Thursday, May 24, 2007

What's Your Exchange Rate ?

I was writing out the salary cheques one day, and one of my employees walks up to me, with her cheque in his hand. "I think i deserve more," she said. I was pleasantly surprised. I like and admire courage to stand up for oneself. "Sure, I said, "How much more do you deserve ?". I think i caught her off guard, coz she replied back "Ummm, I dont know how much, but I know I deserve more." I told her, "Then go back, do the math and come and tell me how much." "And, give me a break up of that !" She didnt come back for two days.
I walked up to her desk on the third day and asked her what happened, and i found out, that she had already consulted with two of her colleagues, on how much more she deserved. End of the story, I gave her a raise, and she is happy. But the real question is, how does one calculate what one deserves when it comes to exchanging work for money ?

This incident got me thinking, and i reached some conclusions. And it helped me greatly because i revised my salary and my professional fee. I now make 4 times the money that i used to since last month. And thanks to my employee, who brought to my attention that "I deserve more."

Before i let you in on my theory, I want to know from, how did you decide your salary ? How did you give your efforts a number ? Or did you even put any thought in it ?
Your answer will bring you riches you cannot even imagine, so do reflect on this and comment !!


jack said...

I think people who work with their hands and sweat should get paid the most. I take what is offered to me, I have parents I have to support, I cant pick and choose, not enough time , I don’t have education, but I love what I do now, I work in a hospital, the joy that helping the patients that have no family to visit them is pure and satisfying. I get them books and warm blankets and most important , I give them Hope and make them laugh, And the feeling that they are not alone, not as long as I am around, I know I wondered off the subject.

Suraj said...

That is very good to stand up & say. But when it comes to salary, i should EARN it not ask for it. Thanks...eager to know whats your theory as that makes lot of sense to me :-)

Amrita said...

This was a very powerful point to ponder on. Well I never thought or put a figure to my efforts. That is probably because i always thought I gave a little less that what i could have, thats why i accepted whatever i was offered (that is besides the point that my boss is very rewarding). I guess when i operate below my potential, I would have never be able to command what i desire. What i think I should have is undying commitment and passion towards my work, and thats when I feel I can have what i desire, and also truly deserve it. I really appreciate the person's courage who came up to you and asked for a raise. I am quite intrigued by this quality and would want to imbibe it in me too.

Thanks for the food for thought!

nupur said...

I believe people get what they MUST get and not a penny less or more.
Your state of mind reflects your bank balance. If you Must earn more, it will come to you through either a raise, bonus, commission, passive income etc.

So i have never questioned the money i get. Also i am at a stage of learning and gaining as much as knowledge i can.
Awaiting for yur theory

Anuj :) said...

When i sat and thought, how much should i quote..There were many questions that came to my mind..
Some of them were:

1. Time and effort - I thought about the time i would be devoting and the effort that i would put in for the job.
2. Learning & Changing - I thought about all the things i could learn from the experience and the things i could make a difference in.
3. Comfort level - I realised that i would be very comfortable - both with the pay and the work.

And at the same time, there was a fear and hesitation of asking too much...
At the end of it..It was a tough decision!!

Vish said...

This is a very interesting post, but also a very tough one to answer. It's difficult to monetize one's work and put a number to it. But if it must be done, I feel one should analyse the 'value-add' one brings in to an organization.
There are also other factors such as-- the standing of the company, time, effort, dedication, accountability and more.
At the same time, it's a great feeling if your work is being noticed, the value-add is acknowledged and you're rewarded beyond your expectations..