Ramp Up Your Earning Potential
Kristi Hudson
How much should you be paid in your current position? Even if the business owner had unlimited resources, it would be difficult for most people to identify their ideal salary. However, 79% of workers say they don’t earn their desired salary (CareerBuilder). Although having a higher salary does not necessarily motivate employees, the feeling of being underpaid can demotivate employees and result in poor job performance, but discussing money is uncomfortable for most people.
I was raised in the Deep South and was taught from an early age that conversations about money were tacky and inappropriate. This hindered my ability to comfortably discuss patient finances, negotiate price when it came to making big purchases, and discuss my salary with potential and existing employers. My momma’s rules of etiquette dictated that matters of money were personal and not to be discussed aloud. Lacking the courage to speak up held me back, and it will hold you back too.
u Lacking the courage to speak up held me back, and it will hold you back too. ”
I read the book Earn It by Jill E. Young. It is an easy read and an insightful look at what it takes to earn and ask for more money. I learned two things while reading this book. The first is that you must be honest with yourself when it comes to your work and your contribution to the practice. The second is that you must produce measurable value to make more money.
I took a somewhat uncomfortable journey of self-reflection in discovering my value to my company. I have no problem saying that, for years, I felt confident that I contributed a lot to the growth and success of my company. This
exercise forced me to be honest with myself by asking very targeted questions when it came to my specific responsibilities and the impact they had (or in some cases, didn’t have) on the business. Can you hear my ego deflating? I am kidding—sort of.
Jill Young goes on to explain the direct correlation between your clinic’s profitability and your personal success. The tools in her book will help you determine if you are qualified to ask for a raise, how to show your value to the business, and how (and when) to have that conversation. If you find yourself unqualified, that’s okay. It gives you steps you can take to produce measurable value for the practice so that you will be qualified to ask for a raise. It puts the power in your hands to maximize your earning potential and make the most of your career.
I was recently e-mailed an article written by a DC (who I will not name here) that ended with, “We don’t provide the education for our staff or pay them enough to engage in the administrative side of business, as we should.” I found this nugget of truth from a chiropractor with a busy practice
very refreshing. Even though this is something doctors should spend more time addressing in their practices, we all know time is limited when balancing patient care with managing a business. Taking the initiative to produce more value for the practice instead of just showing up for a paycheck will help you stand out, make you invaluable to your doctor, and have you well on your way to making more money.
Get the book! Go to www.earnitproducer.com. Let me know about your progress and how it helped you maximize your earning potential.
Kristi Hudson is a certified professional compliance officer (CPCO). She serves as the Director of Business Relationships for ChiroHealthUSA M’here she has helped to educate DCs and CAs on establishing simple and compliant financial policies. She also M’orks with state and national organizations to provide educational awareness on changes within the profession. You can contact Kristi at 888-7199990 or [email protected], or you can visit the ChiroHealthUSA website at www.chirohealthusa.com.
