Getting More Mileage Out Of Your Mba
An MBA or Masters Of Business Administration is an advanced degree and one would
assume that after getting a degree of this caliber that the red carpet would be rolled out for you. You might have heard stories about people with MBA's waiting on people at Carrow's or flipping burgers at McDonalds. My view is yes, while this may be happening to a small extent, I think this is mostly by choice. For example anyone with a Bachelors Degree or higher can become an officer in the Armed Forces. So I don't think these graduates are exploring all their options or maybe they are expecting too much from Corporate America without any real world experience.
If you started working in your field with a BBA and then went on to get your Masters Degree while you were employed with the same company, you might not feel that you are being properly compensated. Perhaps the company you are working for put a great retention bonus on the table but didn't offer you a raise yet. If you feel you are making a lot less than your position was advertised for, you have a few different options you should consider exercising to level the playing field. If you don't feel the company who employs you is giving you the salary you deserve, you might want to consider starting the negotiation process with them.
One of the first things you can do is start salary hunting. This means talking to the HR department at other companies and find out how much they will pay you to walk away from your previous employer and work for them. But before you get too excited, don't just take your base salary into consideration. Also consider the benefits packages they are offering you like unemployment insurance, medical and dental insurance and factor those benefits in as well. Some companies might even pay all or part of your student loan after you've worked for them for so long so consider this as well.
You need to understand that many companies tend to adopt policies that will tend to hurt them down the road. For example a company might tell you that you are a great employee and that they don't want you to leave, but on the same token they'll hire a new replacement they don't even know and will pay them more than they are paying you. You have to consider the fact that they are exploiting your loyalty, dedication to the company, intelligence and leadership skills. Plus they like the fact that they can exploit all of these attributes on the cheap, and who wouldn't? They got away with it for this long, why not keep things status quo?
Companies really "appreciate" employees they can keep around without paying them what they are worth. Some of these companies are banking on your loyalty and guilt and your sense of duty to them so you won't leave them. People tend to get real attached to their jobs in spite of being underpaid and less than appreciated by them. First ask yourself if your company paid any part of your MBA?
You also need to consider that in this economy, jobs are more scarce than usual and many new college graduates would love to take your place. Also as I mentioned before salary isn't the entire picture. Then consider where you live. If you reside in a desolated area like Belle Fourche, SD, and you find a job with higher pay and more benefits in Los Angeles, would you be willing to pick up your family and move 2200 miles? This decision would ultimately depend on how strong your ties are to the community. Even though your pay will be higher in Los Angeles, your living costs will become higher as well.
Start considering how much experience you have in the field right now. You might have to prove to upper management that your MBA is a real asset to their company, and this could take a few years. If you do decide to negotiate your salary with Human Resources, there are a few points of discussion you need to keep in mind.
Make HR aware of what you can do for the company after you received your MBA that you couldn't do for them when you just had your BBA. When it comes to performance, it doesn't matter what you know it only matters what you can do for them right now. There's an old Human Resources cliche that states that "Potential is interesting, but performance is everything". For example if you studied international business and work for a U.S. Based company that does no international business, you're education while impressive, won't do anything to help the company unless they plan on expanding overseas.
You might also consider asking the company why they are placing ads for the same position and job description you are doing and why they are paying them more than they are paying you. Ask them if there's anything you can start doing to surpass this salary. You may find out that this is just some dumb company policy, like putting a predefined cap on the percentage of an employees pay raise. Keep in mind that things are pretty competitive right now, and the company might be paying out adequately. Their only obligation is to pay you based on the value you bring to the company. They are not responsible for supporting any specific lifestyle you may have predefined for yourself, such as a purchase of a house and car.
This is the big mistake new College Graduates make. Many start working then rush out to buy their dream home and car. Then they need to continue working just to barely make these payments. The smart way to go is to get a small apartment or a roommate and focus on paying off all your student loans first. Then start saving for your home and when it comes time to buy, put down a substantial down payment, 50% or more, so your mortgage rates are as low as possible, and don't rack up any credit card debt. Then if something happens or if you incur a period of unemployment, you can afford to stay in your home until you can find another job.
by: BrianGarvin
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