Friday 29 April 2011

Reaching the end of your Pay Band

I have recently read this article on dealing with people that have reached and surpassed their upper limit of their Pay Band. I believe that at the root of this article is the frustration of the employees that have mastered their jobs and disconnect between what they feel like they are contributing to the company and what they are being rewarded for it. While, the most common motivation for people is money and it is frequently stated that said boss is “not paying me enough”. I do feel that tenure often reflects value to the company and should be rewarded appropriately. The fact that there’s a cap on wage increases after a certain figure, should signal to the economist in us of the company’s strategy. It was considered when compiling this pay plan, and people should strive to elevate to the higher pay band every few years with their respective career moves.
Stagnating in one position appears to be even dangerous to the career. It seems like career has momentum, but it’s deceptive because the moves may be years apart. So you have to think about the overall trajectory long term and set goals for yourself. Perhaps even make a project plan for the next five years. Once you do that then you shouldn’t really have a problem with the reaching the top pay band at your company.
Also, elaborating on this topic calls into question loyalty to a company vs. loyalty to a profession. It may seem lucrative and common for people to establish relationship with their workplaces, but that should be resisted. Relationships tend to bring out expectations and their eventual escalation that both parties have from each other. The problem with loyalty/relationship with the workplace is that the workplace is not human (contrary to what the legal system may identify some corporations). You cannot allow yourself to become discouraged in the workplace because of your increasing expectations.
Career can stay within an industry, but should not be limited to the company.

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