The fastest way to get a pay rise.
I’ve been working in my role for 5 years but have seen no progression. I have run on the advice my whole career that loyalty pays, but if I look out at the job market, there are roles that seem to be paying upwards of 20% higher than what I’m on now. Does loyalty hold any value anymore?
In the words of “the clash” should I stay or should I go?”
- Matt, 48, NSW
I’m pretty hardline with this kind of thing and I know a lot of managers that disagree with me.
However if you weigh things purely by financial outcomes, unfortunately the fastest way to get a pay-rise is to leave. And I’d say if you counterparts are reveling in a 20% bonus simply for the burden of doing the same job in a different office, then it’s time to pack-up and go.
While you may value loyalty in your personal life, loyalty only carries credit in your workplace if your employer values it.
50 years ago, you hang around long enough and the CEO personally hands you a gold watch, along with a public acknowledgement of service and a firm handshake - regardless of the organization’s size.
Nowadays, you’ll be lucky to get a woollies mudcake, a feeble shoutout on LinkedIn and a gentle HR-approved pat on the back.
Here’s the thing; even if things were like they used to be, leaders don’t even really want a gold watch anymore.
As the millennial generation takes the reigns of big business, I see people simply looking for three things;
1. Genuine respect (a metaphorical gold watch if you will). This comes in the form of being listened to AND a boss that is happy to take a risk on their ideas.
2. Engaging work (either ownership, stuff that makes a difference (profit or purpose), autonomy).
3. A decent wage that keeps up with the times AND the competition.
Rem matters. Keeping up with the times matters. When people are under pressure, they want to know they are getting value for money staying where they are – or at least that the cost of changing jobs is greater than the cost of staying. Things are tight at the moment even if you’ve cracked the $200k mark. People don’t buy a house with half of their buying power – they push right to the edge of their ability to afford it whether their house is $600k or $6m.
If you don’t keep pace with wage growth in your sector, you’ll lose your best people. And if you do lose them, you’ll need to advertise at a market-competitive wage to replace them!
