Show Me The Money Series (Part 1)
It’s An Emotional Topic
Before getting into the nuts and bolts of what you can do to maximize your salary (non-union), let’s try to understand what is behind our need for more money and why we bump into challenges.
We Humans Seem to Always Want More
I have surveyed employees in organizations and never found a group of employees who are completely satisfied with their pay. I don’t know many people who would say – “no thanks, I’m good, I don’t need more money, don’t need a raise or a bonus”. Most of us work with a goal and hope to make money, and frankly, the more the better. There is a tendency therefore, to overlook the proof that I am being paid enough, and to focus on the proof that I am not paid enough.
If I hear of three people making more than me and three people making the same or less, I will likely be more influenced and affected by the three who are earning more. They will be on my radar moreso than the others who earn the same or less than me. Because I am focused on earning more, I will tend to ignore data that doesn’t support my goal, which eliminates my objectivity on the issue. I have blinders on and may be missing a lot of information.
We Are Told to Fight For Our Worth, Get What You Deserve!
We have people in our lives who believe in us (which is a wonderful thing) and they want us to earn the highest wage possible. Even without really knowing anything about our job performance, employer expectations and standards, these supporters may have an opinion about our earnings. We are told that as individuals we need to stand up for ourselves, and advocate on our own behalf. However, we are not in the best position to objectively assess our own value/contribution to an organization. We are, of course, biased. We may feel that we are entitled to a raise, even when in fact, we are not.
Organizations typically have criteria for making salary decisions. And, these criteria are consistent with legislations that are designed to prevent discrimination. Bosses are not sitting at their desks randomly deciding on salaries, they are following guidelines. There are lots of constructive things we can do to influence our pay, so let’s focus on those in this series.
The Curse of Craving
The thrill of a raise is short lived. A raise, just like a drug, stimulates reward centres in the brain, for a short while. That’s why the thrill of an increase or a bonus tends to be short lived. Sometimes the anticipation of the raise can be even more of a thrill for the brain than the actual raise. We tend to think that everything will be wonderful if we get that raise, but typically we then start focusing on the next “hit” and the craving can be never-ending.
Internal Equity
Finally, equity is huge. As humans we can’t help but compare ourselves to others. Imagine for a moment that you have been working for quite a few of years and are earning $100,000. What if I told you that all of your peers were earning $80,000? Would you feel really happy with your salary? Now, what if I told you that all of your peers were earning $200,000… how would you feel? For most people, how we are paid relative to our peers is even more important than the actual amount. Most people would rather earn $100,000 and be the highest paid, than earn more than that and be the lowest paid. We humans are funny sometimes.
Internal equity (equitable or fair salaries within the organization) is more important than the actual salary, in most circumstances.
All this to say that we are rarely objective when it comes to our salary/wages. There is a lot going on in our brains, our dopamine levels. Inequities can be a type of trigger. So it can be helpful to take a breath, take a moment and put things in perspective. We can be overly emotionally charged, and we may not always have all the information. There are lots of constructive things we can do to ensure that we are being paid what we are worth, fairly.
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