An article caught my eye earlier this morning in the business pages and led to this blog. Its goes like this Graduates not making a lot of money following on from their degrees. We can help you out on this, and here's five bits of advice to help keep the salary level you're on as good as is can be.
- You will be paid according to the value of the work you’re doing
There are areas of the market where services cost more to buy (clinical testing) versus ones where they cost less (food/environmental testing), so one has more cash coming in for it’s activity. This is simply market forces at work. If the product you’re working on makes less money the salary available for doing that work can be less and in my exprience often is. There are exceptions to this. If the product is worth more than vice versa can apply. Also, this is about the work you do, so ensure you’re having a strong impact in your specific job between Monday and Friday. Salary differentials tend to reflect individual’s outputs most strongly, then the team, then the business.
- The closer to the money coming in that you are, the more you’re paid
Sales roles pay well because the individual often broker a high value sale, they are said to ‘drive the sale’. No salesperson, no sales, so this job is very 'high value'. As the career develops and your network builds you become more key to this activity, so bonuses are high, your pay goes up. However, any role where you pay a key part in a ‘high value thing happening’ is paid well. Hint: Consider this in your career, are there areas you could train in that are lacking in skills? Does your company charge a premium for a certain type of work you could look into? Could you move closer to client contact and increasing the revenues via new business opportunities for your employer? All this will increase the value you bring to your organisation, and at your next pay review you can proudly bring this up…
- Big companies pay the best wages
I work with small to mid-sized businesses mainly, so sorry guys this one doesn’t help us out much! But it’s true, go to a multi billion turnover business and your salary is likely 10%+ higher than a small to mid sized business as a broad generalisation. Again there are exceptions. The payoff? Not always as good as it sounds, at an entry level the roles are more defined and segmented, giving lower creative freedom. It can also be difficult to move from a well paid, but omni-purposed job to some of professional-plate-spinner roles the SME’s are needing. That said, fantastic careers are on offer and once you’ve proved your worth there’s a lot of scope for future development within that business I'm sure. And the money’s better during that time. Again this blog is about money not anything else, I didn’t say a well paid job was always the most exciting option.
- You need to earn it every day
To be earning the best money you need to earn it every day. You can’t have the approach of feeling you’ve done X and Y in the past… that’s the past and it’s not going to pay the bills tomorrow. So, for more money it’s a case of working as hard as you can every single day this is basic but time and again we hear that people have done qualification X or achievement Y, this is great and yes it will get you in a good job. But to make more money than the average, you need to apply that to day Z tomorrow. Being a good performer in your job is the first step to progression and then keep applying yourself for the benefit of the business you're in, and your bank account. Then keep improving.
A lot of development opportunities are out there, in fact they're in every bookshop or on youtube in industry relevant content. Personally I always bought my own sales books nobody provided them (expect one copy of Selling To Win which is blogged about here). I didn't mind as £10 on a sales self-help book easily turned into a few £1,000's in bonuses.
- Show off more
If you achieve something at work, make sure your boss knows it. If you’ve got certain skills that others walking around out there don’t have, make sure they’re on the CV. If you communicate your abilities to improve a business well, someone somewhere will pick up on that and give you a chance in a role working for them. And why not? If you’re going to help them be successful it’s a no brainer! (and high value work!) CV advice is available to be downloaded here.
Good luck in the job hunting and don’t hesitate to call us for advice or to hear about the latest jobs.
Matthew at LiCa Scientific