Things are hot in the Healthcare IT marketplace today. Because of that, many people I speak with think they need to leverage this demand and attempt to increase their compensation while the going is good. So how do you make the most of this hot market? Can you just walk into your manager’s office and tell them how much demand there is for your skills and request or demand an increase in salary? I guess you could but what if your manager says, “I would love to increase your salary, but we just don’t have it in the budget.”
I was on the phone with a lady who is a clinical analyst within a hospital IT department in the Midwest. She was frustrated because she thought she was worth more than she was earning. She came to this conclusion based upon what some of her coworkers who had left the organization were making at the new companies they had joined. One of the co-workers she was referring to turned to consulting and another had joined a hospital in the northeast.
This lady was not willing to get into consulting because she didn’t want to travel the amount that was required, nor was she willing to relocate to take advantage of jobs in other states. She also had a limitation that she did not want to commute more than 50 miles a day. And guess what? There are no other hospitals for her to work for within a 50 mile radius of where she lives. Having said all of this, she basically did not have any other options. Due to the limitations she put on herself in finding a new position as well as taking into account the opportunities in her local marketplace, which were basically zero, Now for this lady, her family is a top priority and they all live in the area. She also did not want to be away from her family three nights a week. This is perfectly understandable and is the case for about 80% of the people in the marketplace at any given time. But she has to realize that based upon where she lives, and the criteria she set for herself, she really does not have any other career options at this time.
This lady got a little upset when I told her that she was basically going to make as much money as her current employer was willing to pay her.
She could build the best case she possibly could with her manager to justify why she was worth more money, but at the end of the day, with the limitations she put on her career options, which were basically to stay with her current employer, she was only going to make what they were willing to pay her.
What I explained to her and the very reason I’m sharing this information is because I have found myself having this conversation frequently in recent months.
A hot employment market is one that presents many options for the employees of that market. Right…can we agree? If not please let me know what you think. When the opportunities are few and far between, then a market is not very hot.
The key lesson to be learned here, is that if you are in a situation where setting limitations on what you’re willing to do for a higher salary or better career opportunity narrows your options, you become the single factor remaining in the financial dilemma your facing.