how much money is enough money?
unwritten rules
Somewhere there is a book of unwritten rules. Rules like this:
When I move jobs, I should always get more money
If I move regularly, say at least every two years, I’ll move up the ladder more quickly
Prospective employers always have more money than they say they have
I’m worth it
But, like all books of unwritten rules, this one may not be worth the paper it’s printed on. We’re not saying that there isn’t truth in each of those statements. There’s nothing wrong with looking for better compensation when you move roles. You might climb the greasy pole a little faster. A potential new employer may have more money up their sleeve. You’re definitely (probably) worth it. However, you also need to read the small print and think about the ‘so what’ of these statements.
the small print
We know the maritime sector is a candidates’ market at the moment. Rare skills are in even more demand. And, yes, we know that you got ‘x’ in your last role so ‘x+y’ seems only reasonable for this one. But there are, or should be, other positives for taking a new position. If you’re honest with yourself, the reasons you left your last company were because aspects of it didn’t work. Maybe there were limited opportunities for promotion. Maybe the culture was awful. Maybe the amount of travel was just too much set against your young family. Maybe your new opportunity will give you new skills. It’s easy to focus on the money. But these intangible (and tangible!) benefits are well worth cataloguing.
Why? Because the small print matters. If you pitch in at the top end of a planned pay range (or even get more than a company had originally intended to pay) then you’ve set the bar high. The small print (which is, of course, also unwritten) means that any or all of these statements will now be true:
More will be expected of you. Leeway for mistakes, ‘bedding in’ periods etc will all be reduced. A low tolerance for anything but excellence.
It may be harder to get that top end bonus you had hoped for in the first couple of years. Success will be an expected given and ‘baked in’ to core expectations.
You may already be close in pay to your hiring manager (and he / she will know it!). Unconscious resentments may seethe just below the surface.
When the time comes to move within the company, you may prove expensive to the internal market.
You risk coming off less well in comparison with peer colleagues. ‘Well, of course he / she is better, look how much we’re paying them in comparison!’
so what?
Like all providers of recruitment and search services, stonefort marine talent acts as a facilitator between prospective employer and prospective employee. But we’re not just interested in the signature on the contract. Rather, we want the new employee to have a long, successful tenure in their new company. That’s why we always take a very balanced approach to negotiations on compensation. Part of that balance (reading the small print) is getting the prospective candidate to think twice before demanding top dollar from the off…
So how much is enough? Enough to feel well-rewarded for your skills and your hard work. Enough to live on. Enough so that you don’t have to worry and can concentrate on the job at hand. Our advice? Read the small print. Don’t get greedy. It’s likely to pay more in the long run.
If you’re interested in stonefort marine talent’s recruitment and executive search services, please contact mark.fortnum@stonefortmarine-talent.com