WEBVTT - How To Get Paid Your Worth in Corporate America

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<v Speaker 1>Hey, ba fam, It's time for the Baqa. I am

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<v Speaker 1>here solo today to answer some burning career questions and

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<v Speaker 1>I absolutely cannot wait. There are so many juicy ones.

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<v Speaker 1>Before I start, I want to give a shout out

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<v Speaker 1>to a couple of incredible listeners who took the time

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<v Speaker 1>to leave us reviews on Apple recently. I mean, I

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<v Speaker 1>think I just got these like yesterday, and they were

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<v Speaker 1>so freaking sweet. All right, I'm gonna read this first

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<v Speaker 1>one from Rita who left us, who left us a

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<v Speaker 1>review saying that we are inspiring and real. Rita says,

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<v Speaker 1>I feel at home with this podcast. I learn loads

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<v Speaker 1>of information in an authentic way. Today's throwback episode on

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<v Speaker 1>May twenty eighth is so precious and uplifting. I'm in

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<v Speaker 1>a career transition and so I needed this episode. Thanks again.

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<v Speaker 1>And then Arava said, Hey, Mandy and Tiffany, I love,

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<v Speaker 1>love love listening to you both. I'm Brown Ambition. I've

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<v Speaker 1>been listening for a year and a half as a

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<v Speaker 1>thirty year old black woman who's getting more serious about

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<v Speaker 1>my finances. Listening to you both has been a refreshing

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<v Speaker 1>and learning experience. I've taken all your tips and put

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<v Speaker 1>them into practice. I'm still learning. I'm also a fellow DreamCatcher, Tiffany,

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<v Speaker 1>Thank you, Thank you. Brown Ambition has been my lifesaver.

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<v Speaker 1>Keep doing what you ladies do, y'all. Honestly, I can't

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<v Speaker 1>It's just it's incredible. So if you have time, please

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<v Speaker 1>if you can believe it, and these fresh reviews really matter.

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<v Speaker 1>They help other incredible be a fan members find out

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<v Speaker 1>and make sure that the show can keep going. Okay,

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<v Speaker 1>now let's get into these questions. If you need a reminder,

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<v Speaker 1>you can send us your questions. We'll take career, money, relationship, business,

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<v Speaker 1>whatever you have on your mind. Let us help you out.

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<v Speaker 1>Now before I read the questions, as a quick disclaimer,

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<v Speaker 1>we are not or I am not your lawyer. I'm

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<v Speaker 1>not your financial planner, I'm not your career coach personally,

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<v Speaker 1>so take what I say with a grain of salt.

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<v Speaker 1>I'm just here to be your your career and financial

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<v Speaker 1>bestie for the day, and that's all I'm won't say.

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<v Speaker 1>All right. Also, if you want to have your question

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<v Speaker 1>answered on the podcast, you can submit it either on

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<v Speaker 1>ig we are at Brand Ambision Podcast or send us

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<v Speaker 1>an email. We are Brandambision Podcast at gmail dot com.

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<v Speaker 1>I'm going to take a quick break, y'all and be

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<v Speaker 1>right back with another Baqa. All right, this question comes

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<v Speaker 1>from We'll call her. Oh why can I only think

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<v Speaker 1>of names of Bridgerton characters. I'm gonna call you Penelope

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<v Speaker 1>because Bridgerton has your girl in a choke hold. I

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<v Speaker 1>can't even tell y'all. All right, Penelope, Penelope has a question.

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<v Speaker 1>Let's dig into it. Penelope says, I love y'all, and

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<v Speaker 1>I'm so thankful for the work that you're doing. I

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<v Speaker 1>want to stay anonymous since a lot of my coworkers

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<v Speaker 1>listen to you too. Here's the deal. I've been with

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<v Speaker 1>my company for about a year on mid level, and

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<v Speaker 1>our executives just announced an annual bonus amount as well

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<v Speaker 1>as annual salary increases. My annual bonus is one percent

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<v Speaker 1>of my base and my salary increase is two point

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<v Speaker 1>five percent. I make fifty five thousand dollars, so this

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<v Speaker 1>would be a five hundred and fifty dollars bonus and

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<v Speaker 1>a thirteen thirteen hundred and sixty five dollars raise, respectively,

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<v Speaker 1>which clearly she's done the math and says meaning over

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<v Speaker 1>twenty six pay periods, I will only net about thirty

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<v Speaker 1>five dollars more per paycheck. Is this normal? I wasn't

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<v Speaker 1>expecting a twenty percent raise, but at least something a

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<v Speaker 1>little closer to keep up with inflation? Am I expecting

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<v Speaker 1>too much? I have over ten years of work experience,

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<v Speaker 1>but never in a corporate salaried setting. I pulled a

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<v Speaker 1>few friends, and a couple said it's normal, while others

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<v Speaker 1>says I'm being wildly underpaid. It's starting to feel like

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<v Speaker 1>job hopping and racking up signing bonuses and equity is

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<v Speaker 1>the only way to make more money in the corporate world. Thoughts.

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<v Speaker 1>I appreciate y'all, Penelope, okay, pen my little baby, my

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<v Speaker 1>little baby Bridgerton. I would first of all, I want

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<v Speaker 1>to commend you on actually talking to people about your

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<v Speaker 1>salary to get their feedback, even if what you're hearing

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<v Speaker 1>is yo, that's what you're getting paid. That may be painful,

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<v Speaker 1>It may bruise your ego a little bit. It may

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<v Speaker 1>make you feel like, well, shit, am I doing something wrong?

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<v Speaker 1>But that's an uncomfortable feeling that we need to sit

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<v Speaker 1>with sometimes. And I think your friends probably have your

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<v Speaker 1>best interest at heart when they are telling you that.

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<v Speaker 1>And it's the only way you're really going to find out,

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<v Speaker 1>like is when you compare your salary to peers or

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<v Speaker 1>to just people in general to see what their feedback is.

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<v Speaker 1>But without knowing exactly what you do, your level of experience,

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<v Speaker 1>you got to take other people's feedback with like a

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<v Speaker 1>grain of salt. Right, So do they really have experience

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<v Speaker 1>with your industry? Do they know about you? Know what

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<v Speaker 1>your skills are? In particular? You know, they may have

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<v Speaker 1>a much better insight into whether or not you're getting

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<v Speaker 1>underpaid if they, of course, have a little bit of

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<v Speaker 1>experience in your space. If they don't, then okay, cool.

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<v Speaker 1>I would go online. I would check glassdoor, salary dot com.

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<v Speaker 1>I would check job listings for comparable positions in states

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<v Speaker 1>where they have to list the salary range and see

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<v Speaker 1>what you got there. But I would just keep looking

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<v Speaker 1>for additional sources. Now to your question about the amounts,

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<v Speaker 1>So honestly, I kind of like that. I mean, transparency

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<v Speaker 1>is great, right, companies that actually come out and say,

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<v Speaker 1>you know, here's the salary increase we're going to have,

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<v Speaker 1>here's a bonus bands that we're going to have, and

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<v Speaker 1>they release them, like, okay, kudos for actually telling people

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<v Speaker 1>so that they don't have to just wonder. But those

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<v Speaker 1>numbers are really underwhelming, Like, you're not crazy a one

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<v Speaker 1>percent bonus for a fifty five thousand dollars salary. I mean,

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<v Speaker 1>I the that's just a bit of a it's a

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<v Speaker 1>bit of a slab in the face. That's I mean,

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<v Speaker 1>it's just five hundred dollars. And that's pre tax so

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<v Speaker 1>once you know, you take your income taxes, that of

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<v Speaker 1>that it's a lot less than five hundred and fifty dollars.

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<v Speaker 1>So that's extremely underwhelming. Now you say you're mid level. Honestly,

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<v Speaker 1>at a mid level position, I would expect at least

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<v Speaker 1>a five percent, but you know, more like a ten

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<v Speaker 1>percent annual bonus. And the thing is your annual bonus

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<v Speaker 1>is typically called a target bonus. Companies don't promise to

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<v Speaker 1>give you this money. They always have the asterisk of

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<v Speaker 1>depending on company perform you can get up to this

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<v Speaker 1>percentage of your base salary in the form of an

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<v Speaker 1>annual bonus. So you may not even get the five

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<v Speaker 1>hundred and fifty dollars if they don't do well. So yeah,

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<v Speaker 1>I'm really underwhelmed by that bonus amount. Nice that they

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<v Speaker 1>at least have it, but like Jesus, just one percent. Uh,

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<v Speaker 1>It's yeah, it's giving broke. But we're trying to give

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<v Speaker 1>y'all something. I guess the salary increase. So this is

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<v Speaker 1>going to be like I'm guessing this is like a

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<v Speaker 1>cost of living, you know, salary increase, which is where

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<v Speaker 1>the company from the top will decide, Okay, what what

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<v Speaker 1>standard increase are we going to levy across the board

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<v Speaker 1>for our employees, just to you know, take into consideration

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<v Speaker 1>things like inflation. But also the it's not really for

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<v Speaker 1>them about inflation. It's about the cost of labor and

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<v Speaker 1>because of inflation. This is basically like it's like a

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<v Speaker 1>corporation's version of like, ooh, we're stressed about the price

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<v Speaker 1>of cereal and laundry detergent going up or eggs, right,

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<v Speaker 1>Like we obsess over a gallon of gas and what

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<v Speaker 1>that cost us, and how inflation is making it go up.

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<v Speaker 1>But if you're running a company, your people are your

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<v Speaker 1>biggest expense, and when our lives get more expensive, we

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<v Speaker 1>start looking for jobs that can pay us more. That

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<v Speaker 1>means that our asking prices, our salaries are going to

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<v Speaker 1>go up. So if you're a company, that means you're

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<v Speaker 1>going to be paying more for talent. So they will

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<v Speaker 1>put these salary increases across the board to try and

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<v Speaker 1>get ahead of that. Don't let them tell you it's

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<v Speaker 1>to help y'all keep pace with inflation. N No, they

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<v Speaker 1>are just doing this to keep to help themselves stay

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<v Speaker 1>a little bit more competitive in a more expensive market

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<v Speaker 1>for talent for people. Right that being said, two point

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<v Speaker 1>five percent ain't nothing, okay, And yes, I would say

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<v Speaker 1>that this is like kind of in the standard range.

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<v Speaker 1>I think it's about right in the standard range for

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<v Speaker 1>like what a typical salary increase could be, like a

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<v Speaker 1>cost of living adjustment could be, I would say between

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<v Speaker 1>two to four percent. You may have seen hire during

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<v Speaker 1>the pandemic years while companies were in their you know,

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<v Speaker 1>just to save face with their employees, like taking into

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<v Speaker 1>account how much more expensive things we're getting. But two

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<v Speaker 1>point five percent is like, fine, these are really underwhelming numbers.

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<v Speaker 1>And basically what you're hearing is like your salary is

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<v Speaker 1>going to remain flat for the time being. Now you

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<v Speaker 1>say that, you feel like job hopping and racking up

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<v Speaker 1>signing bonuses an equity is the only way to make

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<v Speaker 1>more money in the corporate world. That's a little bit

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<v Speaker 1>too big of a thought. Okay, that's kind of like, oh,

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<v Speaker 1>I'm doing everything wrong. What am I going to do?

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<v Speaker 1>I'm going to be a job hopping and racking up

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<v Speaker 1>looking for signing bonuses and equity forever. Well, that's a

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<v Speaker 1>big again, that's like big, big picture. It can feel overwhelming.

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<v Speaker 1>But let's just like sit with where you are in

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<v Speaker 1>this moment, all right. If you want your pay to

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<v Speaker 1>substantially increase, a couple of things are going to have

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<v Speaker 1>to happen. You don't have to quit necessarily, but you

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<v Speaker 1>do need to get a competing offer from a competitor,

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<v Speaker 1>from a comparable size company or wherever, and that will

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<v Speaker 1>give you some leverage you be able. You may be

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<v Speaker 1>able to leverage a outside job offer for higher pay

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<v Speaker 1>where you are, and then you can see those big

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<v Speaker 1>twenty percent raises, thirty percent raises, whatever. That typically only

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<v Speaker 1>happens when someone has gone outside and got a competing offer.

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<v Speaker 1>You can also job hop. Yes, so let's say you

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<v Speaker 1>you know you're okay with your pay right now, but

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<v Speaker 1>the fact that you're only going to get one percent

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<v Speaker 1>based bonus and like a salary increase of about two

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<v Speaker 1>percent every year, you're just like, uugh, let me move

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<v Speaker 1>on to someplace where I've got a little bit room,

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<v Speaker 1>a little bit more room to go up. That's a

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<v Speaker 1>fair thought, But you can't just consider, you know, salary

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<v Speaker 1>and pay when you're thinking about job hopping. You want

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<v Speaker 1>to like where you work. You want to like your commute,

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<v Speaker 1>you want to like the work that you're doing. It's

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<v Speaker 1>got a lay into your overall career path, like what skills,

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<v Speaker 1>what opportunities am I going to get here? And where

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<v Speaker 1>do I see myself going by staying here? Maybe right now,

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<v Speaker 1>you're happy where you are, You love your team, and

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<v Speaker 1>you know that in a year or two you'll be

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<v Speaker 1>eligible for a promotion or a management position or what

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<v Speaker 1>or whatever, and so you decide to stick around. There's

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<v Speaker 1>no shame in that. But if you decide to go outside.

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<v Speaker 1>Of course, you want to look for a higher salary,

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<v Speaker 1>but just don't forget to also look for things like

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<v Speaker 1>the culture fit your schedule of course, like the commute,

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<v Speaker 1>the the you know the team that you're going to

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<v Speaker 1>be working for. Is there a good vibe when you

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<v Speaker 1>do your interviews. Those things are going to matter as well. Hey,

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<v Speaker 1>ba fan, we're going to take a quick break and

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<v Speaker 1>we'll be right back now. Signing bonus is an equity.

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<v Speaker 1>Those are nice. Those are sprinkles on top of the

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<v Speaker 1>compensation cupcake. I love them. I talk about them a lot.

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<v Speaker 1>A signing bonus you really can get when you leave

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<v Speaker 1>and join another company. So if that's what you're after,

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<v Speaker 1>those those like little windfalls, Yes, those do come when

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<v Speaker 1>you leave. However, you can also negotiate a spot bonus

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<v Speaker 1>for yourself. You can negotiate a retention bonus. So if you,

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<v Speaker 1>for example, get an outside job offer and it's like

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<v Speaker 1>a twenty percent raise, you bring it to your manager

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<v Speaker 1>and hr the whole team is like, ugh, we really

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<v Speaker 1>want to keep you, but we can't afford twenty percent.

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<v Speaker 1>Maybe you could negotiate, well, can I have a one

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<v Speaker 1>time bonus retention bonus in the amount that you know

0:12:40.679 --> 0:12:42.880
<v Speaker 1>you would have been getting if you left, And that's

0:12:42.960 --> 0:12:44.920
<v Speaker 1>kind of sweet because then you get a lump sum

0:12:45.280 --> 0:12:48.280
<v Speaker 1>and you don't have to work, you know, and rack

0:12:48.360 --> 0:12:51.480
<v Speaker 1>up that money over time, like in the form of

0:12:51.480 --> 0:12:53.800
<v Speaker 1>additional salary, Like you just kind of get that money

0:12:53.800 --> 0:12:57.040
<v Speaker 1>in one fell swoop. There's always strings attached when it

0:12:57.040 --> 0:13:01.920
<v Speaker 1>comes to bonuses, signing bonuses, retention bonus. Typically they require

0:13:01.960 --> 0:13:03.840
<v Speaker 1>you to stay with the company for at least a year.

0:13:04.360 --> 0:13:06.920
<v Speaker 1>Got those golden handcuffs locked, you know what I'm saying.

0:13:08.240 --> 0:13:10.240
<v Speaker 1>I know I'm going on and there's a lot of

0:13:10.280 --> 0:13:13.600
<v Speaker 1>things to consider right here, but there's possibilities for you

0:13:13.640 --> 0:13:17.440
<v Speaker 1>to get you know, richer, get more wealth while you're

0:13:17.520 --> 0:13:22.840
<v Speaker 1>in your current company. But the key, if you're kind

0:13:22.840 --> 0:13:25.640
<v Speaker 1>of following where I'm going here, the key is to

0:13:25.960 --> 0:13:29.760
<v Speaker 1>have outside offers. And in order to do that, you

0:13:29.840 --> 0:13:32.960
<v Speaker 1>want to be investing in spending a lot of time

0:13:34.040 --> 0:13:38.800
<v Speaker 1>getting on LinkedIn, going to you know, different company events

0:13:38.840 --> 0:13:43.360
<v Speaker 1>like industry events, conferences. You want to be upskilling at

0:13:43.400 --> 0:13:45.720
<v Speaker 1>all times, like and I don't mean going back to

0:13:45.760 --> 0:13:48.160
<v Speaker 1>school and getting degrees. I mean looking for new ways

0:13:48.200 --> 0:13:51.240
<v Speaker 1>to improve your skills at work, whether it's taking a

0:13:51.320 --> 0:13:53.920
<v Speaker 1>training that they can you know, they can cover the

0:13:53.960 --> 0:13:56.760
<v Speaker 1>cost for you, or you shadow other workers, you learn

0:13:56.800 --> 0:14:00.000
<v Speaker 1>new skills, but be gaining new skills and be gaining

0:14:00.280 --> 0:14:04.560
<v Speaker 1>more specialization. The more unique you are, the more likely

0:14:04.600 --> 0:14:07.960
<v Speaker 1>they are to want to fight to keep you. Right,

0:14:09.720 --> 0:14:14.000
<v Speaker 1>What else can I say? Get more specialized? Oh? Right?

0:14:14.080 --> 0:14:16.120
<v Speaker 1>So when you're investing your professional brand, why are we

0:14:16.160 --> 0:14:18.440
<v Speaker 1>doing that? One because you want to be more appealing

0:14:18.440 --> 0:14:22.440
<v Speaker 1>to your current company. But two, it's so that outside companies, recruiters,

0:14:22.560 --> 0:14:24.800
<v Speaker 1>hiring managers, they're going to start to say like, oh,

0:14:24.880 --> 0:14:28.320
<v Speaker 1>Penelope is the shit like I want to poacher or

0:14:28.320 --> 0:14:30.280
<v Speaker 1>I really want her to work on our team. And

0:14:30.320 --> 0:14:33.320
<v Speaker 1>when they come to you for job opportunities, the chances

0:14:33.360 --> 0:14:35.800
<v Speaker 1>that you're going to get a really competitive salary and

0:14:35.840 --> 0:14:40.680
<v Speaker 1>those juicy benefits like bonuses and equity is a lot higher. Okay,

0:14:41.080 --> 0:14:43.680
<v Speaker 1>I'm gonna leave it there, Penelope girl, But thank you

0:14:43.720 --> 0:14:46.680
<v Speaker 1>so much for this question. And I'm glad that you're

0:14:46.680 --> 0:14:49.720
<v Speaker 1>doing the work that you're doing right now to get

0:14:49.720 --> 0:14:52.720
<v Speaker 1>the pay that you want to get. Yeah, thank you,

0:14:53.680 --> 0:14:57.640
<v Speaker 1>okaba fam, thank you for tuning into this week's be AQA.

0:14:57.840 --> 0:15:00.440
<v Speaker 1>Don't forget that broad ambition is on three times a

0:15:00.440 --> 0:15:04.000
<v Speaker 1>week now. We have our throwback how to episodes on Monday,

0:15:04.520 --> 0:15:07.080
<v Speaker 1>main show on Wednesday, and on Friday. It is all

0:15:07.120 --> 0:15:10.120
<v Speaker 1>about you, babes. It is all about our listeners and

0:15:10.200 --> 0:15:16.240
<v Speaker 1>answering y'all's questions. So until next time, Bye,