Want to earn more money at work? Of course you do. For our sequence The Top Up, Canadians throughout completely different industries inform us precisely how a lot they earn—and the way they navigated each elevate, promotion and job change to get it. Each month, a unique govt shares their journey and their greatest recommendation for how one can higher negotiate your wage, too. This month, a Toronto-based advertising and marketing professional tells CB how she went from making $60,000 out of grad faculty to $160,000 at a telehealth start-up in 10 years.
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Current job title: Head of selling
Industry: Telehealth
Location: Toronto
First full-time job wage: $60,000 in 2013 as a advertising and marketing supervisor at a telecommunications firm
I earned an undergraduate diploma in finance and graduated into the 2008 recession. At the identical time, I spotted I needed to get into advertising and marketing. I loved understanding individuals’s standpoint and advertising and marketing was a strategy to analyze behaviours and ideas—in addition to business. I went again to highschool to get my MBA and hid out in academia till the recession was over.
Following my MBA, I used to be accepted right into a management program designed to offer new grads additional coaching and expertise at a Toronto-based telecommunications firm. I began as a advertising and marketing supervisor particularly centered on bringing new merchandise to market. I earned $60,000 yearly in addition to efficiency bonuses.
After about 18 months, I began trying round for a brand new alternative. I needed to tackle extra accountability to proceed rising. I hoped that I’d get a promotion inside the firm, and whereas I used to be advised it will occur ultimately, it wasn’t taking place as quick as I’d’ve favored. So I ended up leaving after two and a half years.
Second job wage: $90,000 with a ten per cent bonus in 2015 as a advertising and marketing supervisor at an American chemical manufacturing firm
After I spotted I wasn’t going to be promoted anytime quickly, I noticed a job on LinkedIn at a Canadian subsidiary of a U.S.-based chemical manufacturing firm. They have been searching for a advertising and marketing supervisor, so I utilized. I did a lot of analysis on common salaries by way of LinkedIn and Glassdoor, and talked to other people within the business to determine what was a good vary. I needed to have sufficient of a soar from my earlier position and thought my wage ought to replicate my expertise. They supplied me $85,000, and we went forwards and backwards over electronic mail fairly a bit. I requested to evaluation the corporate’s advantages bundle to see the way it matched up with my earlier employer. As it turned out, it wasn’t pretty much as good, which is what I introduced up so as to enhance my base wage by $5,000, bringing me to $90,000.
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Unfortunately the work tradition was very completely different from my earlier job—and I didn’t prefer it. Vacation was handled as an inconvenience to the business, and it was anticipated that staff log lengthy hours. Going into the workplace on the weekend was additionally frequent. Even although the paycheque was nice, it wasn’t one thing that I used to be keen to do for longer than a 12 months.
Third job wage: $110,000 in 2016 as a senior product advertising and marketing supervisor at a SaaS firm with a ten per cent bonus
A earlier boss from my first job began working at a Toronto-based SaaS firm, and he or she recruited me for a product advertising and marketing position. HR initially supplied me $100,000, however I countered with $110,000 plus a ten per cent annual efficiency bonus. The firm was very massive and established, and had outlined pay bands, which made getting extra money difficult. Knowing this, I requested for a signing bonus of $6,000 and one other week of trip as a result of that they had extra flexibility with PTO. My previous boss went to bat for me and HR agreed to my compensation ask. My annual bonus was primarily based on role-specific outcomes, like initiatives delivered and optimistic suggestions from my crew members, in addition to company-wide metrics, like income and inventory efficiency. As a part of my contract, I’d additionally get an automated incremental elevate yearly, much like cost-of-living raises.
After a pair years, I went on maternity depart. My work paid the distinction between my wage and the quantity acquired from EI for the primary six weeks, however after that I used to be on EI till I returned to work. I discovered it somewhat disappointing that they solely topped me up for a month and a half. For mother and father, parental depart is a extremely essential a part of a normal advantages bundle. I returned to work after 10 months.
First elevate primarily based on promotion: $16,000 plus $5,000 prorated bonus in 2019 because the director of shopper advertising and marketing, bringing whole base wage to $135,000
Due to my annual wage will increase, my base was as much as $119,000 in 2018. And after I acquired again from mat depart, I acquired promoted to director of shopper advertising and marketing. I had utilized for the job internally; I needed the additional title and tasks to help in my future job hunt.
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As a part of this promotion I additionally went to my boss and negotiated a four-day workweek. I put collectively a deck about how taking a time off wouldn’t be disruptive. I included stats on the advantages of four-day workweeks, a few of the research that had been carried out and completely different fashions we might implement. I managed to safe a shorter week, however would clock 4 10-hour days, quite than the conventional eight hours. Still, having Fridays off was an enormous profit for me and made me extra keen and in a position to come again to the identical firm after mat depart.
Fourth job wage: $145,000 in 2020 as a director of product advertising and marketing at a software program start-up
After about seven months again from my mat depart, I used to be head-hunted by a recruitment agency for a Toronto tech start-up to be their director of product advertising and marketing. Because I used to be approached, I felt like I held the ability within the wage negotiations. I used to be supplied $145,000 as a base with a 15 per cent bonus. They mentioned they didn’t have wiggle room to extend my base, so I requested for a $10,000 signing bonus to offset the bonus I used to be can be giving up at my earlier firm by leaving. Plus, I insisted on holding my four-day workweek and having 4 weeks of trip, which they agreed to. My predominant argument was that I had organized my childcare round working 4 days, and that it was essential for my psychological and bodily well being to take care of this schedule. I believe it helped that the CEO had youngsters and understood the significance of labor/life steadiness. I used to be additionally supplied choices to buy fairness within the firm at a considerably decreased fee, which actually is like shopping for a lottery ticket. You hope that in the future that start-up goes to be bought or IPO, and also you’ll make a bunch of cash.
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After about 5 months, I used to be promoted to the top of the complete advertising and marketing crew. I requested for a pay enhance however was advised it wasn’t within the playing cards at the moment. Obviously, a promotion with out extra compensation isn’t supreme, however I thought-about it to be a part of the realities of working at a brand new start-up; there are investments of time wanted to assist the corporate succeed. Because it was such an fascinating, thrilling position, I felt okay with the scenario ultimately.
Fifth job wage: $160,000 in 2022 as the top of ladies’s well being at a telehealth start-up
I ended up getting laid off from my earlier job in the beginning of 2022, which actually sucked. But, the timing labored out: Lots of firms have been hiring and there was demand for product entrepreneurs. Someone who had interviewed me earlier in my profession at a wholly completely different firm heard the news of my layoff. He contacted me and advised me he knew of a task opening up at a Toronto start-up that might be excellent for me. He really useful that I converse to the CEO and made the introduction. The start-up has a number of manufacturers beneath its umbrella, and the CEO needed an excellent marketer to go up the ladies’s model on the firm. I utilized and was supplied the job.
The negotiation course of was very collaborative; I really wrote my job description in the course of the recruitment stage. I did my analysis on what comparable roles paid to raised perceive an excellent vary to suggest. From there, we negotiated again and- forth on the advantages bundle, bonus construction, fairness choices, base compensation and trip. Because I used to be so excited concerning the position, and so they have been excited to get it crammed, the negotiation was fast. And I used to be completely satisfied the place I landed: I secured a $160,000 base wage with a 15 per cent bonus, 5 weeks trip and a four-day workweek. My title was head of ladies’s well being: I used to be the final supervisor of the model, and was in command of getting new individuals to make use of our product whereas additionally making certain inside processes have been working easily.
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I used to be promoted after a 12 months to go of selling for all three manufacturers inside the firm. This promotion didn’t include a elevate, however it was validation that what I used to be doing was working. Based on money movement and venture milestones, we agreed to debate a elevate in six months. I used to be okay with that since I’ve a number of flexibility in my position—together with a four-day workweek. We’re arising on six months so we’re having the dialog quickly. I’ll in all probability ask for $10,000 to $20,000 extra. But the reality is I completely love what I’m doing. I’m in a versatile office, we’re doing actually essential work and I’m surrounded by sensible individuals. I don’t care as a lot concerning the cash. The versatile work construction counts for a complete bunch—particularly as a mother.
Best negotiation tip: If the price range isn’t budging, go for different advantages, like additional trip
I all the time ask for extra money throughout wage negotiations it doesn’t matter what, but when the corporate isn’t ready to offer extra, I ask for an additional week of trip as a substitute. I discovered that, particularly at bigger companies, salaries are decided by particular pay bands. I’ve usually discovered that firms can’t (or gained’t) provide greater than the higher limits of these bands, however trip is a wild card on the negotiation desk. So, if an organization isn’t ready to offer you that additional $10,000, or a signing bonus, extra trip is likely to be one thing they’re keen to supply.
Source: canadianbusiness.com