5 days ago
44-year-old CEO: Never assume you're 'entitled' to a salary bump—'it doesn't work like that in the real world'
You could have the longest tenure on your team, do your work correctly and on time, and even be well connected at your company — and still be overlooked for a promotion.
This shouldn't come as a surprise, according to Klutch Sports Group founder and CEO Rich Paul. Too often, employees feel like they're owed raises and promotions without putting in any extra work to get them, he says.
"When you're trying to get a salary bump, you shouldn't feel entitled to it," says Paul, 44. "Look around and really be honest about how replaceable or irreplaceable you may be, and that has to come through the lens of doing great work [and] consistently raising that level of work ethic or [impact]."
Doing what's in your job description and nothing else, or even being at a company for a specific amount of time, won't help you climb the corporate ladder, Paul says. Rather, a self-starter attitude, willingness to learn and ability to go above and beyond will differentiate you from your colleagues, he says.
"The getting in early, leaving late, the not complaining, not being asked to do something, the proactive thinking" is what will give you a competitive edge, says Paul, who also hosts a MasterClass course called "The Dealmaker's Mindset" that released on June was 21 when he met then-high-schooler LeBron James at an airport, befriending the basketball player and becoming his unofficial assistant. After James was drafted by the Cleveland Cavaliers in 2003, Paul took it upon himself to learn everything he could about the NBA, James wrote in the foreword of Paul's book, "Lucky Me: A Memoir of Changing the Odds."
After roughly four years of immersing himself in the NBA's world as part of James' inner circle, Paul landed a role at Creative Arts Agency, working under James' then-agent Leon Rose. When Paul founded Klutch Sports in 2012, James became its first client.
"The only thing Rich received from me is an opportunity," James wrote.
If you want to show your boss that you have a drive and hunger for success, start by building or reinforcing your rapport with your them, recommends Horacio Falcão, an INSEAD professor, negotiation expert and serial entrepreneur.
You're in trouble if your boss hears about your desire for a promotion for the first time at your end-of-year review, Falcão told CNBC Make It on Nov. 27. Talk to them throughout the year about their expectations and your performance to build a sense of trust, he said.
"You should be in closer touch with your supervisor, and on a more regular basis, be it by inviting them for a coffee, or having one on one [meetings]," said Falcão.
When you're ready to discuss your goals, he added, you can say something along the lines of: "I am very excited. I would like to grow quickly. I'm willing to put the effort in, the energy, the time necessary to become the next person up [for promotion] in my group or cohort. What do I need to do?"
Another tip from Paul: Learn as much as you can, and work to build your "range within the workplace." Research new skills that can be useful to your team, study your boss' patterns and anticipate what they'll ask you to do, and do it beforehand, he says. If they start every meeting with a new icebreaker and they're running out of ideas, for example, you could offer them some suggestions ahead of time.
Most importantly, don't expect a handout, says Paul.
"Oftentimes, we look for what was given to us in kindergarten. You know, you do well and you have a piece of candy or a gold star on your paper," he says. "It doesn't work like that in the real world."
