Archives for counter offer

7 Ways to Leave Your Current Job without Burning Bridges

Rusty Bridge by ThreePinner of Flickr

Rusty Bridge by ThreePinner of Flickr

Steven Slater, a JetBlue Airways flight attendant, was frustrated with his job. He had enough one day and quit on the spot. He cursed at the passenger he had been arguing with, grabbed a beer, and slid down the plane’s emergency chute. Slater was hailed as a hero by many, but quickly landed in trouble. His method of quitting burned a lot of bridges, to say the least. Workers who are unhappy deserve to find a better job, but how you quit affects your job search. If you leave your employer in a bind, you may jeopardize your professional future as a reputation for quitting suddenly may follow you. Exercising patience and leaving on good terms will make it easier to land future jobs.

 

  1. Keep your job search confidential

Revealing you are looking for work can cause you to be terminated immediately. Many employers fear that job seekers will depart and take confidential information with them, or they may not give the job their best effort. Ask former employers, co-workers, and clients for recommendations to avoid being discovered during your job search. Be aware that updating your LinkedIn profile may alert employers, but do not let that fear keep you from optimizing your profile. It is a small world and word of your search could travel. Explain to your trusted contacts and potential employers that your job search is confidential. When it comes to references, use previous supervisors. They may ask if your current employer will be a reference. The response to this question depends on how confident you feel that, in spite of your leaving, your employer will sing your praises. Let your prospective employer know that upon receipt of an offer, you will ask your current employer to be a reference. You can be honest if you are uncertain. All too often previous employers are spiteful, though there are laws in most states to protect employees from references that prevent them from landing viable new work.

 

  1. Do not make a dramatic exit

If you have a toxic work culture, or boss, it may be tempting to heed the siren call of gleeful abandonment once your next position is secured. There may be an urge to slap a letter of resignation on your boss’s desk, or to tell your co-workers what you really think of them as you make your exit. Keep your exit civil and classy regardless of your working conditions. You do not know when you may need someone at your company as a future reference. They may hesitate to help you depending on how you departed.

 

  1. Give ample notice

Turn in your notice at least two weeks before your departure. Two weeks is standard, but give a longer notice when possible to be considerate toward your employer. A sudden exit greatly inconveniences your boss, colleagues, and customers, and ensures you leave on bad terms as they scramble to find a replacement. Again, it is a small world and the reputation that you left your employer in a bind may follow you. While being considerate, you also want to protect yourself. Some employers may send you home that day when you give your notice, and you may even find yourself escorted by security. This is a policy sometimes borne out of concern that departing employers may take proprietary information, especially if you accept a job offer with a competitor. Still, give them the consideration of two weeks’ notice.

  1. Train your replacement

Training new employees is time-consuming for many employers. Make the transition easier for your boss by offering to work with your replacement, or to create a training manual. These actions create a win-win-win scenario for everyone involved. Your boss does not have to spend time training a new employee, your replacement is empowered to move into your position with minimal effort, and you leave a reputation of reliability.

  1. Finish your existing projects

Finish your existing projects and tie up loose ends. No one wants to be saddled with the burden of trying to complete someone else’s project. If it is not possible to complete a project, create and keep ample documentation. A finished project or detailed instructions makes it easier for your replacement to move into your role.

 

  1. Connect with co-workers

Let your co-workers know of your departure and offer to keep in touch. Informing your co-workers in advance gives them time to prepare for the transition, though you want to use discretion about who you can trust. Send a farewell message via mass e-mail and give co-workers your contact information, such as a personal e-mail address and a LinkedIn profile. Prepare it before you leave, as you may only have 30 minutes to pack up your belongings and leave the premises. Make sure your colleagues are in your LinkedIn network and stay in contact. You never know where a co-worker may end up, if he or she may be your next boss, or in a prime position to hire you at a future job.

 

counteroffer

  1. Do not accept a counteroffer

Your boss may make a counteroffer once they discover your intent to leave. There are good reasons to deny this offer. It is designed to stop you from leaving, but you may be fired within a few months as they devise a plan to replace you. Additionally, the dissatisfaction that caused you to seek a new job will remain, even with a pay raise. Remind yourself of the reasons you are leaving and stick to your decision.

 

If you work at a less-than-ideal employer, it may be tempting to burn bridges as you exit. We hope you are leaving your employer because you have big plans to become happy professionally. We encourage you to take control and plan your exit. If you really have days that are SO bad that you fantasize about going out in a blaze of glory, what you are really seeking is the ultimate feeling of empowerment. This does not come from that blaze of glory moment- that moment can burn you forever. It comes from intentionally and strategically planning your next move and exiting with class. Chances are there are others at your job having the same fantasy who will be inspired by and perhaps envious of your moving on to bigger and better. This is really the best revenge against employers who have proven undeserving of your talents, effort, and time.

 

Are You Being Underpaid? Recover Your Salary!

Photo courtesy of 401(K) 2012 on flickr creative commons Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0).

Photo courtesy of 401(K) 2012 on flickr creative commons Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0).

Here’s a common scenario: You have been underpaid throughout your career and you struggle to catch up because your future compensation seems to be determined by your past compensation. You’ve been with your current company for a year, or perhaps a few years. When you originally accepted the job, you didn’t really negotiate your salary. You may be scrambling for a way to ask your boss for a raise. You don’t want to come off as envious of your coworkers, but you do want to be better compensated.  Fortunately, there are a number of ways to catch up on your salary if you’ve been underpaid.

Know your market worth and know the market:

You probably wouldn’t consider a project without doing some research first. For example, you wouldn’t repaint your house without knowing which types of paint to buy. The same thing can be said about your market value. It is important to know how your positions to compares to others in your field. That is, what are people with the same experience and skills being paid for doing the same, or a similar job? There are a number of ways to research salary amounts for your position. Glassdoor is a great resource for discovering what people in your company and your competitors are being paid. It even offers reviews of a company from current and former employees. PayScale offers a personalized salary report and includes job title, skills, education level, and location in determining a salary range. Salary.com is a little simpler to use, and provides a median snapshot of your pay range based your job title and location. In addition to online salary calculators, ask HR people and niche recruiters about the pay range for your position. Use LinkedIn to build relationships with recruiters, and ask them about average salaries for your job. If you want more information, ask a manager several levels above you what they were paid when they did your job. There’s one caveat: This approach may provide some information, but it doesn’t account for how the economy can greatly impact salaries. It can help in the justification if you are paid less than someone who had the same job years ago. You can also research your company’s competitors to see what they’re paying for the same position.

Now that you’ve done your salary range research, there is another research step to consider—your company’s finances. Having data on pay for your position is fantastic, but your company needs to be in a position to give you that raise. A company in poor financial shape may not be able to give you a raise, or the raise may fall short of what you wanted. If your company is publicly traded, you can find financial statements online. If your employer is private, discovering its financial health may be a bit harder. Some potential signs to look out for are the number of clients, and how well top executives are spending. A healthy client base and confident executives are signs your company is doing well, and can afford the raise. It’s critical to evaluate how YOU make an impact on the financial health. Even an administration position can indirectly impact the top and bottom lines of a financial statement. Also, take a moment to research your company’s budget, if you don’t already know it. Raises may have already been given out for the quarter, and you may have to wait for the next budget period. Or you can take a huge step, and see what another company is paying for your position. If you can’t get that raise, you may need to make a change in order to catch up.

You should never accept a counteroffer because it can be tantamount to career suicide. A counteroffer is designed to prevent you from leaving. In other words, you haven’t become more valuable as an employee to your boss, but it would be more of a hassle to immediately replace you. Your boss would have to deal with the disruption your departure will bring, as well as hiring someone else to fill your position. If your work was highly valued by your current employer, you wouldn’t have to resort to finding another employer to work for. Worse yet, if you make the decision to accept a counteroffer, there’s no guarantee your boss won’t fire you in the next few months. Consider this: the very act of flirting with another company can raise a red flag, and your boss may no longer trust you. When the opportunity arises, your boss may let you go at their earliest convenience. If you’ve made up your mind to resign from your company because you are underpaid, stick to your decision. Scott Love, a columnist for The Vet Recruiter, has a few stories about executives who accepted a counteroffer, and were later fired from their companies.

Build your personal case:

A demand of, “Give me more money, because I deserve it!” isn’t enough to get that raise. You may be underpaid, and have the market value data to prove it, but you have to provide your boss with a compelling reason to give you a raise. List your accomplishments and show the value you bring to the company. Illustrate the ways you help your company save money, or how you really get projects done. Name some of the most successful projects you’ve worked on. If you’re constantly praised by your clients, coworkers, and superiors, save those letters and e-mails. Pursue your case for a higher salary in a similar manner to your job hunt. You didn’t hold back on your accomplishments or recommendations. Why should it be different when it comes to catching up on your salary? Coupling market value salary ranges with your accomplishments make it much harder for your boss to dismiss your request for a salary increase. You deserve to be appropriately paid for your work. Last week I discussed how you can negotiate perks and other benefits that have monetary value to you, if pure compensation isn’t a viable offering.

Practice your pitch:

Practice making your request, sharing relevant data, and countering possible objections before you actually meet with your boss. No one is perfect, but practice certainly never hurt anyone! If the thought of talking to your boss about raises makes you nervous, a practice run with a coach or a mentor could help you get your pitch down. Alternatively, if you’re the more forceful type, practice could help you be assertive without being overly aggressive. Meditating and visualization are a great way to ensure that you approach this from the right mindset and optimize the outcome.

Negotiate a competitive pay raise, rather than a merit-based raise:

You have the market data that shows what your position is worth; now is the time to formulate a salary increase based on that information. If you’re underpaid, use the salary information to calculate the number of percentage points your raise should be. For example, if you’re paid 7% less than the market rate, ask for a raise of 7% in the form of a competitive pay raise. Pat Katepoo, the founder of Pay Raise Prep School for Women illustrates the point wonderfully in her article, “How to Get a Pay Raise of 10% or More.” Anything less than a competitive pay raise for someone who is underpaid means, he or she will never reach the baseline starting point for the job. For example, if you are being paid 10% below the market average, your boss may offer a merit pay raise offer of 5%, but that still won’t catch your salary up. There is also the risk of being paid above the market value—finding yourself on the chopping block. Catching up is a priority, but the way to get a raise above and beyond the market value for your job is to find a way to increase YOUR market value—A certification, taking on  a new project, enhancing your role, or landing a big client (even if you’re NOT a sales person!). In short, a smaller pay raise will increase your salary, but you’ll lose income potential in the long run by accepting much less than what your position is actually worth.

Additionally, you could use an offer for more money from a competitor as a way to leverage your negotiating power with your current company, but by doing this you should be prepared to resign. As I stated earlier, accepting a counteroffer from your boss does your career more harm than good. You may gain a raise in the short term, but lose your job in the long run.

Once you’ve figured out how much you should be paid for your job, request a meeting with your boss. You should ask for the raise amount you’d like, show how the raise is competitive with other salaries for your position, and highlight the many tasks you perform for the company. After the meeting, follow up with a prepared document stating the terms you are requesting. Writing a letter to your boss after meeting with him or her in person allows you to plead a genuine case, versus writing the letter first. Sending a letter first can allow your boss to easily dismiss your case.

Consider a job transition:

If your bid for a higher salary fails with your current employer, consider working for another employer. Transitioning to a new company and negotiating for a salary at or above market rate is another way to increase your pay. Work your professional networks and don’t be afraid to jump ship, if you really need to. On average, an employee who stays at his or her job for two or more years can expect a pay raise of about 3%. Employees who switch jobs can earn average salary increase of 10% to 20%. If your employer can’t see your value, and won’t or can’t afford to pay you at a market rate, find someone else who will. That said, it is important to move on in a civil manner, if you do decide to work somewhere else. You never know when your boss or coworkers could provide you with valuable professional references. Burning professional bridges may make for an entertaining TV show plot point, but it is never a good idea in real life.

Salary negotiations can cause some initial trepidation, but they can be successful. Not negotiating for a high salary means you’ll be leaving money on the table, especially if you’re underpaid. The amount of money you lose in the long run can easily add up to millions of dollars. Think about it. If your boss suddenly spread out millions of dollars on a table in front of you, and said it was yours, would you say “No thanks,” and leave it behind? Probably not. This happens whenever you’re paid much less than you’re worth. You can reverse the trend of being underpaid by taking action NOW. Discover what you should be paid, formulate a new salary, practice your pitch, and make a compelling argument as to why you deserve a competitive pay raise. If your company won’t or can’t provide you with one, be prepared to look for a new employer. Think about the quality of life you could be enjoying if you are paid what the Abundance calculator determines as your present-day income. Again, being underpaid can really throw off your income track and you can lose millions throughout your career by not taking control. NOW is the time to correct that course!

Money – Pink Floyd HD (Studio Version)

Money – Pink Floyd from the Dark Side of the moon in HD quality [Lyrics] Money Get away You get a good job with good pay and you’re okay Money It’s a gas Grab that cash with both hands and make a stash New car, caviar, four star daydream Think