As you know, one of my favorite topics is negotiation. I love helping my clients to make more money at work.
A number of factors influence how much you’ll be paid at your next job, including:
- Your years of experience
- Your education
- Your career field
- Your location
- Your negotiation skills
- Whether or not you manage others
Often though, a manager in one department makes a very different salary than a manager at the same level in another department. This is despite having similar experience and education.
Why is that?
If you’ve found yourself in this situation, one thing to consider is how close you are to the money. In other words, how critical is your role to generating revenue for the company?
That’s right. How close are you to the customer? How close are you to sales?
Even if your role is a very important one, upper management often prioritizes positions based on their impact to the bottom line.
For example, in the digital marketing world, there are many roles. Some people manage social media sites, like Facebook. Others keep the company website up and running. And, some focus on customer lead generation. If you were to compare the salaries of these positions, on average, you would find that those marketers who focus on generating leads and sales are more highly compensated than those managing social media.
Again, all these roles are important. But, if you think of it from a company perspective, what’s the most important thing to the company? Getting new customers and generating more revenue.
Have you ever wondered why the sales force drives new cars and is rewarded with company trips? It’s surprising, but in some organizations, a top performing salesperson is even able to bring in more income than their manager!
So, if you find yourself in a situation where you want to make more money, reflect back on the entire list of factors above. If you feel you’ve covered everything else, such as education and experience, consider your impact to the bottom line. Is there another role you might consider that has a more direct impact to the health of the company?
Focusing on “the business” will often get your further and help to put more money in your pocket.
Also, be sure to subscribe to my Copeland Coaching Podcast on Apple Podcasts and Stitcher where I discuss career advice every Tuesday! If you’ve already heard the podcast and enjoy it, please consider leaving a review in Apple Podcasts or Stitcher.