Regular promotions are critical for building forward momentum and helping you reach your career goals. And getting promoted has a major impact on your short- and long-term compensation. According to Mercer’s 2015/2016 Compensation Planning Survey, the average salary increase is expected to be 2.9% in 2016, yet the percentage increase for a promotion is 7.7%. When you can accelerate your promotions, you grow your compensation more quickly because all future increases are applied to a higher base salary. Just speeding up promotions by a year, a few times in your career, can have a major impact on your overall wealth.
Yet, today, the path to promotion seems less straightforward and more difficult to navigate. As companies pursue leaner, more efficient corporate structures, the opportunities for promotion are dwindling, and the competition for the reduced number of senior-level positions is becoming fierce. Career-minded professionals will bear this in mind but persevere anyway, because they know that receiving promotions is essential.
Getting promoted does more than raise your salary. It validates your hard work and provides an opportunity to expand your skills and expertise. You also gain psychological compensation when you receive recognition. Like most professionals, you probably understand the value of getting promoted, but you may not have been successful, even if you seek them out regularly. To help you put your foot on that next rung of the ladder, figure out where you stand right now. You may be eager to move up. But are you ready?
To determine if you are currently ready for promotion, ask yourself these 11 questions in three different categories and track your responses:
Are you personally prepared?
These questions relate to your current state. They help you determine if you have what you need to pursue a promotion.
- Have you mastered most or all of the skills required for your current role?
- Have you been in your current role a sufficient amount of time – allowing you to learn all you can?
- Are you feeling antsy in your current position – yearning for something more challenging?
- Do you have the capacity? Are you ready for the challenge, along with the extra work and effort required when you start a new role? Is this a good time for you personally to take on this new challenge?
- Have you put together the case for why you are qualified for bigger and better opportunities? Have you documented those things that make you relevant and compelling for a promotion, creating a portfolio of your wins in your current and past roles, your differentiation from others who seek to get promoted, and your list of what you would accomplish if you had more power?
Are you perfectly proven?
These questions relate to your success and accomplishments, and they help answer the question: Are you promotion worthy?
- Are you a lifelong learner who will continually develop new skills to succeed in the new role you seek?
- Do you have a track record of exceeding expectations in your current role?
- Have you demonstrated to your manager that you have skills that are unused, and that you would be more valuable in more senior positions? Is your manager even aware of your potential and your desire to move up?
Are you properly poised?
These questions have to do with your brand visibility and positioning.
- Have you regularly and visibly demonstrated skills beyond those required for your current role – visibly standing out from your peers?
- Have you built your brand internally with decision makers and with thought-leaders outside your company so that you are known, respected and valued for your expertise and accomplishments?
- Do you have unique and valuable assets you can bring to your next role (external network, resources, access to potential staff)?
When you can answer “Yes” to all these questions, you are ready to get promoted!
This article was written by William Arruda from Forbes and was legally licensed through the NewsCred publisher network.