After 5 years post qualifying experience, you should be earning about R1m per annum.
This might give you a shock.
If you are earning less than this, then know that you are on the bottom end of the scales.
You might want to feel very bad but, before you do that, it is important to qualify this statement because as there are a couple of factors which might distort these stats:
- If you are Zimbabwean, because of BEE scorecards, employers will take advantage of you and simply pay you less. So, the stat discussed above will not apply to you;
- If you are still in the Profession, this will not apply to you either. Unless you get to associate director level, it is unlikely that you will earn a seven-figure package.
- If you’ve languished in the profession for a few years after qualifying, you need to deduct that off and only start counting from the time you entered commerce.
The figures above do not include performance bonuses which are usually paid over and above the annual package and is usually conditional on a number of factors.
So, if you are not reaching these financial rewards then something is wrong. You might think that moving to another company will solve the problem but it won’t. You will take it with you.
So what are the issues that could be holding you back?
Here are some ideas but this list is not conclusive:
- Your superior sees you as a weak manager. This is probably the most common reason why people do not get the promotions they expect.
- You lack of self-confidence: This is closely aligned to the above but is a little more pronounced especially if you don’t have people reporting to you, which is often the case in the banking industry where they have very flat structures.
- You have low EQ and are temperamental and argumentative
- You miss deadlines
- You make mistakes
- You have a poor executive presence
- You are in a big approval seeking drama
All of these issues can be dealt with by applying some age-old tactics.
Now if you are under the guidance of a mentor you are lucky. He/she will help you with this by noticing what is not working for you and advise you accordingly.
If you don’t have a mentor you are out in the tundra.
Usually you will also find that your superior spends very little time helping you develop yourself. This is often not by choice. Other things just get in the way and the only time that you get some sort of feedback is at your annual performance review. And. even then, don’t expect your boss to tell the truth. More often than not, bosses prefer to avoid a confrontation with staff. If they don’t rate them, instead of telling them why, they duck the issue and blame something else for them not giving you that promotion.
Or you arrive at work one day to find that you are reporting to a new manager who appeared out of nowhere and whose job should have been yours!
So, what do you do?
The best solution is to get yourself a coach. Coaching a popular way of identifying and removing the barriers that get in the way of career development.
The thing is where do you find a good coach?
The issues raised above requires a different kind of intervention. Working with a coach who focuses on achieving goals and finding a better work/life balance is not going to do the trick.
You are going to need a coach who has the following attributes:
- They need to see more in you than you see in yourself: This is imperative because if they are going to coach you to the next level they need to see your next level
- They need to understand the work that you do and the requirements necessary to succeed.
- They should be able to give you a bird’s eye view of your work and what things look like further up the line
- They need to understand the dynamics of a work place and the differing personalities that inhabit this domain.
- They need to be sensitive and compassionate to your circumstances and guide through your own unique issues to break through to the next level.
With all these aspects addressed, you should be able to find a way for yourself to move to the next level.
If not make sure your coach gives you your money back!
To find out more, contact Clive on email@example.com or SMS him on 072-280-6878.