adplus-dvertising
Connect with us

Business

Don’t Approach ‘What You’re Worth’ From a Sense of Entitlement

Published

3 months ago

 on

Racial Disparities in North America's Labour Market

More than ever, job seekers, with a sense of entitlement, are hyper-focusing on getting paid what they’re worth. Job seekers seldom consider, let alone quantify, the value of their work, which determines their worth. Hence, a candidate’s or position’s worth is calculable and, therefore, isn’t as subjective as is often assumed.

INTERVIEWER: “What salary are you looking for?”

JOB SEEKER: “$75,000 per year.”

INTERVIEWER: “What warrants you getting $75,000?”

(The interviewer wants the candidate to quantify their value to justify a salary of $75,000.)

Job seekers tend to calculate their worth based on their experience, skills, education, work history, and living expenses. The job seeker’s sense of entitlement—”I deserve a high income because life is expensive.”—blurs the distinction between how they perceive their worth and the value of their work.

Employers care little about your experience, skills, education, or financial needs. Their primary interest is in the results you can produce, which determines your value and, subsequently, how much you’re worth paying. Few job seekers quantify the impact they can have, if hired, on an employer’s business. Most job seekers don’t include quantifiable numbers (read: results achieved) on their resumes or LinkedIn profiles, which would encourage employers to want to meet them. Conversely, job seekers are comfortable conjuring up compensation figures based on what they feel entitled to.

Several years ago, I worked for a financial services company. One Friday afternoon, I met a colleague in the cafeteria. All week, he’d been interviewing candidates for a workforce manager position. I asked how the interviews had gone. As he opened his can of Dr Pepper, he sighed. “My last interview, as well as several throughout the week… let’s just say we didn’t create their lifestyle, yet they feel we should be responsible for it. I was constantly bombarded with questions asking about our benefits and compensation package. Of the eight candidates I interviewed, only two focused on what they could offer rather than what we could offer them.”

Employers didn’t create your lifestyle, so why do you expect them to support it?

A company’s success depends on profitability and efficiency, which means keeping expenses in check. For most companies, payroll is the biggest expense; therefore, every employee needs to pull their weight by delivering an ROI that justifies their salary, as well as answering the question: How does [employee] help the company reduce costs or increase revenue?

Companies don’t hire the most qualified candidates. They hire the candidates they believe will deliver the most value; hence, as a job seeker, instead of focusing on your qualifications, focus on the value you’re able to offer an employer.

Once, an interviewer asked me, “What salary are you looking for, and what will the company get in return?” I was impressed that my interviewer asked me what they were thinking without sugarcoating it. I now include this question in my interview questions. Several times, I’ve agreed to pay a candidate’s salary request based on their answer.

Your competition, many of whom are younger, hungrier, and equally qualified as you, also plays a significant role in determining your worth. Additionally, easy access to overseas labour, robotics, self-serve technology, artificial intelligence, freelancers, and third-party vendors are influencers on the fundamental determinant of wages: supply and demand.

The law of demand in labour markets works like this: An increase in wages or salaries reduces the demand for labour. Conversely, a lower salary or wage increases the demand for labour. Ironically, higher wages increase supply because more people want to work for a higher wage, resulting in a more competitive job market. This is why highly sought-after jobs—jobs with a reputable and stable company that pays well and provides good benefits—are more challenging to land than a job with, for example, a small family business.

Despite all the “legalities” quasi-imposed on employers, employers hire candidates at their discretion. Employers owe you and me nothing. A job seeker’s goal is to get hired based on their own merits and, therefore, solely responsible for proving to an employer how they’ll add value (measurable results) to their company.

A job seeker who presents a cost-benefit analysis business case—hiring is a business transaction—explaining the value the employer would gain by hiring them will set them apart from their competition. Being given a job isn’t an absolute right; it’s an earned privilege. (Before getting into the debate over “privileges,” remember you, like everyone else, have earned and unearned privileges.)

I’d never argue that any one person is worth more than another. My contention is that the value of an employee’s work, and therefore its worth, varies, sometimes significantly, between employees. There’s no denying that employees who go the extra mile, produce above the minimum expectations, positively influence their colleagues and are team players add more value to their employer than those who do the minimum. (aka, quiet quitting)

Only after you’ve established what measurable value you can bring to an employer can you begin discussing your compensation. Job hunting isn’t the place for any sense of entitlement; you must demonstrate your value to an employer—prove your worth.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

Related Topics:
Continue Reading

Business

Dollarama keeping an eye on competitors as Loblaw launches new ultra-discount chain

Published

1 day ago

 on

September 11, 2024

By

 

Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.

“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.

“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”

Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.

“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”

“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.

“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:DOL)

Source link

Continue Reading

Business

U.S. regulator fines TD Bank US$28M for faulty consumer reports

Published

1 day ago

 on

September 11, 2024

By

 

TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.

The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.

It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.

CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.

TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.

The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Amazon rejects plea to stop selling taxi roof signs as cab scam spreads across Canada

Published

2 days ago

 on

September 10, 2024

By

After a long day at a work event in July, Kathryn Kozody was relieved when she spotted a car with a lit-up taxi sign.

She thought it was odd when the driver told her she’d have to pay her fare with a debit card. Still, a tired Kozody hopped in the car.

“I was like, ‘Fine, it’s kind of weird, but let’s go home,'” said Kozody, who lives in Calgary.

Nothing else seemed off — until the next day when she discovered that almost $2,000 was missing from her bank account. On top of that, her debit card had someone else’s name on it.

Kozody concluded that the taxi driver was a fraudster who, during the debit card transaction, recorded her PIN, stole her card and handed her back a fake.

“I started freaking out,” she said. “It’s terrifying when they have your debit card.”

It took Kozody about two weeks to get her money back from her bank, and she’s still rattled by the experience.

Kathryn Kozody standing on the street
The day after taking what she thought was a ride in a taxi, Kathryn Kozody of Calgary found out someone had withdrawn almost $2,000 from her bank account. (James Young/CBC News)

“It really felt like an invasion of privacy and a violation to be a victim of this scam,” she said. “I really don’t want it to happen to anybody else.”

The taxi scam isn’t new; Toronto and Montreal have been seeing it for years. But the crime is becoming more widespread.

This summer, police in Calgary, Edmonton and at least five cities in southern Ontario, including Kingston and Ottawa, posted warnings online that they had received multiple reports of the scam.

Police and the Canadian Taxi Association say the fraudsters have a helping hand: with the click of a button, they can purchase a generic — but official looking — taxi roof sign on e-commerce sites like Amazon.

A Facebook post by the Edmonton Police.
Edmonton Police posted this alert on Facebook in July, warning people about an ongoing taxi scam. The city’s police department says that it received about 10 reports of the scam that month. (Edmonton Police/Facebook )

The taxi association has asked Amazon, by far Canada’s most popular online shopping site, to stop making the roof signs so easily available.

“They do have a moral responsibility to at least sell the signs to individuals that are properly licensed,” said association president Marc André Way.

However, the U.S.-based company continues to sell the product to all customers.

“These lights are legal to sell in Canada,” Amazon told CBC News in an email.

‘Eye-popping’ numbers

The taxi scam has several variations but typically ends the same way: the victim pays with a debit card, then the scammer secretly steals it and hands the victim a similar but fake card. Shortly thereafter, money disappears from the victim’s account.

Ron Hansen, deputy chief of police in Sarnia, Ont., said his department received 12 reports of the scam in July, with one victim losing $9,900.

Toronto police report that since June 2023 the department has received 919 reports of the taxi scam, totalling $1.7 million in losses.

Jessica Chin King standing on the street.
Jessica Chin King of Toronto said after a recent cab ride, she got a suspicious activity alert from her bank. She learned $600 had been withdrawn from her account. (Craig Chivers/CBC)

The numbers are “eye-popping,” said Toronto police detective David Coffey.

“When they do get a victim, they are quick to go right into the bank accounts. They’re quick to empty them out.”

Jessica Chin King of Toronto said just 15 minutes after a recent cab ride, she got a suspicious activity alert from her bank. Turns out, $600 had been withdrawn from her account.

“I was like, ‘Wow, I can’t believe that just happened.’ I was in shock,” said Chin King, whose bank later reimbursed the cash.

She said she too was fooled by the taxi sign atop the car.

“I was in the car with somebody who wasn’t a taxi driver. Anything could have happened,” she said. “I was thankful that it was only my bank [account] that was compromised.”

Taxi light for $35 on Amazon

CBC News bought a taxi sign from Amazon for $35. It has a magnetic strip on the bottom, so it easily sticks to the top of a car.

To power the light, an attached wire can be run through the driver’s window and plugged into the car’s auxiliary power outlet, also known as the cigarette lighter outlet.

The taxi association says licensed taxi drivers typically get their roof signs from speciality suppliers, and they are hardwired to the car — not powered via the cigarette lighter.

“When you see that … it’s obvious that it’s not a legitimate taxi,” said Way, the association president.

Last month, Way sent Amazon a letter on behalf of the Canadian Taxi Association, asking it to stop selling the product.

“This is not a safe, practical way to distribute the trusted ‘Taxi’ signs,” he wrote.

A yellow taxi sign with an attached wire.
CBC News ordered this $35 taxi sign on Amazon. The attached wire can be run through the driver’s window and plugged into the car’s auxiliary power outlet, while the lights for licensed drivers are hardwired into the vehicle. (Sophia Harris/CBC News)

But Amazon told Way — and CBC News — the signs will remain on its site, because the company isn’t breaking any rules.

“It’s going to be quite difficult, I think, for anyone to stop Amazon from selling a product that is perfectly legal to sell,” said Toronto criminal lawyer, Daniel Goldbloom. “It’s true that these taxi signs can be used to commit scams, but kitchen knives can be used to commit murder — and we don’t stop retailers from selling those.”

But Way isn’t giving up hope.

He says the taxi association also plans to ask other online retailers, such as Temu and eBay, to stop selling the taxi signs and will lobby provincial governments for legislation that regulates the sale of the product.

However, Coffey said he believes the best way to fight the taxi scam is to educate people about it.

“Never, never give another person control of your debit card,” the detective said.

Victims Chin King and Kozody also want to spread the word.

“The more people know, the less likely it is to happen again to somebody else,” Kozody said.

728x90x4

Source link

Continue Reading

Trending