Thank you Ngozi.
- June 20, 2023
- 8 Comments
Consider this: there are two top performing employees who both started their career 10 years ago. One has been loyal to one organization for the entire 10 years, the other has “jumped” three times, working for four companies in the 10-year period. While the former got promoted three times through the 10 years, the latter got promoted five times. What is the difference? Frequent Skill and Experience Repricing method.
Every organization wishes their employees will stay long and loyal; it helps for stability, low staff attrition, and frankly, it saves cost. Moreover, there is no incentive to reward an employee who won’t leave. As such, the regular growth-path is activated for such employee, and two to three years (or more) promotion to garnish the steak.
On the other hand, however, there are employees who stay in touch with the labour market, and constantly assess their package against current market price. They ensure they are paid their current market’s worth, and how they do this is what I call Frequent Skill and Experience Repricing.
For some, this entails keeping a healthy network to be abreast of changes and vacancies in the market; testing their worth by accepting other job interviews for their skills and experiences; comparing what other companies are willing to pay them (cash and job welfare) with their current employers, and either negotiating a better package with their current employer, or jumping immediately.
See, friends, unless you respect your value, no employer will. And if you are without value, expect to be replaced immediately.
Skill and experience repricing is how many of the leaders in your industry achieved top leadership at a relatively young age. “Jumping” is how they did it, stop being shy of it.
Meanwhile, you can still stay loyal to one company while employing this method. Simply, reprice your skills and force your employers to the negotiating table. Bring in offers from other companies, and show a proof that your skill and experience is priced higher than you are paid in the company.
A few other companies have an exceptional achievers’ path for high flyers like you to get recognized and rewarded more frequently. Others don’t. So plan to jump!
Finally, keep in mind, you cannot negotiate if you have not trained yourself to be in your A-Game. No company negotiates with their average employees. Refuse to be average; make your contribution loud and visible, then price your value right.
I am always rooting for you. Cheers.
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Learnt a lot from this. Kudos!
Thank you James for always reading.
Thank you Chika for reading. I appreciate.
Great move sir! I appreciate
8 Comments
This is a great piece 👌
Thank you Aminat.
I just had to leave this comment because no one has said it better!
Question:
How can people who have out of the Job market for while, prove their worth with the self development they have achieved during that break period, get back into the market without selling themselves short?
Thank you Chidimma for your comment.
This is my thought on this:
Once there’s a gap in your work experience, the market will price you down. It doesn’t matter what you went for. Unless it is a higher education to advance a relevant experience. In which case you’ll need price that into your ask as you come back to the market. In any case, my advice will be to take your best offer and come back into the market. It is easier to negotiate within the system than from outside. If you see it as a strategic plan, you’ll take it, give it 2 years, and then launch your move. If you have the value you claim, you’ll quickly adjust back to your true worth
Interesting read, Thanks for sharing
Thank you Pendusky.
I’ve always had the notion that before one raises a gun, they should make up their mind to shoot. The regret of not shooting could be damning.
Now if one goes to get an offer from outside and then forces their current employer to renegotiate terms, the employer might feel cornered however unwarranted this feeling might be, they might make one a better offer only to frustrate them out of the organization, down the line calling them culture unfit employees, when they the employee have options for replacement. My take is this, you can either be a missionary or a mercenary. Which ever one you adjudge pays you better but you can’t have it both ways. What do you say to this?
I admire this line of reasoning. Being a missionary or a mercenary, sounds very clear. My only addition to it is that one must also assess if the organization is a missionary organization or a mercenary organization in how employees are managed. Thank you so much for sharing.