At what salary level would you consider yourself successful? Have you already hit that target?
If not, don’t worry–you’re in good company. Three-quarters of people surveyed by careerbuilder.ca say they don’t currently make their desired salary. Workers and management alike are dissatisfied with their pay.
Older workers are also more likely to have reached their desired salaries, though most still feel shortchanged. Of workers ages 18-34, 22% say they earn their desired salaries, compared to 29% of those ages 35-44, 30% of 45-54 year olds, and 37% of workers ages 55 and up.
Consider what a small raise could do for your staff’s morale and attrition.
For instance, in the November 2012 issue of Advisor’s Edge, Suzanne Sharma reported on ways to motivate advisor teams.
Sick of hiring the wrong people? Try poaching your internal talent pool.
That’s exactly what Phillip Richards, chairman and CEO, North Star Resource Group in Minneapolis, did during a search for a compliance officer—it saved him $25,000 annually.
He’d posted the job externally, interviewed candidates, and found two in the $75,000 range. But then, he thought, why not look internally and see if there was someone who could fit the role. He found an administrative assistant who was making $36,000 a year and eager to move up.
Richards asked the bright, loyal woman if she was interested in becoming both a registered broker-dealer and a principal. She passed the tests on the first try and saw her salary jump to $50,000. It was a win-win.