Want to earn more money at work? Of course you do. For our sequence The Top Up, Canadians throughout totally different industries inform us precisely how a lot they earn—and the way they navigated each increase, promotion and job change to get it. Each month, totally different executives share their journey and their greatest recommendation for how one can higher negotiate your wage, too. This month, a Toronto-based product supervisor tells CB how she went from making $40,000 after grad college to $110,000 at a health-tech firm in 11 years.
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Current job title: Product supervisor
Industry: Health-tech
Location: Toronto
First full-time job wage: $40,000 in 2010 as a market analysis analyst at a well being care market analysis firm
I completed my grasp’s of science—I used to be a psychology main—on the finish of 2009, and did a brief analysis contract with a science and expertise group throughout the Department of National Defence, working with one of many authorities’s analysis scientists. I had a background in empirical analysis and needed to place my diploma to make use of. At the top of the contract the federal government froze its finances and couldn’t preserve me due to the lingering impacts of the recession. It was actually, actually laborious to discover a job at the moment—I used to be keen to say sure to anybody who needed to rent me.
While I used to be job searching, I noticed a web based posting for a market analysis analyst at a Toronto well being care market analysis firm and utilized. The interview concerned a fundamental math check and an train that requested me to reply the kind of query an analyst would deal with, simply to see my thought course of. I had knowledge evaluation expertise however no well being care background in anyway, so after I received the job, I discovered every thing from the bottom up. I began within the cardiovascular analysis group and hopped round totally different analysis areas.
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When I used to be employed, they provided me $40,000. I used to be like, “perfect, done!” Jobs had been nonetheless laborious to come back by after the recession, it was my first one, and it was probably the most sum of money I’d seen as a grad scholar. Even although it was an entry-level place, we had been underpaid in comparison with the market common, and each time somebody left we’d hear about how a lot they had been making at their new job. I feel the corporate realized this and rolled out a program the place each quarter we had a efficiency evaluation and if we met sure efficiency metrics we had been eligible for a increase. By early 2011, I used to be making $41,500, and by midway by way of that 12 months I used to be bumped as much as $46,000.
First increase: $5,000 in 2012, bringing wage to $51,000
I had instructed my supervisor that I missed being a mentor, which was what I had finished as a instructing assistant in grad college, and he or she requested if I knew in regards to the workforce lead function in one other analysis group. So I utilized and was provided $51,000 for the function. I simply thought that was superb and didn’t negotiate.
I used to be a workforce lead for 2 years, placing out my very own stories and shopper work whereas main a workforce of 5 individuals. I stored getting quarterly wage bumps like in my earlier function, so inside that interval my wage elevated to $53,800. People had been leaving in droves for different workplaces that had been paying much more, so the corporate knew it was a difficulty and so they needed to retain expertise.
Second increase: $6,200 in 2014, bringing wage to $60,000
In 2014 there was a gap for a supervisor place to co-manage two analysis groups. I didn’t undergo a proper software course of, I simply expressed curiosity within the job and so they okayed it. When I used to be employed, I used to be given about 20 direct stories.
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I used to be provided $60,000 for the function, and I stated sure with out negotiating. I used to be in my late 20s and my husband was making a very good wage, so being a dual-income family gave us the power to hire a one-bedroom apartment downtown even at that wage. I additionally didn’t know a lot about negotiating at the moment, and I used to be raised in a really conservative household the place the perspective was that you just do what you’re instructed and be pleased about what you might have. I by no means thought I’d make that a lot cash. It felt superb till pals and acquaintances who had left the corporate instructed me that their beginning wage was $60,000. I couldn’t assist however really feel like if I had jumped ship I’d be making extra elsewhere.
After some time I did begin asking throughout quarterly critiques if there was any room for an extra wage bump, suggesting the next proportion, however I didn’t know the methods to do it extra successfully and make the case for myself. I additionally interviewed just a few instances through the years with different corporations, however I caught round as a result of the job was regular, I used to be climbing up the ladder, and since I’d at all times had good managers who helped me develop in my profession and listened to my issues. The firm additionally had a fund that paid again 100 per cent of your training prices when you needed to be taught one thing that will assist you in your job, and I took benefit of that a few instances.
I used to be a supervisor for 2 years. During that point the corporate wasn’t doing as properly so our common wage bumps decreased from quarterly to annual, however by mid-2016 I used to be incomes slightly below $66,800.
Third increase: $9,000 in 2016, bringing wage to $75,800
In 2016, a pal of mine who, years earlier than, had moved into the corporate’s tech product administration workforce, was shifting on and advised I apply for his job as a product supervisor. That workforce was accountable for upgrading the corporate’s portal for analysis and consulting initiatives to a extra trendy on-line platform. It sounded a bit scary as a result of the function concerned studying code and dealing in databases, and I had by no means touched that outdoors of pc science class in grade 11. But I utilized and was provided the function with a $75,800 wage; by that point we had been acquired by an American firm, which I feel contributed to increased raises to carry our salaries consistent with the Americans on the workforce. I used to be pleased with that provide.
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The job was my first foray into tech, and I received quite a lot of coaching. I turned licensed to be a scrum undertaking proprietor and educated on work within the agile undertaking administration framework. After my coaching I used to be a product proprietor on that workforce and found how a lot I like working with builders to construct a product.
Over 5 years I received common wage bumps that introduced me as much as $86,600, I additionally took two maternity leaves, and whereas I used to be on go away the corporate nonetheless gave me raises and a efficiency bonus. It additionally topped up my pay to 100 per cent for the primary 17 weeks each instances. I felt very fortunate that I had that.
When I got here again from my first mat go away I used to be feeling a bit of bit misplaced. I wasn’t sad, however I wasn’t as excited in regards to the work anymore. I had joined a Facebook group for mothers at work as a result of I’d had some nerves about returning to work, and it was run by a profession coach. So I reached out to her and signed up for a profession teaching bundle. She helped me establish my strengths, taught me about negotiation and inspired me to make use of networking as a option to discover my subsequent job. I began going to networking occasions simply to begin constructing that muscle—after which the pandemic hit. So I put that on maintain and caught it out in my job. But after I got here again from my second mat go away in 2021 I made a decision to select it again up once more.
Second job wage: $110,000 with a $10,000 signing bonus in 2021 as a product supervisor at a Toronto health-tech firm
In 2021, somebody in my working mothers Facebook group posted to say her pal was hiring a product supervisor. I reached out to introduce myself. I stated I wasn’t job searching however hoped to talk in regards to the function and what the corporate was like, as a result of my skilled world had been so small for the previous 11 years. She replied inviting me to satisfy the remainder of the workforce, and it ended up being a job interview quite than an informational interview, which is what I had initially thought. They requested me to use and gave me a ability check to finish, after which provided me the job with a $90,000 wage.
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I assumed that wasn’t a nasty supply, it was almost $5,000 greater than my present wage. But I used to be speaking with my profession coach at each step of the interview course of. She inspired me to analysis the market common wage for product managers on Glassdoor, LinkedIn and inside my working mothers community and it was within the six figures. I used to be terrified—I’d by no means in my life imagined incomes that a lot cash and had been raised to be pleased about what I used to be provided. My profession coach stated she understood the place I used to be coming from, however instructed me I did must ask for extra. She stated I ought to take into consideration what I used to be actually hoping for, and recommend a spread with my goal wage within the center. So I countered their supply, asking for someplace between $100,000 and $120,000. They met me proper within the center at $110,000 with a $10,000 signing bonus on the finish of the 12 months. I’d constructed up 4 weeks of trip at my earlier firm, and my present employer matched that.
I’m a bit of greater than a 12 months and a half into the job now and my wage continues to be the identical, however I’m content material with that. It’s as a result of I’m in a little bit of an odd spot—after I was interviewing I used to be up entrance that I met most of their job necessities however had no expertise with others. They stated it was no drawback and I’d have the chance to be taught on the job. But as a result of the workforce was so small and start-up-like after I joined, I spent my first 12 months simply placing formal processes in place, and there hasn’t been the chance for studying these different job duties.
There’s additionally been a little bit of a restructuring, and my boss is dealing with among the work I used to be presupposed to be studying do. As properly, I’ve two younger youngsters and I’m in a really demanding section of the working father or mother life. So I do know that my profession coach would say I ought to nonetheless be asking for extra, or in search of alternatives to advance my profession and construct my expertise and tenure, however I’m blissful to coast proper now as a result of I don’t have the capability to tackle extra.
Best negotiating tip: Give a spread
The recommendation that each my profession coach and a high-earning pal of mine gave me that’s caught with me is that when negotiating you have to be strategic in regards to the wage quantity you focus on. When you counter, give a spread and place your best wage proper within the center quite on the highest finish, as a result of the employer is extra prone to meet you within the center.
Source: canadianbusiness.com