MME #22: The 4 steps you can take to x400% or more your salary as a managerFeb 07, 2023
Monday Manager Entrepreneur
Read time: 4 minutes
Today I sent out a post on LinkedIn that opened with...
"Never let anyone tell you being a great manager needs to be hard! Being a great manager is meant to be the best job in the world! Here are the 4 big steps you can take to make it so…
- Focus on developing and implementing a highly effective management system.
- Continuously improve your leadership skills and performance.
- Seek out additional responsibilities and opportunities for advancement.
- Find ways to take on additional or freelance management or consulting work without compromising your free time.
So this week I want to focus on how you can:
- Be a great manager
- Have a salary at least 400% greater than the average for managers in your sector
- Have a quality of life which is excellent and defined by you
So here goes...
Step 1. Developing and implementing a highly effective management system.
What is the difference between being a manager and doing management?
A manager is a manager is a manager! Isn't that the old mantra? A manager is a person who does management.
Well, no, not any more!
At the beginning managers were just trained and expected to do one thing - management. The fundamentals of management per-se are the same the world over. As organisations have developed over the last 163 years, so has the diversity, type and style of organisation.
So whilst the fundamentals and core skills and disciplines are the same in every organisation - the skills and expertise a manager (as a person) brings to an individual specialty, sector or type of organisation varies - but only at the margin. The core of the role remains the same.
So for instance - sales and marketing skills and expertise, are very different to say, coding, construction, health care. We also have to take account of what is best described as the cult of personality - the notion of the charismatic, emotionally intelligent manager and leader. A push towards individualisation of the role and distracting myth of the hero.
The reality is, a great manager orbleader - whether or not charismatic and emotionally intelligent will establish a good system for the things that need doing repeatedly. You need to do the same if you are to free up your time and do only the things that only you can do,
What does your core management system need to contain? There are many ways of viewing the list but here is a functional top 12.
- Clearly defined goals and objectives
- A well-thought-out strategy for achieving those goals
- An effective organizational structure
- A supportive and results-oriented company culture
- Adequate resources and personnel to support your efforts
- Streamlined processes that promote efficiency and effectiveness
- The right technology to support your management system
- Timely and accurate information and data to inform your decision-making
- Clear and effective communication channels within your team and organization
- Strong leadership skills to inspire and motivate employees
- A focus on employee motivation and engagement
- Regular evaluations and a commitment to continuous improvement.
Step 2. Continuously improve your leadership skills and performance.
Here are 10 areas you can easily improve and enhance your individual effectiveness:
- Technical expertise in your discipline or sector
- Strong leadership skills
- Excellent communication skills
- Problem-solving abilities
- Strategic thinking
- Financial management
- Performance management
- Change management
- Time management
- Conflict resolution
Step 3. Seek out additional responsibilities and opportunities for advancement.
Here are 6 strategies you can easily adopt:
- Proactive communication: Maintaining open communication with your superiors and actively seeking feedback can help you understand the organization's needs and identify areas where you can contribute.
- Demonstrating initiative: Taking on new tasks, volunteering for additional responsibilities, and showing initiative can demonstrate your willingness to contribute to the organization's success.
- Building relationships: Building strong relationships with colleagues, superiors, and other stakeholders can help you understand the organization's needs and identify opportunities for advancement.
- Staying informed: Keeping up-to-date with industry trends, changes in the organization, and other relevant information can help you identify new opportunities and understand how you can contribute.
- Seeking feedback: Regularly seeking feedback from your superiors, colleagues, and other stakeholders can help you understand your strengths and weaknesses and identify areas for improvement.
- Pursuing professional development: Pursuing professional development opportunities, such as training, certifications, or advanced degrees, can help you expand your skillset and increase your value to the organization.
By following these strategies, you can seek out additional responsibilities and opportunities for advancement in your organization. However, it's important to remember that the specific strategies may vary depending on the nature of your organization, your goals, and other factors.
Step 4. Find ways to take on additional or freelance management or consulting work without compromising your free time.
Here are some steps that you can take to approach getting paid for the value of results you create rather than the number of hours or days you spend at work:
- Define your value proposition: Clearly define the value that you bring to clients or organizations and articulate it in a way that demonstrates the results you can deliver.
- Focus on results: Shift your focus away from the number of hours or days you spend at work and instead focus on delivering tangible, measurable results for your clients or organization.
- Communicate your value: Communicate your value proposition to potential clients or organizations, highlighting the results you can deliver and how you can add value to their operations.
- Seek out opportunities: Look for opportunities to take on projects or assignments that align with your value proposition and allow you to deliver results that are in high demand.
- Negotiate your compensation: When negotiating your compensation, focus on the value you bring and the results you can deliver, rather than simply asking for a certain number of hours or a certain rate per hour.
- Continuously deliver value: Continuously deliver value to your clients or organization by consistently delivering results that meet or exceed their expectations.
By taking these steps, you can increase the likelihood of getting paid for the value of the results you create rather than the number of hours or days you spend at work.
Being a greeat manager is indeed meant to be the best job in the world. Simply taking these 4 steps:
- Creating a system for everything that is repeated. Delegate everything that doesn't draw on what only you can do.
- Develop all the skills and expertise only you can do (at the moment). Keep improving all your personal and technical skills that can be sharpened. Remember it's not just interpersonal and influencing skills, some of your investment will need to be in technical and logical skills.
- Take the initiative and make yourself visible. Start finding new ways to add value and contributions.
- Figure out what you can duplicate elsewhere. Offer it out - use the same activity to get paid mutliple times in different places.
And of course... keep your focus on having a great life whilst doing a great job!
That's all for this week.
See you again next week. T
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