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Getting the Salary You Want Is Your Responsibility

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The number of people who accept a job and then complain about the pay afterward amazes me. Didn’t they know the salary before accepting the job?

While money isn’t everything, feeling you’re getting paid fairly for your work is vital to your self-esteem and overall well-being. Getting the salary you want is your responsibility.

Speaking of getting the salary you want, you probably hear all the “entitlement talk” about getting paid what you’re worth, which is highly subjective. The “get paid what you’re worth” movement causes many people to overestimate their worth to employers.

Finding a job that offers the compensation, benefits, and perks you desire starts with showing your value to employers. The passive (READ: lazy) attitude of, “I need more money, so I should be paid more,” is common. The onus is on the job seeker to show their value.

Before embarking on your job search journey:

  • Critically assess your skills and experience. (create a list)
  • Brainstorm how you’ll show employers your track record of adding value to employers.
  • Research salaries in your job market.
  • Establish a realistic target starting salary, along with the benefits you want.
  • Envision how you’ll present yourself (e.g., resume, LinkedIn profile, interviews), so you’re answering the question: Why are your skills and experience worth paying for?

Career success begins with self-awareness. Being self-aware during your job search is crucial to accepting your weaknesses and evangelizing your strengths. Hence, you’ll gravitate toward jobs that capitalize on your strengths employers are willing to pay for. (Employers don’t pay for weaknesses.)

As well, firmly knowing your strengths will empower you to convincingly explain (READ: sell) why your skills are worth paying for. On the other hand, knowing your weaknesses will help you determine what weaknesses hinder your career so you can work on overcoming them.

Keep a work journal.

20 years ago, I started keeping a work diary, which has proved invaluable. I highly recommend you do the same. When you’re preparing for an interview or want to ask for a raise, you’ll be thankful you’re keeping a work diary. Before leaving for the day, note your day’s accomplishments, results you achieved, conversations you had, challenges you overcame, milestones you reached, new skills you acquired, fires you put out, etc.

Your work diary will be invaluable when preparing for interviews, especially when it comes to providing examples of your achievements and creating STAR stories. Additionally, your journal will be your best friend when you ask for a raise since you’ll have many reasons why you deserve one.

Whether you’re negotiating a starting salary or asking for a raise, you need to build a case. Your work diary will provide the evidence (e.g., process improvements, revenue generated, monetary or time savings) you need and may have forgotten.

TIP: When talking about your accomplishments and results, use numbers to convey your value.

NO (responsibility statement): “I inputted customer orders.”

YES (accomplishment statement): “I inputted no fewer than 60 customer orders per day, with an accuracy rate of 99.5%.”

The achievement statements demonstrate how candidates deliver value to their employers, the value that’s worth paying for.

Establish firm boundaries.

When you set non-negotiable boundaries regarding compensation, benefits, vacation and sick days, and working hours, you’re in control of your job search and career.

I’ve lost count of how many interviews I’ve ended because a box on my non-negotiable list—I have 20 boxes—wasn’t being checked off. I don’t want to be one of those employees I mentioned earlier who accept a job and then complain that they’re underpaid.

Getting the salary you deserve requires you showing your interviewer how your knowledge, skills, experience, and abilities will benefit the company and—this is critical—not settling for anything less than the salary you want.

It seems logical that if you only take jobs where you’ll be paid what you feel you’re worth, you’ll always be paid what you feel you’re worth. Never hesitate to say no to a job opportunity. If an employer or job doesn’t feel right or ticks off all our “wants,” walk away! When you walk away, you free yourself to continue looking for the job and employer that’s right for you.

Employers understand money. Next time you interview, demonstrate how you made money for your previous employers or saved them money. This is how you create value for your services. (As an employee, you’re providing a service to your employer.) The more value your services provide, the more money you can ask for your services.

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Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at artoffindingwork@gmail.com.

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

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Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

The Canadian Press. All rights reserved.

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

The Canadian Press. All rights reserved.

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