Veteran Value - Getting Paid What You Are Worth

Editor's Notes

1. Thank you – For the opportunity to share what I believe to be critical components to Getting Paid What You Are Worth. History – Ultimately this is the number one item folks come to me for help with Over 100 people $10M + in salaries and bonuses over last 3 years Ranging from $75k to $185k And I use this system myself – I’ll share a little about how that is going and where I continue to put effort
2. I’ve heard a lot of different approaches; however, I believe this one give you clear objectives and positions you for success This is powerful for a person looking for a job and one that is trying to get promoted
3. 3 Key Areas to understand: We’ll cover Value – You – Enterprise - and Misnomers, if there is time. I’m sure these items will get the conversation going so feel free to share like we usually do I’ll keep track of the time and move us along – plus much of the work still happens outside of these meetings Alright, let’s jump into it.
4. What are we talking about? The definition of “Value” It is important we stay focused on this definition to get the most out Sure, there are other areas of areas of value, like cultural fit, leadership, relationships, etc. Contrary to popular belief, those are harder to pull off and folks often overestimate their abilities and fall short. However, this approach can be easily managed by targeting your specific areas of strength So, let’s start but understanding the 4 areas of the definition of value… We’ll address these definition items as we go through.
5. Fair Return – You’re the Rockstar! It’s all about you and that is a good thing! We don’t perform well when we are undervalued We all these things to get a sense of what we are worth We use a lot of words to describe our value… e.g. “I’ve been a leader of Marines” Good, but what about better?
6. Let’s go a step further - Let’s hone in on money because that’s what we want from a job, right?
7. Now let’s take it one more step Your # and multiplier What you know you bring The part of the business that is under your control Gives you a sense of what it takes to move to the next level (bonuses, promotions, etc.) – 70% of folks don’t do this exercise and fail *REMEMBER THESE #s Your Target and Control
8. I want to share 3 candidates that are going for the same job. And share some examples of their approaches and pitches. They all want a salary of $100k./ Information is presented in the resume, correspondence, interviews, etc. This should be pretty similar in value right?
9. The first, Military focused background “I was a company commander – equivalent to a director in your company – responsible for $10.4M FTE budget of 208 employees. I also oversaw inventory and operational expenses of $3.3M. While managing $13.7M had is challenges, I find myself drawn to the problem solving and love winning as a team!”
10. Business focused background Key focus is communicating his strength in management
11. She works for a huge firm (although her title doesn’t show it) and is the most business experienced of all three with the most success. She controls more P&L than she has researched and indirectly contributed to $10M in growth. However, she thought that she could “wing it” and forgets to directly mention it and sum up her total control. Could you add all of these up while someone talks? Or would you prefer they provide it?
12. This is how you get paid what you are worth! By understanding what they are willing to pay for.
13. The reason why this approach is so powerful is because the company uses this from their vantage point
14. When they look at the 3 candidates, they can likely determine the following From a control standpoint it is a tie Looking further into the value – one is a better leader, and one is a better manager So how do you decide? What does the company need?
15. This is the key to getting paid the highest amount possible!
16. I know this is a heck of an eye chart. That’s why I’m glad this is recorded. Critical functions of a growing company Key areas I want to point out at the bottom are … Financial – Customer – Process – People You should be able to find your alignment with some of these helping you to clarify your specific value
17. Link and align your value to where the company needs it. This is where 20 Min Networking become invaluable Shape the conversation to gain the most relevant information e.g. “I noticed in a recent article that your CEO is employing a niche type of strategic account management. Could you share a little about that initiative? Where do they need your skills?” These a generally accepted business terms that are used to explain value… so use them to describe YOU!
18. Side Note - I also want to address the topic of Layoffs here If you want to know where cuts are made – this is where it happens I’ve been laid-off twice and each had a unique story 1st time – I was pulled aside, had another job for me (where I learned this) 2nd time – I made a ton of money for the owners and they retired – I used this approach to get 6 figures in 60 days. If you can control value for one division or company, you can do it elsewhere – VERY POWERFUL!
19. She’s going to get paid! This stuff works! These 3 profiles were based on actual veteran stories so you can see the variety of successes and shortcomings
20. Too general Not anchored to value You still have to interpret this to your final communications You need the help of others and you need to guide them to what you need Don’t accept excuses before you’ve even tried Don’t let fear or setbacks get the better of you – if you aim small, you miss small
21. I believe in this approach – I just used this in my year-end review in Dec and was told I was in line for future promotion review. You can do this and I hope you do It can literally change your life I am always here to help