My coaching clients often speak to me about risk, because there’s quite a bit of risk associated with being alive. Specifically, they’re often concerned about the idea of becoming their own boss and giving up a “sure thing.” Job security in someone else’s business is an illusion at best.
Many clients have worked in corporate roles for years and, if we don’t drill down into why corporate America is uncertain or, ultimately, unprofitable, the model of trading skills for a paycheck and benefits seems like a good idea.
After all, a job enables most clients to own a home, a car, send children to college, and not want for material things.
That’s why I want you to take a closer look at how your employer views your job.
If you’re a financial person at work, you already know this. But for those employees who haven’t thought about how the employer places a pay grade or potential salary increases, you’ve got to think like a compensation analyst.
How Your Employer Looks At Your Job
The compensation analyst is part of a team that writes descriptions for every role inside the corporation. He or she analyzes the competitive work place, or uses data that reflects such a comp analysis.
Then, each job is assigned a track. You’re already forming a mental picture when I say the word track.
In corporate speak, track doesn’t mean ‘reach for the moon’ trajectory. Instead, the track has a baseline and an apex.
Here’s an example of what I mean:
“I’ve been in my job for six years and my boss explains I’ve reached my maximum pay grade level. I didn’t get a bonus because our division turned in negative results. How do I negotiate for a better pay grade level?”
That’s an excellent question and I’m glad you asked it.
You need a promotion because the employer is looking at the box in which your job description resides. Unless you’re promoted, your employer actually has a perfect excuse about what’s happening.
He or she will say, “Susan, you’ve reached the maximum salary level for your pay grade and the rest has to be made up at bonus time” or something along those lines.
The only way to literally break out of this box is to work for yourself. You’re a great employee. But you could be an even better business owner.
Naturally, the business owner can give herself a raise whenever she wants.
Strategic Discussion: Yours for the Asking
Using your skills to start your own coaching and consulting practice is the best way to take control of your life. Taking control will always involve a certain amount of risk.
The fact that your employer takes the lion’s share of your productivity now poses certain risks to your ultimate sense of long-term wellbeing.
That said, it is possible to develop self-employment in a way that, when all the tools and systems are in place, you simply hand in a resignation.
