Dear Readers,
Thank you again for following the Compensation Chronicles and watching as we unfolded the mystery of the compensation game in one of today's health care companies. It has been an interesting challenge for me and I have enjoyed sharing all my learning with you.
I hope that by reading this blog you now understand the factors that contribute to a compensation package. Things like education, years of experience, the market value or industry standard, and internal equity. Compensation analysts use all of these things when determining a base salary for a position. If you are an employee, I encourage you to make sure that you are compensated appropriately. Research the median income for similar positions in your industry. You may be able to take your valuable expertise elsewhere for a pay increase. Or, if you don't want to leave, knowing "how much you're worth" will be helpful in your next performance evaluation. No company wants to lose an employee. Not only do you have valuable experience, but you are trained in the norms, culture, and daily operations of your current role. You know the people and processes and if you leave, it will cost them more money to hire, onboard and train your replacement. Furthermore, a new colleague has a learning curve and it will likely take them a while to get to the level of productivity at which you currently operate.
Don't be afraid to take ownership of your career and maximize your opportunities for growth, development and fair compensation. I encourage you to do your own research for more information on compensation trends in your industry. A good place to start is with PayScale or Salary.com or even a quick Google search, but make sure you are using credible sources.
Best of luck to all!
Henry
Thank you again for following the Compensation Chronicles and watching as we unfolded the mystery of the compensation game in one of today's health care companies. It has been an interesting challenge for me and I have enjoyed sharing all my learning with you.
I hope that by reading this blog you now understand the factors that contribute to a compensation package. Things like education, years of experience, the market value or industry standard, and internal equity. Compensation analysts use all of these things when determining a base salary for a position. If you are an employee, I encourage you to make sure that you are compensated appropriately. Research the median income for similar positions in your industry. You may be able to take your valuable expertise elsewhere for a pay increase. Or, if you don't want to leave, knowing "how much you're worth" will be helpful in your next performance evaluation. No company wants to lose an employee. Not only do you have valuable experience, but you are trained in the norms, culture, and daily operations of your current role. You know the people and processes and if you leave, it will cost them more money to hire, onboard and train your replacement. Furthermore, a new colleague has a learning curve and it will likely take them a while to get to the level of productivity at which you currently operate.
Don't be afraid to take ownership of your career and maximize your opportunities for growth, development and fair compensation. I encourage you to do your own research for more information on compensation trends in your industry. A good place to start is with PayScale or Salary.com or even a quick Google search, but make sure you are using credible sources.
Best of luck to all!
Henry
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