Dec 06 Crunch Your “Promotional Potential” Numbers
Many high potentials wait for promotions to come knocking, but to compete – especially in this economy – you have to be much more proactive. You want to develop in such a way that the prized promotions come looking for you because you have acquired the skills, experience, and professional presence that those influential roles and responsibilities demand. Start today by soliciting candid feedback from your boss. Be specific, asking about exactly what he or she sees as your strengths and weaknesses. Let them know you want to develop in a well-rounded way that will ensure that you are prepared to take that next level position.
Then sit down and figure out how much time and effort you’ll need to invest in order to hit your developmental goals. Calculate how much the increase in earnings and benefits is worth, too, because that is how much money you are losing by staying in your current position. Then make a plan to invest in accelerated development through mentoring, coaching, workshop participation, and other value-adding resources that will more than pay for themselves over the long run.
Your Predictable Promotion Assignment:
Crunch your numbers to calculate your promotional potential. Here’s a theoretical example to help you see how to do it:
- A promotion will deliver an 8% earnings increase added to the base salary.
- Over three years that equals a minimal of $24,000.
- Stay where you are for five more years and you sacrifice $40,000 or more.
- But get the promotion next year and you gain $8,000 per year.
- Plus your “Promotional Potential” equity jumps up to the next higher level.
- That means you can recalculate and once again predict your next salary gain.
Question: If you get promoted not once in the next three years, once every 18 months for the next three years, what will your new promotional potential or marketable equity be worth by 2015?
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Sarah Hathorn is a leadership development mentor, executive presence coach, image and branding consultant, public speaker & author. She is the founding CEO of her own successful company, Illustra Consulting, and the creator of the proprietary Predictable Promotion System™.
Blog, Ezine & Website: www.illustraconsulting.com
Copyright © 2011, Sarah Hathorn, AICI CIP, CPBS
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Sarah Hathorn, CEO of Hathorn Consulting Group, is the go-to-expert in working with leaders and companies to create successful corporate DNA. As an executive coach, consultant and speaker she collaborates globally with clients and brands such as Deloitte, McKesson, Kimberly-Clark, Sherwin-Williams, Home Depot and other leading organizations.
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