“I’ve Been Stuck in the Same Job For Years. Coach Me!" with Claire Wasserman
In this episode of Money Rehab with Nicole Lapin, coach Claire Wasserman provides guidance on navigating career advancement and salary negotiation. She emphasizes the importance of thorough market research to understand competitive pay levels in your role and industry. Wasserman also highlights the need to quantify your accomplishments and measurable impacts on the organization to demonstrate your value as a leader.
The episode covers strategies for exploring growth opportunities within your current company, such as identifying potential career paths, discussing goals with mentors, and considering lateral moves to broaden your skillset. Wasserman advises taking an informed approach by networking, researching, and reflecting on your aspirations to make well-rounded career decisions.
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1-Page Summary
Salary and Market Research
Wasserman advises doing thorough research on salary ranges and competitor pay practices within one's role and industry. She suggests reaching out to employees, particularly well-compensated white male peers, on LinkedIn for insights. The goal is to gain valuable data for justifying a target salary increase commensurate with one's skills and experiences.
Demonstrating Your Value and Impact
Key Accomplishments and Measurable Outcomes
Wasserman recommends documenting key achievements, process improvements, and their quantifiable impacts on the business. For projects showcasing leadership, it's vital to communicate measurable results like increased visibility, media coverage, downloads, investments, and client acquisitions.
Highlight Leadership and Strategic Thinking
Even in junior roles, employees can articulate their problem-solving abilities and strategic contributions that drove major initiatives forward, Wasserman notes. Illustrating how individual efforts translated into larger organizational successes positions one as a valuable leader attuned to broader business goals.
Exploring Growth Opportunities Within Your Current Company
Identify Potential Career Paths
According to Wasserman, understanding the advancement roadmap, from promotions to compensation increases within one's role, is crucial. Learning from colleagues who have navigated internal transitions can offer valuable insights.
Discuss Goals With Management and Mentors
Wasserman suggests approaching influential colleagues thoughtfully - offering agendas, respecting schedules, and soliciting career advice. Beginning positively, inquiring about lessons learned, then seguing to discuss potential growth areas and responsibilities can open helpful mentoring conversations.
Embrace Varied Growth Paths
Wasserman emphasizes being open to lateral moves that broaden skills and experiences. Making informed decisions by gathering information through networking, research, and self-reflection can lead to well-rounded career development paths.
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Counterarguments
- While reaching out to well-compensated white male peers for salary insights might provide useful data, it could also introduce bias and does not account for the potential pay disparities that exist due to gender and racial inequality. It may be more equitable to gather a diverse range of salary insights.
- Documenting key achievements is important, but it's also crucial to recognize that not all valuable contributions can be easily quantified or measured, such as mentorship, teamwork, and company culture enhancement.
- Focusing on measurable results for leadership projects is beneficial, but it's also important to acknowledge the role of soft skills and the long-term strategic impact that may not be immediately measurable.
- Articulating problem-solving abilities and strategic contributions is essential, but one must also be careful not to overstate individual impact, as this could overlook the collaborative nature of most business successes.
- Understanding the advancement roadmap is useful, but it's also important to recognize that career paths can be non-linear and unpredictable, and sometimes opportunities arise outside of the established roadmap.
- Approaching influential colleagues for career advice is a good strategy, but it should be done with the understanding that their time is valuable and their advice may not always be applicable to one's unique situation.
- Being open to lateral moves is a sound approach, but it's also important to consider the potential risks and opportunity costs associated with such moves, including the possibility of being sidetracked from one's primary career goals.
Actionables
- Create a personal "brag sheet" in a digital format that's easily updatable, where you track your accomplishments, skills, and any quantifiable results you achieve at work. This can be a simple spreadsheet or a dedicated app where you input data regularly, ensuring you have a dynamic record of your contributions that you can reference during performance reviews or salary negotiations.
- Set up informal coffee chats with colleagues in different departments to gain a broader perspective on the company and learn about various roles and success stories. This can be done once a month and can help you understand different parts of the business, which is valuable for making lateral moves and expanding your skill set.
- Volunteer for cross-departmental projects or committees to showcase your versatility and willingness to take on new challenges. This not only broadens your experience but also increases your visibility within the company, allowing you to demonstrate leadership and problem-solving skills in a variety of contexts.
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Salary and Market Research
In order to navigate salary negotiations and ensure fair compensation, Wasserman offers guidance for those seeking to advocate for a salary increase.
Research Salary Range for Your Role and Experience
Wasserman urges individuals to do thorough research on the salary one can expect for their role and level of experience. This task involves identifying competitor companies that have similar positions and reaching out to employees there—preferably white males, as they often receive higher pay—to gather insights on compensation. When making these inquiries, preferably on LinkedIn, Wasserman suggests framing the conversation as a pursuit of salary transparency to ensure that everyone is being paid fairly and not underselling themselves.
Evaluate Salary Competitiveness and Set Target Raise
Justify a Salary Increase With Your Skills and Experience
For those like the c ...
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Salary and Market Research
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Counterarguments
- While reaching out to employees at competitor companies can provide valuable insights, it may not always be feasible or appropriate due to confidentiality agreements or company policies that prevent employees from discussing their compensation.
- Focusing on white males for salary insights could be seen as perpetuating existing wage disparities and may not provide a complete picture of the salary landscape across different demographics.
- Salary transparency is important, but some individuals may not feel comfortable discussing their compensation, and pressuring them could lead to uncomfortable situations or strained professional relationships.
- Justifying a salary increase solely on skills and experience might not take into account the current economic climate, the company's financial health, or indu ...
Actionables
- Create a personal "salary story" document that highlights your career achievements and how they align with market value. Start by listing your skills, experiences, and any special projects or results that showcase your value. Then, research industry standards for these accomplishments and note how your contributions align with or exceed these benchmarks. This document will serve as a powerful reference during salary discussions, demonstrating your worth in a clear, quantifiable manner.
- Develop a "fair pay" portfolio to present during salary negotiations, including visual aids like graphs and charts. Gather data on industry salary trends and create visual representations that show where your current salary falls in relation to the market average and top performers. Use this portfolio to visually communicate your pursuit of fair compensation, making it easier for employers to see the justification for a salary i ...
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Demonstrating Your Value and Impact
In a discussion with Wasserman about demonstrating one's impact on a company, clear strategies emerge for how employees can showcase their value through leadership, problem-solving, and strategic thinking.
Key Accomplishments, Process Improvements, and Positive Business Impacts Over Past Years
Projects or Initiatives Demonstrating Leadership and Measurable Outcomes
Wasserman stresses the importance of documenting key achievements, process enhancements, and the positive impacts of these projects on the business. Quantifiable results that showcase an individual's contribution to the company's success are critical. The caller mentions having worked from the inception to the shipping of a large new product, which is a significant milestone. In addition, Wasserman points to the need for communicating the broader effects of successful initiatives, such as the number of downloads, media coverage, new investments, clinched deals with clients or partners, and increased public visibility for company leaders as a result of the project.
Highlight Leadership, Problem Solving, and Strategic Thinking
Respect Hierarchy, Own Your Domain, Articulate Broader Impact
In highlighting leadership and strategic thinking, Wasserman asks the caller to authentically express her role in the projects, owning the aspects she managed, while showing respect for the organizational hierarchy. Even though the caller was not the decision-maker on the large project due to her junior status, she played a significant role in its day-to-day management, leading to its success. Wasserman un ...
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Demonstrating Your Value and Impact
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Counterarguments
- While documenting key achievements is important, it can sometimes lead to an overemphasis on individual accomplishments at the expense of recognizing team efforts and collaboration.
- Quantifiable results are crucial, but they may not always capture the full value of an employee's contributions, particularly in roles where impact is more qualitative than quantitative.
- The focus on significant milestones like shipping a new product might overshadow the importance of consistent, ongoing contributions that maintain and improve company operations.
- Communicating broader effects is essential, but there can be a risk of overstating one's role in these outcomes, which could lead to misrepresentations or inflated self-assessments.
- Highlighting leadership and strategic thinking is important, but it should not diminish the value of other skills and attributes, such as adaptability, teamwork, and technical expertise.
- Authentic expression of one's role is crucial, but it must be balanced with humility and an acknowledgment of the contributions of others to avoid appearing self-centered.
- Respecting the organizational hierarchy is vital, but there should also be room for questioning and improving upon existing structures to foster innovation and adaptability.
- Junior employees do play significant roles in project success, but e ...
Actionables
- Create a personal "Impact Journal" to record your contributions and their effects on your business or team. Start by jotting down weekly entries that detail what you've accomplished, how it improved processes, and any positive feedback you received. This habit will help you articulate your value during performance reviews or job interviews.
- Develop a "Success Map" for any project you're involved in, from start to finish. Use a visual tool like a flowchart or timeline to mark key stages, your specific roles, and the outcomes. This can be a powerful visual aid to demonstrate your understanding of the project lifecycle and your impact on its success.
- Initiate a "Financial Imp ...
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Exploring Growth Opportunities Within Your Current Company
Those considering how to progress within their current job might ponder the potential growth opportunities and the best ways to advocate for themselves, such as striving for a promotion or salary increase within their company.
Explore Career Paths and Advancement Opportunities
Understanding the path to growth within a company is essential. Claire Wasserman emphasizes the significance of knowing the runway of one's position, from who is getting promoted to the timeline and associated paychecks that come with reaching the top. It's also crucial to be mindful of the skills and networks being cultivated to open necessary doors for the future.
Identify Colleagues Who Have Experienced Internal Promotions or Role Changes and Learn From Them
Observing colleagues within a department or across the company who have experienced promotions or role changes can offer important insights into possible career paths. The company’s flexibility and collaborative environment, as indicated by the caller, suggest room for personal growth and opportunities to learn from others' experiences.
Wasserman recommends identifying colleagues who have successfully navigated the company's hierarchy, especially those who have risen from different backgrounds. Engaging with these individuals can provide valuable understanding of their career trajectories and the capabilities they've utilized.
For the caller, learning from a senior product person they admire could offer crucial career path insights. Wasserman encourages asking for recommendations on whom to learn from, potentially paving the way for introductions to others who can offer further insights into growth and advancement.
Discuss Career Goals and Advancement Process With Manager or Influential Colleagues
When approaching conversations with influential colleagues about growth and career goals, Wasserman suggests several strategies. First, help the person of influence by considering their time – offer to send questions in advance and ask for short meetings to fit their schedules more easily.
In conversations with influential individuals, it's important to broach the positive aspects of one's current role and what has been learned. From there, one can move on to express specific interests or observations about the industry that may resonate with the person's expertise.
Wasserman also advises beginning a conversation with a positive question, such as asking about a significant lesson learned, which sets an engaging tone and invites them to share their experiences.
Transition these talks towards growth by asking how they might approach expanding responsibil ...
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Exploring Growth Opportunities Within Your Current Company
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Counterarguments
- Understanding the path to growth within a company is not always clear-cut, and some companies may not have transparent or structured advancement opportunities.
- Knowing the runway of one's position may not be possible in dynamic or rapidly changing industries where roles and expectations frequently evolve.
- Skills and networks are important, but external factors such as market conditions or company reorganizations can also significantly impact career opportunities.
- Observing colleagues' career paths can be insightful, but individual experiences may not be replicable due to unique circumstances or timing.
- Engaging with colleagues who have successfully navigated the company's hierarchy assumes that these individuals are accessible and willing to share their insights, which may not always be the case.
- Learning from senior colleagues can be valuable, but it may also lead to a narrow perspective if their experiences are not diverse or if they are not attuned to current trends.
- Discussing career goals with managers or influential colleagues assumes that these individuals have the time, interest, and ability to influence one's career growth, which might not always be true.
- Considering influential colleagues' time is respectful, but it may also limit the depth and quality of the interaction, potentially reducing the value of the advice received.
- Broaching positive aspects of one's current role is a good starting point, but it may not address underlying issues or challenges that could be impeding career growth.
- Starting conversations with positive questions is a good strategy, but it may not always lead to meaningful ...
Actionables
- Create a career growth map by visualizing your desired trajectory on a timeline, including potential positions, skills required, and estimated timeframes for each step. This helps you set clear goals and identify what you need to learn. For example, if you're an entry-level employee aiming for a management position, plot out the intermediate roles you might take, research the competencies needed for each, and set tentative dates for achieving these milestones.
- Develop a "skill swap" program with colleagues where you exchange knowledge on different areas of expertise. This can be informal, like a lunchtime learning session, where you teach a colleague about your role while they share insights into theirs. If you're in marketing and curious about sales, partner with a sales colleague to understand their strategies and tactics, and offer insights into marketing in return.
- Volunteer for cross-departmental projec ...
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