Turnover in the workforce is a costly issue for businesses. It’s more expensive than the average promotion. Current research says that the average cost of turnover for companies is about 21% of their employee’s yearly salary . Additionally, research at Glassdoor says that remaining in the same role at a company for too long raises the rate of turnover of employees at a company. With all of this info in mind and while recognizing that there’s a job seeker-first market, it just might be the right time to speak to your boss regarding a promotion.
Although it might appear easy to consider and make plans for your next career move, certain things must be kept in mind to facilitate the transition. For example, there are crucial unspoken rules that exist to the process of earning a promotion and receiving it.
Make note of this page and read through it carefully to increase your successfulness in the process. Here’s some unspoken rules to the process of becoming promoted.
Rule #3: Know and Understand Your Worth
Prior to beginning any discussion of a promotion, you must be knowledgeable of your value to the company. By knowing what value you contribute to the business, and to the current market for jobs, this provides you with the power to negotiate that is required for a promotion.
When you understand your objective value, you have leverage in discussions surrounding a promotion because then you can show this value to your employer. An easy way to do this would be via the Know Your Worth tool from Glassdoor, which will display the true market value that you bring to the table to your employer as well as how it stacks up to other professionals within your the same field. This will show your current market salary to your employer.
Before starting any conversation on a promotion, be prepped with the following:
- Your true market value
- The list of your responsibilities and tasks
- Data showing the business value that you bring to the table in your role