In my first job, at a boutique firm on Wall Street, after almost 5 years of taking advantage of the many opportunities of learning and being recognized for my accomplishments, I discovered that my salary was lagging by 30% of what new hires were being brought in at. While I was perfectly happy in all other aspects of my job, I needed to make more money. Through my network, (never too early to start yours), I was recruited by a very large well-respected firm. My boss's boss did everything he could to bring my income to parity, but it was company policy and they had already doubled my salary, which reminds me of how little I was being paid when I started. It seems that someone in HR (Personnel as it was called back then) was playing by the rules and I would not be an exception. She refused to evaluate me on my worth; so I left and they carved up my role to 7 different people. Now I will admit back then I had no concept of cost of hire, (onboarding as they call it today) but I did understand that I left with significant institutional knowledge which would not be easily replicated. That would be the first of many experiences that didn’t make sense in Corporate America. They couldn’t think outside the box then, and today we have algorithms to help us achieve the same horrible results.
My new role had me joining a small team of people working on a very large high-profile project. I came equipped with a healthy work ethic, but work associates who sat outside the team I was set to liaise with guarded their turf like junk yard dogs. Despite being recruited for my expertise I was told I needed to stay in my lane, a lane that was slow. I didn’t think I could last as I continued to be disappointed by the fact that individuals, the ones I needed to rely on to do my job, were consistently unavailable and unaccountable and I learned that at a big firm there are lots of places to hide. By virtue of the structure, these individuals would determine whether I was successful or not and that didn’t sit right with me, but I had just started so I would be patient.
Six months into this new job I received a 15% raise (just for showing up). I learned that our boss was the proverbial golden child and our proximity to him translated into money, so the 4 employees on the team all received raises. I didn’t raise my hand to return it as my inequities from the past reminded me, but I was beginning to learn how the game was played, just wasn’t sure I liked the rules. It seemed like politics would be dictating my career trajectory and 3 months later I was recruited yet again by someone in my network to a role at another large institution, one not as prestigious but one that was more suited to me with real responsibilities; one where my expertise would be welcomed. I jumped at the opportunity despite advice to the contrary. I negotiated another 20% raise, so in effect within 9 months I had increased my salary by almost 70%. This was my third job in the industry and as I rose up the ladder, I never forgot the sting of doubt that others tried to project that I was less deserving of positions and money because of my lack of educational credentials.
I did continue to learn a lot about how Corporate America works, and I eventually fell victim to similar circumstances regarding compensation at this firm. Four years in and my boss informed me that a portion of my share of the bonus pool would be given to a “single mom” on my team because he decided I didn’t need the money; after all I was married. Boy have times changed. I have nothing against single moms and this one excelled at her job but whether I needed the money or not was irrelevant. It was a pivotal moment one which led me to reevaluate my career.
Whenever I counsel people about negotiating their salary or raises, I tell them to focus on their achievements, never their personal circumstances. You don’t deserve a raise because you have more children or an out-of-work husband but because you excel at your job or have a sought-after skill. I can’t stress enough the importance of maintaining a reputation and delivering the goods. It will serve you well.
A few months before I resigned and left the corporate world, I was promoted; it was exciting to be getting an official title, an achievement that I had worked hard for, but once I realized it came without a monetary award the allure disappeared. I felt cheated, and it would be the final nail in Corporate Americas proverbial coffin for me. I didn’t want anyone else to ever decide my worth again.
I started consulting and never looked back. As a consultant I could determine my rate based on scope of work, I never had to worry about my share of the bonus pool or currying favor with the right person or those onerous 360 Reviews which I am here to tell you is corporate nonsense. It enabled me to use my skills to create value and get paid for it. As a consultant I was still able to lead people (you don’t need a badge on your arm to have honor) and mentor (another activity that many of us are doing naturally).
I rode my consulting career all the way up to starting my own company in 2014 which had always been a dream of mine.
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