Weekly Newsletter Vol. 6 - October 11, 2023

Generating your Lead Story…

Proactively Promoting Your Employees Saves You Money in the End

Life is full of situations that cause people to make reactive decisions, but when you’re running a business it’s the proactive decisions that set you up for the most success. Most people don’t like change and they don’t typically feel the need to make changes until it’s too late.

The best Managers and CEOs understand that coworkers are the number one commodity of the business and a successful business is generally the product of happy employees. It means there is usually good leadership in place and that for the most part, the employees are putting in their best effort.

New studies show that the average employee only lasts between 3-5 years — even for top performers. One of the biggest motivators for employees leaving in just a few years is the feeling that there is no path to a promotion. This is especially true for top performers who, time after time, outperform expectations and are overlooked for a promotion that is rightfully theirs.

4 Reasons to Promote Top Performers:

1. Risk they will leave: The value your top performers bring isn’t just being noticed by you. Employees boasting their accomplishments online is the new norm and competitors are taking notice. If you have an employee who is stellar in their role (and has been for some time), it won’t be long before a change in scenery might be in order.

2. Co-worker Morale: A promotion holds value that is far beyond a mere salary increase. A promotion honours the individual being advanced, and that increases the morale of the person, as well as the entire company. There is no better way to make an employee feel valued than to give him or her a promotion.

3. Employee Engagement: Career advancement is a critical component of job satisfaction. By extension, it also impacts employee engagement. It may not always make sense to promote from within, but it does always make sense to reward your employees’ hard work. Whether that’s by looking for reasons to promote them or some other way to recognize their efforts, you’ll make a palpable difference in morale, attrition, and employee retention.

4. Rejecting your Counteroffer: Your competitors have come in with a salary increase in their offer of around 10-20%. Even if you can match this, employees who are considered top performers may have the mentality that if you wanted to promote them then you would’ve before it was too late. Therefore, it’s important to get ahead of a counteroffer scenario.

When considering the above reasons, and whether or not it’s cost-effective to promote your top performers, consider this: should they leave, your costs won’t cease since you now have to replace that person — and that’s generally with external talent. Companies will need to onboard, train and integrate someone of equal to greater levels. This typically costs around 18% more, yet their performance is typically much worse in the first 2 years.

When you think about the rewards your organization could gain from prioritizing internal mobility, it’s worth thinking about whether you’re offering employees what they want in a long-term workplace. Keeping their needs and wants in mind can help minimize turnover and keep employees for the long haul.

Shortlisted Tips & Trends

How to Prepare to Negotiate your Salary:

• Know Your Market Value: Information is key when entering a salary negotiation. Research the current compensation landscape in your field to get a realistic understanding of the market value. The more informed you are of the industry standard, the more confidently you will be able to present your case.

• Be Specific: Identify the exact salary you want. If you’re negotiating a raise, come with a specific number that you want, as well as what that percentage increase is from your current salary. This way you are able to provide more context to the number you are asking for. For example, “I’m requesting a 5% raise, which would adjust my salary to $60K.”

• Build Your Case: Compile a list of your accomplishments that highlight your strengths, as strong performance has proven to lead to salary increases. Here’s where you can provide context to the salary you are asking for by identifying ways in which you’ve helped grow the business, brought in revenue, executed a project, recently obtained a specific certification, etc.

• Practice Your Delivery: Entering a salary negotiation might be intimidating, so we encourage you to practice the conversation with a friend, family member, or even just in the mirror by yourself. This will help you gain confidence in asking for what you want, and even for answering unexpected questions.

You can’t make this stuff up

_{(*Disclaimer: these are real experiences provided by RME's community of job seekers and hiring managers)}

Have an interview experience or job application story to share?

To get featured, submit your story to our team below (character count limit 1000):

Overtime Reads

_{Looking for more content? We sourced these additional articles for you so that you don't have to work overtime.}

Screened for you

_{*We do not receive any compensation for these promoted products/services, nor for any offers or discounts listed. Rather, we provide a platform for recruiters, hiring managers, and companies to present opportunities to job seekers.}

Have a product/service opportunity you’d like to share on RME’s next newsletter?

10% OFF

Receive Career Acceleration Coaching with: Free Agent Coaching

Free Agent Coaching specializes in helping individual contributors and leaders accelerate their careers by landing new job opportunities.

Free Agent Coaching can help you:

🎯 Land More Jobs

💰 Increase Your Earnings

🥳 Advance Your Career

🏎 Find Jobs Faster

For more information, visit: thefreeagentcoach.com/homepage 

Be sure to use our exclusive reference passcode: