ver Taken a Trip to the City of Self-Pity?
You know, that place where you wallow in your sorrows and personal troubles? Chances are, we’ve all found ourselves there at some point.
At Financial Samurai, our approach is different. We recognize our circumstances and take proactive steps to improve. Whining about the unfairness of life just isn’t part of our philosophy!
We all have unique strengths and weaknesses, and some face tremendous challenges, such as disabilities. But it’s how we leverage our differences and continue to battle that really counts.
Interestingly, I’ve never had someone who’s raking in millions explicitly tell me to visit that city of self-pity and then toughen up. Well, perhaps I have, but never in the manner that the CEO of MillerKnoll spoke to her staff on a video conference.
Warning to Employees: Avoid Dwelling in Self-Pity!
Just listen to her response to an inquiry about staying motivated without bonuses:
“Don’t fuss over what to do if a bonus isn’t received; go after that $26 million! Focus your energies on that sum, not the absence of a bonus. Can I get a commitment on this?” Andi Owen demanded.
She added, “I once had a boss tell me, ‘You can take a trip to Pity City, but don’t move in.’ So, everyone, leave your woes behind and let’s get to work! Have a wonderful day.”
Ouch! Insulting downtrodden employees is hardly the best motivational tactic.
Millionaires Can Easily Abandon Self-Pity
I get where Owen’s coming from, pushing for hustle and sealing deals, especially in tough times. Leading people or an entire organization isn’t easy.
However, her irritation over lower-paid employees’ concerns about compensation is alarming. She must have received some harsh anonymous comments to speak that way.
Ever wonder why asking for a raise feels so tough? Reactions like this don’t help. It becomes even more challenging to ask face-to-face, although it’s best done during your formal review.
In 2022, Andi Owen’s bonuses totaled $1.29 million, and $1.12 million in 2021. Her overall pay in 2022 exceeded $5 million. If she scores another seven-figure bonus in 2023, I bet most employees will search for new opportunities.
Had she forfeited her bonus and reduced her salary, her rallying cry might have resonated better. But Owen’s earnings place her among the top 0.1% of earners.
Surprisingly, I discovered she’s an alumnus of William & Mary. Apologies! Most graduates I know from there are typically modest.
Employers Aren’t as Invested in You as You Might Think
Highly paid public-company CEOs must perform well, and that means employees must be highly productive. Asking for raises can impact short-term profits and management’s pay.
Sure, there’ll be motivational events and team-building activities, but don’t be misled by their true purpose – to make you work harder for less.
Most supervisors keep their negative opinions about their team to themselves. They’re likely discussing layoffs, efficiency strategies, and their contempt for underperforming workers behind closed doors.
Work Isn’t Your Entire Existence
In this era of fierce rivalry, consider your job mainly as a means to earn money, providing options to pursue what you desire.
Making friends and finding purpose in your work is a bonus but not a guarantee. Your employer’s primary goal is to maximize your productivity to increase profits.
Executives who mismanage their companies won’t volunteer to relinquish their large bonuses. They’ll strive to retain their compensation, regardless of the financial strain it may cause for the workforce.
Employees Should Emulate Management’s Thinking
Working for a profit-driven company means everyone’s core objective is maximizing earnings.
Getting paid and promoted for quality work isn’t a given. In a world where meritocracy is waning and office politics rising, constant self-promotion is essential to earn what you’re worth.
Post-review, it’s vital to highlight your achievements, devise an agreed-upon route to a specific pay level, and hold your managers accountable with a written plan.
If an employee’s value slips below their compensation, they risk being let go.
Negotiating a Severance Package Is Wise
With the average person changing jobs every three-to-five years, each shift offers a chance to negotiate severance.
In a world of transactional work relationships, severance negotiations imply an outgoing employee offering value in exchange for severance, whether it’s cost-saving, training replacements, or not sharing company secrets.
Mass layoffs and lack of empathy in the process have shown that a cooperative employee may receive a better severance package. Don’t become overly attached to your job.
Those who feel they couldn’t negotiate a severance often fail to fight for pay and promotions and get overlooked.
The Rich and Powerful Often Struggle with Perspective
No matter the wealth, constant comparison with others can create never-ending anxiety. Even those earning six figures may feel it’s insufficient.
A 2022 survey revealed that respondents believed 19% of the U.S. population earned over $500,000, reflecting the nation’s real and perceived income gap.
Embrace the Reality of Work
I encourage all workers to strive for the best pay they can achieve. Doing so may hasten financial independence. Failing to might lead to bitterness and unnecessary years of labor.
No one cares more about your financial well-being than you. Loyalty is a two-way street. If your CEO earns millions while belittling you and paying you a pittance, it’s time to move on.
Don’t squander your prime working years on a company that doesn’t value you. Looking back with regret is a loss you cannot afford.