Believe it or not, there are some IROs who are not in the industry simply for the love of investor relations. They want more from their job than the giddy thrill of a conference call or the heart-pounding elation of a share price rally. They want money. Robotic mercenaries, they may be. But deep down don’t we all want to feel valued? And what better manifestation of love can your company bestow on you than a fat, fat pay check?
There are ways and means to secure a salary boost and they are not all conniving and immoral.
i. Work hard A bit of graft really does pay off. John Viney, chairman of headhunters Heidrick & Struggles in London, believes the work ethic is key to enhancing your value. ‘It’s the obvious things that get rewarded,’ he says. ‘Work hard, do a great job. It’s often a question of competence. That’s what gets you recognized.’
ii. Be the heir apparent Some constantly eye up the next rung of the ladder with Machiavellian ruthlessness. Others focus on the job in hand and hunker down for a long, comfy stint in their current IR chair. There is a middle ground though: working well while honing and displaying the qualities that would make you the obvious candidate for the next promotion or the recipient of a chunkier pay-packet. ‘Look to who you’re reporting to,’ says Viney. ‘Always be thinking How could I do that job better?’ Perception and profile are everything; people notice, says Elaine Goldman, president of New York-based headhunters Goldman Group. ‘Make sure the powers that be know what you’re doing,’ she urges. ‘Market yourself; be your own PR person.’
iii. Timing is all ‘Don’t go asking for a pay rise if you’re not good enough,’ Viney advises. ‘That’s very damaging.’ There are two issues here: realism and timing. Approaching your boss with the suggestion of a 100 percent pay rise the day after a disastrous analysts briefing will end in tears. If your assessment of yourself really doesn’t tally with your boss’s view, a premature pay rise request will make you seem foolish and will probably mean you can’t ask again for a while.
iv. Know the market With that in mind, you can’t correctly value yourself if you’ve no idea of the going rate. ‘You need good market sense,’ says Goldman. ‘It also helps to be able to approach your boss and say Someone with my level of expertise is making this amount of money at such-and-such a company. So talk to headhunters and go for other job interviews.’
v. Exploit situations A scheming, gold-digging approach can feel a bit rapacious but there is nothing wrong with a little opportunism. ‘You can exploit a situation,’ remarks Viney. ‘If someone leaves or you’re doing the work of two people, then it could be a good time to look for a pay review.’ He adds a caveat, though: ‘If you exploit a situation too obviously, you may not get trusted in the future.’
vi. Asking for it Worst case scenario: despite your attempts to convince them of your excellence, your employers still don’t bestow more money on you. So bite the bullet and ask. Goldman doesn’t see the sense in pussy-footing around: ‘Ask for it directly,’ she says. ‘Don’t be hysterical. If you’ve a good idea of your marketability, that should keep you focused.’
vii. Stick with them Common sense suggests that a little loyalty will stand you in good stead – a company will invest more money in you if it feels sure of seeing some pay-back. That means some short-term sacrifice. ‘Loyalty isn’t easy,’ considers Viney. ‘If you’re being offered an extra £2,000 in another job, it’s hard to resist. But loyalty is rewarded.’
viii. Don’t stick with them But is it rewarded? Some think you would be a mug to fall for that old notion. ‘If you want more money, change jobs, switch positions,’ says Goldman. ‘Loyalty is unfortunately a concept that the corporations retired a long time ago. The deal used to be stability in return for loyalty but the corporations broke that agreement. The Gen X’ers have the right idea: a job’s just a gig. And the investor relations market is a sellers market. It’s desperately short of expertise.’
ix. Work for yourself ‘If you really want to earn more, give up your job,’ counsels Viney. That’s not as oxymoronic (or moronic) as it sounds. Your employer’s company might mean the world to you. Emotionally, a smooth annual meeting might mean more than a daughter’s wedding. But, if it’s money you’re after, you have got to fly the coop. Setting up your own agency is a risk that takes guts, know-how and industry presence but, boy, it pays.
x. Money isn’t everything Goldman puts the cash issue into perspective though. ‘Money isn’t the most important thing. Challenge and opportunity are bigger than dollars.’ An interesting theory…
