QUESTION: Under Compensated?

I am a Senior HR Executive with 20 years of experience with my present company. I am fairly certain that my long career here has left me under paid. My performance appraisals are always within the top 10% of the company. I love where I am, but I would consider going elsewhere. What advice do you have for me? 

RESPONSE: Research & Direct Request

The cost of losing a valued, long-term employee makes attrition of executives like you a no-win situation for the organization.

After 20-years with the same company, it certainly makes good sense to explore if your salary is still market relevant. Here are my suggestions:

Sit Tight: Because you are very happy at your current organization and because, after so many years of excellent performance appraisals you are clearly a tremendous value to your company, I don't suggest looking elsewhere as a 1st step. Instead, understand what current, typical compensation is for your position. 

Benchmark: Benchmark yourself against:

Others in similar positions at similar-sized companies. Use your industry associations to help with this research.

Create a Presentation:  If after completing this research you feel that you are underpaid, I suggest that you put a professional presentation together including the compensation indicators within your own company and from outside the company.

Meet with Your Boss: Set up a meeting with your boss and share this presentation. Say, " I feel as if I might be underpaid in my current position and I wonder what it would take to get me to a market-relevant salary or to the mid-point of the range that others in the company are at? What would you need to see from me to be compensated at this level?

Looking Elsewhere:  If after this meeting you don't feel as if your salary expectations can be met, then you might want to pursue looking for a new position outside the company. If you are offered another job, take into consideration that your current company might make a counter offer. I am not suggesting that you play one against the other. I am suggesting that you consider negotiating with a new employer and your current employer.

It would be a shame for your current company to lose you without even knowing your salary concerns. Given the chance, any smart company will opt to retain you at a market-relevant salary rather than lose your years of accumulated knowledge and experience.

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