Let’s recap the three steps that we have already taken in our journey towards an “Eight Figure” Salary:
- We have understood how corporates are structured and how it is critical for us to plan our journey towards the TOP of the pyramid. What factors play an important role in planning out this journey and why we need to speed up this process.
- We have also seen how the salary growth of a typical corporate professional happens over a period of time and what events play an important role in boosting the pace of growth of his/her salary.
- And finally, how by using the power of 3 questions, we can keep ourselves on track and ensure that we keep adding more on more value to the organisation in order to justify the salary growth that we expect for ourselves.
Having understood these three fundamental building blocks, now it is time to work on a plan where we can define each of the action steps that we need to take and also understand what role each of these action steps would play in bringing ourselves closer to our primary goal of reaching an “Eight Figure” Salary.
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The 5 Point Action Plan
Carry out the following activities with respect to your workplace, the organisation where you are working currently:
- Map the complete organisation structure on a sheet of paper. The full hierarchy with all the levels. Also, mark your own position and clearly define the number of steps that you need to take to reach the top. Additionally, collect data from past to figure out how much time on an average it takes an individual to clear each of these steps.
Do this exercise in all seriousness. Even if it means speaking to 10 people inside the company, using your relationship with HR to get some data, spending a week to validate information collected from multiple sources – do everything what is required to ensure that you have fully validated information in place.
- Once you complete this exercise, mark out the levels at the top where normally your company pays an eight figure salary. Typically this would be the top most level or the top two levels in most of the companies. The test that you need to apply to find this out is – depending on the size of your company, at least 50% people in this level must be drawing a minimum of one crore per annum salary. The lower most level where your company pays an eight figure salary is going to be the Goal Post for your journey.
Now rework the gap between your current level and the lower most level with one crore salary in your company and the average time it will take you to reach that level using the data collected in Point 1.
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- Make a list of key decision makers in your organisation. The list has to start with your boss and must move upwards from there, no peers or subordinates. One key criteria in choosing these people is – they must have some influence in deciding your salary. Your list must contain at least 10 names and maximum 25.
Once your list is ready, divide these people in the following four categories:
- People who know me well and have a positive view about my work,
- People who would at least be able to recognise me and know my name and what I do,
- People who know me but could have a negative view about my work because of any past experience or lack of data about me and,
- People who don’t know me at all and would not have any view about my work.
- Keeping this data aside, now go through the Part 2 of this Blog again and map out a 15 year journey for you using the same life events and salary boosters which are mentioned in this blog. Don’t change anything. Just replace the starting point of 10 Lakhs per annum salary with your current salary and draw out your salary growth for the next 15 years. Mark the annual salary level that you will achieve after 15 years.
At this stage, don’t worry about the real numbers. Just carry out this exercise. The idea is to only replace a hypothetical starting point with a real one and see where the same model takes you in 15 years timeframe.
- Lastly, take the 3 questions that I have mentioned in Part 3 of this Blog and write down your answers on a sheet of paper. You need to keep in mind the following three things while answering these questions:
- These have to be honest answers, in fact I would advise you to be critical of yourself.
- The reference time frame considered for answering these questions should not be more than last 6 months.
- These can’t be one line answers. Your answers must be at least 100 words or even more.
This is not an easy action plan to complete. I have seen people struggling to complete this, especially the first 3 points and sometimes even the last one. What also happens is that people immediately start looking at their gap from the crore club or even the number of years that are required for them to reach there and get disappointed and stop this exercise there itself.
The trick to complete this action plan is to be dispassionate about the whole activity and look at each point as a task. At this stage don’t look at the outcome of each activity, just complete it. We are collecting relevant data to launch ourselves towards this journey. The more data we have at this stage, the better would be our preparation. We are only trying to remove subjectivity from this whole exercise and drive it like a project. We must do everything at this stage to make sure that our project is successful and is able to give the desired outcome i.e. make us earn One Crore Salary per annum.
Complete this 5 Point Action Plan and we will launch it in the next part of this Blog.