If you want to earn an eight-figure salary and become a part of the crore club, then this blog is going to be very important for you along with the next four blogs. As you know that we have a five-point action plan and in these five blogs I am going to pick up each of the action plans and go threadbare into details to ensure that you understand what exactly I mean by those action plans, what exactly you need to do and how you can make sure that you come out successful in your journey towards the crore club.
How to Negotiate A Job Offer? Tips for Salary Negotiation
It is not surprising that most people are not comfortable asking for more money once their job search has ended and they have an offer in hand. If the salary is reasonable, they do not want to..
Read More…
Let’s straight away jump into the first action plan.
We will do this analysis in two parts. In the first part, I will take you through the fundamentals so that you understand the logic behind the action plan; and in the second part I will try to divide the implementation into three buckets, the way I told you in the previous blog what exactly people in the zero to three years experience, four to ten years experience and ten plus years of experience buckets exactly need to do. How their approach towards implementation would be different as far as this action plan is concerned.
Let’s try to understand the basics first.
You would remember that in the first action plan I had told you that you need to map out the current structure of your organization. Now let’s try to understand what is the purpose and logic behind this advice?
Negotiate Your Salary like a Pro
9 tips that will help you get a higher salary Negotiating pay is a rather icky, but an absolutely essential task. It is a discussion and you need to come out of on the high ground. Pushing for a higher salary is necessary whether you are a new joinee, expecting a promotion..
Read More..
All the organizations are typically organized in the shape of a pyramid and this pyramid would have various layers. Traditionally, companies used to have lot many layers within the pyramid but now over a period of time, some of these layers have got compressed. Depending on the kind of organization you work for, whether it is a traditional organization or it is a new age organization; you would typically find that on the lower side you would have at least five to seven layers, while on the upper side there are organizations which have 15 to 20 layers also. So, it is particularly important for you to understand that in your current organization how many layers you have to go through to reach the top. That is why you need to map them out very clearly. What normally happens is, we only look at probably the next layer where we expect that we will get promoted to. But unless you understand the complete hierarchy and how the movement happens, how far you are from the top; your journey towards the crore club would not be understood properly because you would at a given point in time be only focusing on your next layer. You surely need to do that, but you need to also understand how many steps you have to cross because then only you would know what your final destination is. So that is why it is critical that you understand your organization and then map it out properly so that you know where you are currently and where you have to reach.
Having understood this logic, now let’s try to analyze this whole phenomenon in the three buckets that we had mentioned earlier.
Let’s talk about the zero to three years bucket first. You are the people who have just started your career or you have spent one to three years in the corporate world. In these three years, typically on a maximum you would have got one promotion. But the whole hierarchy, the whole distance from the top is the maximum because you are just starting your career. So that is why it is more about thinking the next 10 to 15 years of your journey where you aspire to reach the top.
As the gap from the top is quite wide, sometimes when you are starting your career and when you see so many people who have spent 25 to 30 years in the corporate world, you get scared or probably you don’t even bother thinking about reaching the top. You are happy just being there because you feel that you are just starting your career and it is time for you to just learn new things. That is good, but it is also equally important to keep in mind the complete journey that you have to cover because if you don’t understand your complete journey, you will not be able to plan each step properly. That is why even while it may look that the goal post is far far away, the top is not within your reach, still you must try to understand the layers, the hierarchy, the number of years one takes to cross this hierarchy. It is critical that you don’t get scared and still work with people you know within the organization, the HR team, to map out the complete structure of your organization.
A Seven-Step Guide to Identify & Evaluate Job Opportunities?
Evaluate your Job Opportunities : Assessing your past jobs and roles, would be a nice start to the path of discovery. Also…
Read more…
Now let’s move to the second bucket – four to ten years experience range. You have already covered some part of the corporate journey. You would have experienced some promotions, some role enhancements and you understand a bit about this game, how movements really happen? Some of you would have reached the middle management level and some would be closer to that. So still while the top may look little far away and a bit daunting, you have covered a certain part of your journey which has given you some data, some information, some knowledge, which will be useful in understanding the future movements better. So map out your organization in a manner where you very well understand your distance from the top because based on your past experience you have covered some ground and then you can basically prorate the similar number of years and try to figure out how many years it will take you to reach the top.
One caution which you need to really understand and keep in mind. In the initial years of the career, movements happen faster. Typically, in your four to ten years bucket, movements would happen every two to three years. But as you spend more time in the corporate world, the time frame to cover each layer would become higher and higher. Sometimes it may go up to five or six years. You also have to understand that sometimes to make these movements, you may have to go to a different organization, switch jobs. While we will talk about that later in the future blogs, but this understanding is very critical because I have seen that sometimes people get stuck. They really don’t understand this whole game. They feel that the manner in which past promotions have been coming to them, every two to three years, in future also the same amount of time they will take to cross each level. And when this does not happen, they get disillusioned and start feeling that they are not equally successful the way they used to be in the past. That is why it is important to understand this part of the game where the initial movements would be faster but the later movements could take more time.
Finally, for people who have spent more than 10 years in the corporate world – you are the veterans, you understand your organization because you have spent good number of years in the corporate world. Use this expertise, use this experience to map out the future layers properly because you are quite close to the top. While in my second blog I had given you the example of how 10 lakhs can become a crore, you would have already reached a 30, 40, 50 lakhs level. So your journey would be shorter. You need to look at it more closely and that’s why there is a sharp mapping of your organization structure you need to do. You are much nearer to the top than the other two groups. Unless you really put a sharp focus to understand each of the layers and how the movement happens at those layers, then only you will be successful. It is not about spending more number of years and then getting a promotion, it is more about contributing in a bigger way, enhancing your skills, understanding the real game, the networking part of it; that will only help you in moving towards the top.
Your approach towards mapping the organization has to be quite different from the other two buckets because you have already looked at it more closely, understood it more clearly and need to have a much sharper focus while mapping your organization structure.
Lastly, what I want to tell people in all the three buckets, that working on the first point of the action plan is not a one-time exercise. While at the starting point you have mapped your current organization, rules would keep changing. It is very dynamic, things change regularly. It also depends on how the economy is doing, how your company is doing or when you change a job. You will have to again redo the whole exercise to understand your new organization. Don’t ever think that if once you have completed this exercise once, you don’t need to do it again. You have to probably go back to point number one of your action plan every six months to one year and update the information. The data has to be updated based on how things are happening around you. When you get promoted, re-look at the org structure which is in front of you. When you change a job, re-look at the new organization. When the economy is doing well, try to rethink the whole structure and the time frame within which one can move. It is an extremely dynamic plan and you need to have a very dynamic approach, a very agile approach to be on top of it and accordingly react to every event that is happening around you. It is very critical to ensure the success of point number one of your five point action plan.