The Position Paper 9/6/17
Welcome to The Position Paper! The Position Paper is my series featuring my quick take on a particular topic to help you manage your position. I will often feature one outside article as well that will allow you to dig in deeper if you desire. Read this while you drink your coffee in the morning and start your day off right!
Today’s Position: Financial Position
Featured Article: Here’s The Key To Getting A Good Raise At Time Money
So, you want a raise, huh? Think you deserve to have your paycheck padded? Think you deserve a bonus for your efforts? Well, let me give you a really complex tip to get paid more at your job. Be good at your job.
Want to track your money for free? I use Personal Capital. Check it out!
While not the most earth shattering advice, this tip is timeless. It doesn’t matter what compensation structure is en vogue at the time. It is always financially better in the long run to be a star performer.
Our article today from Time Money not only talks about the monetary value of achievement at work, it also talks about trends within the workforce today. Many workers have come to expect the periodic “raise” purely from just showing up.
For those that really do “only show up,” that is the only raise they will ever see. Rather than giving larger raises to great workers, however, the current trend is to make better use of bonus programs.
Clinical medicine is no stranger to this trend, as many hospital systems are instituting clinical quality bonus systems in line with payers’ increasing focus on quality. Interestingly, this shift in focus has led to a slightly different definition of a “star performer” within the employed physician ranks, but that is a different discussion.
I would highly encourage you to know all the details of any bonus program you participate in so you can maximize your chances of getting every dollar, and don’t forget the different tax treatment of your bonus versus a pay raise so you can plan ahead for your taxes. It’s all about what you keep when it’s all said and done. If you’ve gone through the trouble to be the best, then you might as well get the most you can!
Have a great day!
Do you like The Position Paper format? Is this someone I should keep doing or trash it? Leave me a comment and let me know!