and then develop everything you need.
William Holt is the go-to coach and trainer for executives & professionals wanting to transition to coaching as a way of sharing their professional expertise with the world. He is also the creator of the Holt Coaching Method as well as the founder and leader of the LinkedIn Group - Executive Women´s Growth Forum.
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