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October 30, 2009
Your Personal Value
 
 


My friend George and I were having a discussion the other night about our respective businesses.  George is an entrepreneur in the financial services industry.

The subject of employees came about during our talk.  George expressed to me that employees were his greatest expense in terms of money and time.  I countered his argument with my thought that employees should really be considered assets rather than expenses in this fictional "financial statement" example.

His argument back to me was that the costs associated with hiring and keeping employees were like that of leasing a piece of equipment...you don’t really own the piece of equipment (the same way one doesn’t own an employee) but rather you pay for the usefulness of the equipment to create a (hopefully) profitable return.  The more value that an employee brings to the company, the more the company will pay for the employee (theoretically speaking).

Later during the week, I started writing down the characteristics of what I could offer a company should I ever decide to sell my services to another company.These are my list of assets that I (or anyone else) brings to a company

  • Expertise - What do I know...
  • Skills - What do I do...
  • Integrity - What do I believe...
  • Productivity - What do I get done...
  • Relationships - Who do I know...
  • Vision - What insights do I have about the future...
  • Influence - What can I get others to do...
  • Status - What am I known for...
  • Efficiency - How do I get my work done...
  • Effectiveness - How well do I prioritize...
  • Reputation - What do others know about me...
All of the above items are really assets belonging to me not the company that employs me

My goal each day should be to improve upon what is already there to increase the value of my asset...so I can "lease" myself for higher price

So many times I talk to friends who are dissatisfied with what they earn at their place of employment.  I then probe a little bit trying to discover what they’ve done to increase their value since their last salary review...

Often what I find is that a lot of people somehow believe that tenure (the time someone has been employed) is their single-most greatest argument for a salary increase (or just continued employment these days)...

Unfortunately, tenure alone doesn’t raise the asset value ...a good example is a car or piece of equipment...you wouldn’t pay more for an older piece of equipment just because it’s proven that it’s worked well in the past...

My experience has shown me that if I want people to pay more, I need to give then a greater value for their money. 

Take a moment this weekend to see how your asset value stacks up against the 11 items above...and then create a plan of action to figure out how to improve in any of those areas...

As your value grows...so will the willingness for people to pay more to employ your services...

On a side note:

With all the sadness and trauma going on in the world at the moment, it is worth reflecting on the death of a very important person, which almost went unnoticed last week. Larry LaPrise, the man that wrote "The Hokey Pokey" died peacefully at the age of 93.

The most traumatic part for his family was getting him into the coffin. They put his left leg in. And then the trouble started.

Be quiet...you know it’s funny...

Thank you very much for supporting OptiFuse as we invest everyday in creating more value for you...


Jim Kalb
President
OptiFuse
jimk@optifuse.com

 

 
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