Author Topic: How can I get the most compensation out of my performance review?  (Read 920 times)

IsiahJLoya

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Hey mustachians. Im a young 21 year old about to undergo my 2nd performance review, and I would like to get the absolute most I can out of my position. Currently I work in the production facility for a large high end glass construction company in SLC, UT. Ive been at this job for 2.5 years and have slowly but surely became one of the highest performing most knowledgeable guys on the crew. My boss actually told me the other day that the company owner is pretty dumbfounded about how I am single handedly producing the amount of work that our 3 other fabricators are producing together. I just like what I do, and I am always trying to get better and am competing with myself all the time. I know that I am underpaid right now and the company is getting a very good ROI from me. I love my job and the schedule, and have had perfect attendance this year thus far. I am currently working on a degree in Construction Management and I want to eventually move out of production into the Engineering department but I understand this is years down the road. Currently I make 16.50/hr + 1.00/hr stipend for working the night shift (2pm-1230am, M-Th). It ticks me off a bit when I talk to guys that work out in the field and they tell me they get paid $21/hr to fuck off meanwhile Im busting my ass to get noticed. I guess my ultimate question is, How do I lay all of this out on the table without sounding big headed? I understand that Ive only been in the trade for 2.5 years, but Im young, fit, smart, and very efficient at what I do, and overall invested in this company. Any advice?

Freedomin5

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Re: How can I get the most compensation out of my performance review?
« Reply #1 on: June 08, 2019, 03:53:44 PM »
A good way to have negotiating power is to have other options. If you have a formal job offer from another company, sometimes your current company will be willing to match (or even exceed) your new offer to keep you. So start looking for other work. If your boss catches wind of that, let him/her know that youíve been in this position for 2.5 years and are considering the next step in your career.

An alternative is to present what you have achieved, and then ask your boss how your current role and responsibilities could be expanded (with appropriate compensation, of course). Or ask what the next step in terms of career progression would be. And then ask what you would need to do to put yourself in a good position to be promoted.

IsiahJLoya

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Re: How can I get the most compensation out of my performance review?
« Reply #2 on: June 08, 2019, 04:18:46 PM »
A good way to have negotiating power is to have other options. If you have a formal job offer from another company, sometimes your current company will be willing to match (or even exceed) your new offer to keep you. So start looking for other work. If your boss catches wind of that, let him/her know that youíve been in this position for 2.5 years and are considering the next step in your career.

An alternative is to present what you have achieved, and then ask your boss how your current role and responsibilities could be expanded (with appropriate compensation, of course). Or ask what the next step in terms of career progression would be. And then ask what you would need to do to put yourself in a good position to be promoted.

I really do like the company and there is a lot of flexibility and bonuses such as ESOP, and Profit sharing so Im worried bringing other offers to the table will establish an unhealthy relationship. Kind of like telling your girlfriend "I like you and all, but there's this other girl who is willing to do more for me that I've been thinking about". I like your alternative better, but I feel like career progression is pretty stagnated in my position (Fabricator --> Foreman) until I complete my degree.

Freedomin5

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Re: How can I get the most compensation out of my performance review?
« Reply #3 on: June 08, 2019, 04:49:45 PM »
A good way to have negotiating power is to have other options. If you have a formal job offer from another company, sometimes your current company will be willing to match (or even exceed) your new offer to keep you. So start looking for other work. If your boss catches wind of that, let him/her know that youíve been in this position for 2.5 years and are considering the next step in your career.

An alternative is to present what you have achieved, and then ask your boss how your current role and responsibilities could be expanded (with appropriate compensation, of course). Or ask what the next step in terms of career progression would be. And then ask what you would need to do to put yourself in a good position to be promoted.

I really do like the company and there is a lot of flexibility and bonuses such as ESOP, and Profit sharing so Im worried bringing other offers to the table will establish an unhealthy relationship. Kind of like telling your girlfriend "I like you and all, but there's this other girl who is willing to do more for me that I've been thinking about". I like your alternative better, but I feel like career progression is pretty stagnated in my position (Fabricator --> Foreman) until I complete my degree.

Yes, except comparing this to having a girlfriend is not accurate, because youíre not thinking of maybe marrying the company in the future. At least apply to other positions to see what youíre worth. It wonít hurt to know your current worth, even if you decide to stay at your current position. And it gives you options rather than making you feel stuck and powerless.

Iím speaking from experience here. As a top producer, I asked my company for a raise. They declined saying itís not fair to others. I stayed for two years because I like my job and am pretty decently compensated (in my mind...since I make more than I need to live on).  Then I got a competing job offer out of the blue, with salary and benefits approximately double what I currently make. Guess what happened? As a top performer, my current company did not want me to leave, and within 24 hours came back with an offer that almost matched the other companyís offer. I presented the competing offer very nicely ó no need to make enemies ó and told them how great the current job was, BUT new job may be a better fit for my current life stage.

Your employerís job is to minimize their costs. If youíre willing to work for $16.50/hour, why would they pay you more? They need to start to worry that you may not be willing to work for that amount before they will start to work with you, especially if you produce more than three people out together. In that case, you should be paid $49.50/hr ($16.50x3).

IsiahJLoya

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Re: How can I get the most compensation out of my performance review?
« Reply #4 on: June 08, 2019, 06:49:25 PM »
A good way to have negotiating power is to have other options. If you have a formal job offer from another company, sometimes your current company will be willing to match (or even exceed) your new offer to keep you. So start looking for other work. If your boss catches wind of that, let him/her know that youíve been in this position for 2.5 years and are considering the next step in your career.

An alternative is to present what you have achieved, and then ask your boss how your current role and responsibilities could be expanded (with appropriate compensation, of course). Or ask what the next step in terms of career progression would be. And then ask what you would need to do to put yourself in a good position to be promoted.

I really do like the company and there is a lot of flexibility and bonuses such as ESOP, and Profit sharing so Im worried bringing other offers to the table will establish an unhealthy relationship. Kind of like telling your girlfriend "I like you and all, but there's this other girl who is willing to do more for me that I've been thinking about". I like your alternative better, but I feel like career progression is pretty stagnated in my position (Fabricator --> Foreman) until I complete my degree.

Yes, except comparing this to having a girlfriend is not accurate, because youíre not thinking of maybe marrying the company in the future. At least apply to other positions to see what youíre worth. It wonít hurt to know your current worth, even if you decide to stay at your current position. And it gives you options rather than making you feel stuck and powerless.

Iím speaking from experience here. As a top producer, I asked my company for a raise. They declined saying itís not fair to others. I stayed for two years because I like my job and am pretty decently compensated (in my mind...since I make more than I need to live on).  Then I got a competing job offer out of the blue, with salary and benefits approximately double what I currently make. Guess what happened? As a top performer, my current company did not want me to leave, and within 24 hours came back with an offer that almost matched the other companyís offer. I presented the competing offer very nicely ó no need to make enemies ó and told them how great the current job was, BUT new job may be a better fit for my current life stage.

Your employerís job is to minimize their costs. If youíre willing to work for $16.50/hour, why would they pay you more? They need to start to worry that you may not be willing to work for that amount before they will start to work with you, especially if you produce more than three people out together. In that case, you should be paid $49.50/hr ($16.50x3).

I like this. And while I obviously dont expect 3x the pay, if im doing what others take all day to do before my lunch break, theres gotta be some wiggle room. How can I present my situation to other companies? Do I let them know that im shopping around offers? Do I let them know who I am currently employed with and looking for competitive pay?

Freedomin5

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Re: How can I get the most compensation out of my performance review?
« Reply #5 on: June 09, 2019, 12:13:34 AM »
A good way to have negotiating power is to have other options. If you have a formal job offer from another company, sometimes your current company will be willing to match (or even exceed) your new offer to keep you. So start looking for other work. If your boss catches wind of that, let him/her know that youíve been in this position for 2.5 years and are considering the next step in your career.

An alternative is to present what you have achieved, and then ask your boss how your current role and responsibilities could be expanded (with appropriate compensation, of course). Or ask what the next step in terms of career progression would be. And then ask what you would need to do to put yourself in a good position to be promoted.

I really do like the company and there is a lot of flexibility and bonuses such as ESOP, and Profit sharing so Im worried bringing other offers to the table will establish an unhealthy relationship. Kind of like telling your girlfriend "I like you and all, but there's this other girl who is willing to do more for me that I've been thinking about". I like your alternative better, but I feel like career progression is pretty stagnated in my position (Fabricator --> Foreman) until I complete my degree.

Yes, except comparing this to having a girlfriend is not accurate, because youíre not thinking of maybe marrying the company in the future. At least apply to other positions to see what youíre worth. It wonít hurt to know your current worth, even if you decide to stay at your current position. And it gives you options rather than making you feel stuck and powerless.

Iím speaking from experience here. As a top producer, I asked my company for a raise. They declined saying itís not fair to others. I stayed for two years because I like my job and am pretty decently compensated (in my mind...since I make more than I need to live on).  Then I got a competing job offer out of the blue, with salary and benefits approximately double what I currently make. Guess what happened? As a top performer, my current company did not want me to leave, and within 24 hours came back with an offer that almost matched the other companyís offer. I presented the competing offer very nicely ó no need to make enemies ó and told them how great the current job was, BUT new job may be a better fit for my current life stage.

Your employerís job is to minimize their costs. If youíre willing to work for $16.50/hour, why would they pay you more? They need to start to worry that you may not be willing to work for that amount before they will start to work with you, especially if you produce more than three people out together. In that case, you should be paid $49.50/hr ($16.50x3).

I like this. And while I obviously dont expect 3x the pay, if im doing what others take all day to do before my lunch break, theres gotta be some wiggle room. How can I present my situation to other companies? Do I let them know that im shopping around offers? Do I let them know who I am currently employed with and looking for competitive pay?

You donít present your current situation to other companies. You just start looking for higher paying jobs and applying for them and interviewing for them. Donít let them know you are shopping around for offers ó itís none of their business. Their goal is to find the best person to fulfill the role they have open. None of this is worth anything until you get a firm job offer.

Iím guessing you HAVE to let them know where youíre currently working, because that information is on your resume. If they ask you why youíre thinking of leaving your current position, Iíd probably say something along the lines of, ďIíve been at that position for 2.5 years; Iím looking for a new challenge/to expand and continue developing my skills/etc.Ē If they ask you what your salary expectations are, ask for 25-50% above the standard rate. If they ask why they should give you that much more than what they pay the others, explain and give an example of how you are able to do the work of three people because you are Just. That. Good. So youíre worth it.

You never want the new company to think that you may not actually be serious about taking their job. If itís a good offer, be prepared to seriously consider jumping ship if your current employer cannot match the offer.

ender

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Re: How can I get the most compensation out of my performance review?
« Reply #6 on: June 09, 2019, 07:01:21 AM »
The best way to do this is to have conversations in advance around, "what would it take to get me to $X/hour?"

Ideally, something like this: "Hey boss, I am hoping to move up in salary to $X/hour. Given what I have been doing, I think that doing A, B, C over the next 3 months would get me to that point - what do you think?"

Assuming your boss agrees with ABC being worth that, make the plan to execute on those and check-in monthly. If after 3 months you accomplish ABC and your boss doesn't give you the raise you know that:

  • Your boss is a liar/overcommitted
  • You should look elsewhere

This same approach works for a promotion, too, listing out a plan of actions to get a promotion, getting buyin from your manager (and sometimes making sure they have the authority to make that decision), and then executing.

Car Jack

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Re: How can I get the most compensation out of my performance review?
« Reply #7 on: June 09, 2019, 07:28:46 AM »
You need to "blow your own horn".  I worked in a way similar to you in a past job and had a manager on my side and literally told me I needed to "blow my own horn" to make it known when I did something extraordinary.  I guess I assumed my work would speak for itself.  It won't.  It will blend in with everyone else's work.  So as you do something, write it down.  Let your boss know in a constructive way.  Like "hey boss, I found that if I put the widget in before the gadget, we have higher quality and save time and I taught the other 3 guys how to do this and we saved 5 minutes per unit in production".  Don't present it in a bragging way, but present it.  As I said, write it down.  At a time prior to reviews.....not prior to you getting a review but before your boss starts writing up what you've done, present the written list with explanations to him.  This makes it easier for him to write your accomplishments into your review.  What's your goal?  Do you want just more money?  Do you want a higher position?  Put that into writing as a conclusion of all the good things you did.

If you don't document what you did.....you did nothing.  If you don't present what you did, how it helped the company and what you want....you'll get nothing.

Advocate for your self, document and take credit for your accomplishments as they occur.

Pennycounter

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Re: How can I get the most compensation out of my performance review?
« Reply #8 on: June 09, 2019, 08:06:59 AM »
I agree with a lot of the previous posters about blowing your own horn  and also asking, hey how can I get there?  Some other food for thought coming from the construction industry, the field always makes more than the shop. I'd you were unionized this would be part of the union agreement. Shop work is more repetitive and controlled where field work is the opposite. Also you should not need a degree to be a foreman. 

I think the best thing to can do is prepare yourself to make the highest salary in 2 years when you graduate and haveba strong ramp up from that point.

IsiahJLoya

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Re: How can I get the most compensation out of my performance review?
« Reply #9 on: June 09, 2019, 12:21:33 PM »
You need to "blow your own horn".  I worked in a way similar to you in a past job and had a manager on my side and literally told me I needed to "blow my own horn" to make it known when I did something extraordinary.  I guess I assumed my work would speak for itself.  It won't.  It will blend in with everyone else's work.  So as you do something, write it down.  Let your boss know in a constructive way.  Like "hey boss, I found that if I put the widget in before the gadget, we have higher quality and save time and I taught the other 3 guys how to do this and we saved 5 minutes per unit in production".  Don't present it in a bragging way, but present it.  As I said, write it down.  At a time prior to reviews.....not prior to you getting a review but before your boss starts writing up what you've done, present the written list with explanations to him.  This makes it easier for him to write your accomplishments into your review.  What's your goal?  Do you want just more money?  Do you want a higher position?  Put that into writing as a conclusion of all the good things you did.

If you don't document what you did.....you did nothing.  If you don't present what you did, how it helped the company and what you want....you'll get nothing.

Advocate for your self, document and take credit for your accomplishments as they occur.

A good tool that we have on my side is data. Everyday we track production between me, the one fabricator on nights, and production between the three fabricators on the day shift. I have consistently outperformed them myself for literally a month. I think I do need to finally just toot my own horn.