Welcome to the third part of our blog series. In the first part of the series, we addressed the question of what you’re worth in today’s market. In the second part, we discussed what to do if you discover that you’re underpaid.
Now it’s time to learn how to leverage your annual performance review. Let me start with a very interesting story.
When I was recruiting for CVS, I would go through the company’s paper filing cabinets, which dated back to 1976. On Wednesday nights, I’d call people who were in the files. One night, I reached Paul C., who was working at Kmart at the time, but wanted to make a career change. Paul interviewed for a position at CVS and was perfect for it. However, he was looking to earn $37K per year as opposed to $34K, which is what the company was offering. It just so happened that he had kept all of his employment reviews for the previous seven years at home. I asked him to compile everything he had and I presented it to the company that was interested in hiring him. Long story short: Paul was hired at a salary of $37K and was eventually promoted twice. When the company closed five years later in 1998, he went to work at Wal-Mart as a store manager at a salary of $100K per year!
Your employee evaluation isn’t just an introduction to your raise or an excuse as to why you haven’t received one. Get a copy of your performance reviews, and then leverage them when you’re looking for a new opportunity. How do you get them and what do you do when you have them?
Follow the steps below:
- Contact the Human Resources department and say, “There were suggestions on my performance review that I’d like to take a look at. Can you send me a copy so I can improve and accomplish those things? I wasn’t given one.”
- Use your review as a leveraging tool to secure the most money and compensation, both internally and externally.
- When it’s time for your next review, have the previous one in front of you. You’ve just created a much stronger negotiating point.
Start looking at your performance reviews in a different light . . . and start leveraging them for maximum effect on your current employment and the future of your career.
Now you know what you’re worth, what to do if you’re underpaid, and what to do with your annual performance evaluation and review.