Talk To Someone About Your Compensation Package

Just talk to somebody about your compensation package. It doesn't hurt to ask.

The title might sound innocuous: “Who do I talk to?” and “Why do I need to talk to them?” The reason is that misconceptions are tangential to bonus season. With the payment of bonuses comes the inevitable thought – “I am not getting paid what I am worth”, or “I was not promoted,” etc. Today’s post is stimulated by the recurring questions, am I getting paid what I am worth in my compensation package? Am I being promoted fast enough, etc?

Many times when I talk to people, who have these thoughts uppermost in their mind, they are not an accurate portrayal of the actual market. They represent the “ideals” that people think used to be available when take downs and fees were much higher. In essence, when I talk to most of the candidates, I can immediately set their minds at ease when they know they are on the right career track, or they are being paid competitively, or…By someone talking to them they are now more relieved and can do their jobs better and more focused because they are less frustrated over their compensation package.

Now who should you be talking to? The answer is anyone who is knowledgeable about what is happening in your field. The right individual is a person, or groups of people, who have been focusing on salaries and benefits for a period of time. Believe it or not, asking your managers, and their managers, about what is competitive in the industry can lead to a very interesting conversation. Don’t assume because you inquire about your current status and financial situation, that they will automatically believe that you are looking for a new position. Actually, on the converse, they may be pleased that you did reach out to them and want to discuss your current compensation package. This line of questioning may lead to career discussions and you knowing the company’s future plan for you. It is not uncommon to find you will be pleasantly surprised to see you are paid competitively and the company values you as an employee. And that is what we all want to know.

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all level Public Finance Bankers, Health Care Bankers, Municipal Financial Advisors, Compliance Officers, FinOps & Bond Counsels. He can be reached at [email protected] or 760-477-1284.