Start your
own company and you can award yourself any salary you like.
Doesn’t that
sound delightful?
“Well,
there, fine sir. We are extending you an offer of employment with an annual
salary of…oh, just fill in any number!...we think you are the bees knees. And
please forgive our use of bees knees- an expression that even your grandparents
though was dated..Yeee haaa”
It sounds
super-snarky but I do say the line about
"starting your own company" a couple of times a year to people looking for a job
or to change jobs. I say it because they’ve convinced themselves they should be
paid a king’s ransom but they possess zero economic justification.
(they’ve
also convinced themselves that I just graduated from the 3rd grade-
and not with high honors)
What people
are paid doesn’t come from some arcane formula. Like water, money/salaries will
find its own level. Supply and Demand in any labor market is driving this bus.
The brain surgeon makes more than the retail clerk. The lawyer who wins cases
AND brings in new clients makes more than the lawyer who wins cases. The
Project Manager with a long track record on getting projects done on time and
at or under budget gets paid more than the Project Manager whose record is
less.
I’m not sure
it works in a Planned Economy but with free markets, you get paid what the
market says your worth. Any monetary value is where buyer and seller agree to
meet, no exceptions. If you want to get paid more, the market will let you know if you’ve
earned it. Might take a while- often you’ve got to hustle. Sometimes, people
will come to you and announce your worth more. Ask them what qualifies them to
make this assessment. Do not accept incomplete and vague answers.
My work
includes advising people on the market and what people’s compensation looks
like. Too many of the people who also do what I do haven’t the vaguest idea on
what they are talking about. Again, be careful-even suspicious.
