Growing a Career in Manufacturing: Raise, Promotion or New Job?
Part Three, Raise, Promotion or New Job? (Read Part I – Developing a Professional Resume here and Part II – Moving Forward here.) Time to receive a promotion or a raise in pay? Can you negotiate with your present employer or is it time to jump ship? Does it make sense to job hop for a bump of fifty- cents per hour? Will the risk of leaving justify the reward of higher pay elsewhere? There can be numerous reasons your present employer may not be able to offer you a raise or a better position. Several sources say many people change jobs every two to four years, citing the reason as higher pay. But which is scarier? Negotiating or not negotiating? And how do you prepare? The most important thing is to know your value. While many elements factor into knowing your value, a few minutes spent online should help you confirm or adjust your thinking. If you’re going to get the pay you deserve, it’s crucial to know the going rate for your position in your specific industry and your geographic area. Once you know your value or marketability, you can determine the pay you seek for the target job. Once you reach the negotiation process, follow these guidelines to help you succeed. 1. Separate the person from his/her position. The opposing person often has more information than you as well as secret or underlying interests. Use your communication skills to determine those interests and how you can work to solve them. If it helps, pretend you are someone else whom you care for and are defending. 2. Use facts to present and support your value. It is up to you to convince the employer of your value, such as that you solve problems at a higher level of difficulty, or that you saved the firm time or money (and quantify). However, focus on the future and not the past. Negotiations are about value propositions. The higher your perceived value, the stronger your position. Describe how you plan to contribute value. 3. Ask for your number and stop talking. Ask for more than you want because the naming of this number lays the starting point. Name a specific number and not a range. And say $47,225 rather than $47,000, as research has indicated that final offers are more often made closer to precise numbers. You should also have a number in mind that you won’t go below. Rebecca Thorman at U.S. News & World Report suggests saying, “I’m really excited to work here, and I know that I will bring a lot of value. I appreciate the offer at $58,000, but was really expecting to be in the $65,000 range based on my experience, drive, and performance. Can we look at a salary of $65,000 for this 4. Be willing to walk away. If the person is not willing to meet your needs or negotiate further, then this is your walk away point. It is never easy to walk away, but being kind and firm keeps respect. Plus, if you don’t try, you will never know what you can negotiate. Part One and Part Two of this series provided the background you need to consider moving ahead in your manufacturing career. With the tools and techniques from the previous two articles and your connection with MPS, you have everything you need at hand to create a better future for yourself in precision manufacturing. MPS Technical has more than two decades helping people advance in the industry. Contact MPS today to discuss how they can help you. .