Tueday's guest was Bill Coleman, Senior Vice President of Waltham-based Salary.com. Bill has 20 years of compensation and benefits experience in consulting and corporate management, and is one of the most prolific and popular Big Help chat guests.
Bill Coleman: Great to be here again. Thanks for inviting me to join the Big Help.
kev: Bill, what's the best way to ask for a raise if my company doesn't have a formal review process?
Bill Coleman: That's a great question. My best advice is to "create" a review process --- for yourself.
Bill Coleman: Make it easy for your boss by setting a time to sit down to meet to discuss your performance and pay. Set schedules, plans, goals, and measures.... and then perform.
Bill Coleman: You should also set a follow up time to review results a few months from now.
jesse: Hi Bill -- My workload keeps increasing as each month goes by. I find myself working from home almost every day I have off just to keep up. Is this normal in today's work environment? And how much more should I get paid proportional to the increased workload?
Bill Coleman: Yes, that is common these days, but ask yourself 2 questions: (1) where is the extra work coming from, and (2) how much time are you spending at work on personal things? Let's focus on the first. If you're doing your own work AND the work of others (current or former coworkers) it might be time to talk about re-defining your job description and market salary.
Jake: What are some of the most soght after hiring positions that pay 6 figures?
Bill Coleman: Jake, there are a lot of jobs that normally command 6-figure salaries--most doctors, lawyers, senior level consultants, high level administrators, etc. Most of which require education and experience.
Bill Coleman: But there are also many opportunities for "blue collar" workers who take control of their careers to do extraordinarily well-- for example, plumbers, contractors, landscapers, etc.
FreddieMac: How often should salaried smokers be allowed to take breaks? I see some people go once an hour
Bill Coleman: Some companies actually have policies on this and require employees to take break time or lunch time to smoke--and some even restrict the specific times you can leave. Regardless of whether your company has a policy, you can be sure that your boss notices how often and how long you're standing outside smoking.
mamamamama: hi bill! i'm an at-home mom going back into the paid workforce in a couple of years. i'm educated and can take my pick of professions. do you see one sector or profession that is going to 'pop' in the next 10-20 years ?
Bill Coleman: No one has a sure answer for what the working world will really look like in 10-20 years, but sectors around here that are strong are biotech, healthcare, pharmaceuticals, and likely financial services.
Bill Coleman: Specific jobs that generally are expected to fare well are sales, recruiting, accounting and others.
Bill Coleman: Good luck!
gidget: How do you determine the ballpark figures for your job descriptions? I found the one closest to mine and it days I'm at least $20k underpaid!
Bill Coleman: That sounds like a lot. You might want to read the description carefully and make sure that you are a good match for the experience and level within the job. This is where we find people "round up" to a job that HR would consider one or two levels higher than what they're matching you to.
hi: I have been offered a job that does not include overtime pay (my current job does and the new position will have the same base salary), would it be appropriate to ask for a bump in salary to offset the potential loss of money coming from OT?
Bill Coleman: There are two scenarios that this could be---same company or a new company. In both cases the answer is "yes," but the approach might be slightly different. It's a very valid point to talk about money you're leaving on the table and any employer will respect that. You should also note that if you're moving from an OT-eligible job to one that's not, you might also now become eligible for a bonus that might make up the difference.
FrankLee: Is it ok to ask a potential employer about their pay philosophy on your first interview?
Bill Coleman: Yes, it's OK, but it depends on the context of your discussions. If it's a "light" or informational type interview, that might be too aggressive, but if they bring up salary or compensation, then it's a fair and smart question to ask.
Bill Coleman: Beware, however, many people you interview with may not know what the company's pay philosophy really is. That's an HR question, but I'd still ask others because they'll give you some good insights into practice (versus theory).
gfd: how should you figure options into the total package?
Bill Coleman: That's a huge question. It depends on what you're looking for and how frequently you get option grants and the stage (and outlook) of the organization.
Bill Coleman: A one time grant is either a lottery ticket for a start up in which case you're playing for a big payoff. Or it's a "we're all in this together" grant at a bigger organization in which case it's more token.
Bill Coleman: If the company uses options annually (or continuously) then you'll want to include it as part of your annual compensation---just make sure you have a sense of the average annual grant.
Arthur12: Hey, Bill - supposing I have been underemployed recently. My latest compensation does not reflect where I was before that, or what I am worth in a managerial position. How do I best present that to prospective employers?
Bill Coleman: Arthur, good question. I wouldn't necessarily raise the issue, but focus on the fact that you're looking for the right job and when they ask about salary expectations, your answer should focus on market value based on your skills and *past* experience. One caution, however, is that you'll need to be proactive in making sure a potential employer doesn't see your current under-employment as the appropriate level for you. You need to prove you can perform at that higher level.
mo: What if you started off at a place at very low pay. I started out of college at my company and have since grown my salary over 70% but have been here 6 years and have also gotten an MBA shouldn't you at least expect a 20% jump someplace else?
Bill Coleman: It may be time for a chat with your boss. Sometimes companies forget to rethink the pay of people who've been around for a while. On the other hand, they may have---70% over the last 6 years is pretty good. Does the MBA add value to your current job/employer? If no, it won't affect your pay and it might be time to look for an employer who will value it.
Bob: Bill, in very preliminary conversations with potential employers, I'm often asked what my salary requirements are. I try to delay the question, but I almost always am forced to answer. Should I aim high? And when it comes down to it at the end of the interview process, how relevant will my initial asking price be?
Bill Coleman: Be at the high end of the reasonable range for the job and explain that you've done your research and why you belong there. The employer will take note and use that in determining your fit and often their salary offer. If you aim too high, you could price yourself out of the job.
Bob: Hi, Bill - what's a reasonable raise to expect when switching jobs?
Bill Coleman: It all depends on many circumstances, but typically employees won't leave their current job for less than a 10% increase. Employers will try to link you to their pay structure, but will sometimes sweeten the deal to get you to say "yes." Surprisingly, a lateral transfer will therefore often end up at about 10% more---if you're a star.
Pyrra: When a recruiter/HR person asks me my current salary, can I include my bonus in that figure? I'm worried I'll won't get an offer I might otherwise be able to acheive, since my current company does not compensate its employees at the industry standard for our job functions.
Bill Coleman: Pyrra, this a good question for a few reasons. Remember, your compensation when you're looking at any job is your TOTAL compnesation. Take everything into account. This is especially true if your employer pays differently from "normal." For example, if your employer uses lower base pay and larger bonuses, make sure recruiters and potential future employers understand your total cash compensation is the sum of the two and that's what you'll be focusing on maintaining or improving, not just your base pay.
JR: Bill, My wife is pregnant with twins. We already have another child. If she has to step out of the workforce, what does she do to make sure that she remains marketable? She has her MBA, but one of her concerns is making sure that she remains marketable.
Bill Coleman: JR, she's a smart woman. She should remain part of industry associations, keep up on her reading, and maintain her network. Staying on top of what's going on in her professional community will keep her knowledge relevant and also keep her from losing her mind (and her edge) watching too many Barney videos.
Bill Coleman: If she stays in touch with her community, people will be positioned to help her return to the workforce when she's ready to go back.
north_end: I was hoping to find out some salary info in regards to a Copr Recruiter in the Boston market as well as HR Generalist. Thank you!
Bill Coleman: You can go to www.salary.com and look for ballpark info on the Salary Wizard, or for more detailed, industry and location-specific information, try: psr.salary.com
Flanker81: Bill, there is decline in some sectors of the economy, such as manufacturing and others. But what do you think about higher ed, especially here in the Boston area? Is it relatively secure? Is it tough to make the switch from the corporate world, and how is the pay? Thanks for any info.
Bill Coleman: Let's all hope higher ed isn't a declining industry. Actually, it tends to improve as an industry when the economy goes south. And certainly the Boston area is hub of the universe for higher ed.
Bill Coleman: Making the switch is interesting because the missions and challenges and sometimes pace are very different. It's a whole different culture, but one of the differences is that it's a relatively secure work environment, with OK pay and great benefits.
Boston.com/Monster: Folks, great questions, but we have time for just one or two more for Bill today.
Bill Coleman: Making the switch is interesting because the missions and challenges and sometimes pace are very different. It's a whole different culture, but one of the differences is that it's a relatively secure work environment, with OK pay and great benefits.
Gretta: Hi Bill, This is more about job searching than salary. I have been to 3 interviews with one company, the job is still posted on Monster, but I have not heard from them since 12/20. At the last interview I was told I was one of 3 finalists. What is my next step?
Bill Coleman: Follow up. Show 'em you want the job, but do it nicely and professionally. Generally the best place to go is to call your HR contact if you have one, or call the hiring manager. I prefer a call to an email. Most people are comfortable with the "I'm just touching base..." kind of message. If they're still making the decision ask if there's anything more you can provide to help them.
marko: Bill, you say some blue collar workers (plumbers, landscapers, etc.) do very well. But how well ? How are these people earning 6 mfigure incomes ?
Bill Coleman: Generally one of a few ways: (1) by being best at what they do (e.g., landscaping at Fenway), (2)work more hours or less desireable situations, (3) start your own business, (4) become an expert on the topic and leverage that.
Paul_K: Is it true that salary doesn't changed based on location as it used to in the past?
Bill Coleman: Salaries DO vary by location and level within the organization---lower level employees are more subject to geographical differentials. However, with the growth of mobile and remote workforces, many companies are becoming location neutral at least for those jobs that don't require working on-site.
Michael_Paul_Ellard: For someone just born this morning, weighing 8lbs. 9oz, what jobs or industries should I be targeting in 20 years or so?
Bill Coleman: Congratulations and Happy Birthday!!!
Bill Coleman: Look to the broad technology market---high tech, pharma, biotech---also consider energy, environmental, and healthcare. These are all areas that are likley to be very full career areas in 20+ years. Here in the US, in general knowledge jobs and services are more likely to be available than production and manufacturing.
Bill Coleman: ...and make sure you pick a job that will allow you to take care of your parents.
Boston.com/Monster: Folks, that's all we have time for today, and Bill's fingers are now officially tired.
Boston.com/Monster: Bill, many thanks for your time and helpful tips - awesome.
Bill Coleman: Thanks for all the questions. Sorry we ran out of time. For those of you with job or salary specific questions, please feel free to visit www.salary.com . There's a lot of information like many of the things we discussed there about salaries, jobs, and careers.
Bill Coleman: Chat with you again soon.
