By Alan Collins |successinhr.Com/the-science-of-getting-rich
The Science of Getting Rich in HR can be summarized in exactly 15 words and 3 simple steps.
Before you scroll down to read what those words and steps are, there are a few confessions I want to make:
Confession #1: If you’re like me, career advancement and making money are important.
Personally, I don’t obsess over money.
But I refuse to apologize one bit for saying that increasing the deposits to my bank account…on a regular basis…is one of my major career objectives.
Perhaps it is to for you also.
Confession #2: The title of this article is not entirely mine.
It comes from the title of a book calledThe Science of Getting Richby Wallace Wattle and was originally written in 1910.
I was wandering around an old book store one day and just picked it up.
Those 15 words were hidden in one of the book’s chapters.
I’m not going do a detailed review of the book. That’s not the point here. However, it is definitely worth checking out.
Confession #3: Although this book was not written specifically for HR pros, the “15 word rule” contained within it will impact your HR career in a positive way.
If you embrace the idea behind these 15 words, you’ll definitely make more money in HR…or at the very least, you’ll earn a lot more than those tiny little 2% annual merit increases on your day job.
I have absolutely no doubt about that.
With all that said, here are those 15 words that sum up the entire science of making more money…or even getting rich in HR…
Give every man more in use value than
you take from him in cash value
- Wallace Wattles
That’s it.
The entire foundation of advancing your career in HR can be summed up in those 15 words.
Let’s cut to the chase. These words were written in 1910. Their meaning is important. However, in today’s world they need to be translated.
So what this simple little 15-word statement is saying to you as an HR professional is the following…
The secret to making more money faster in HR is to look for ways to
add MASSIVE AMOUNTS of value to your clients andto your
organization.And then doing it consistently!
Yes, I know “adding value” is one of the most popular HR buzzwords on the planet.
This word gets the same reaction as when HR folks say they’re “strategic” or “business partners.”
Since everyone says them, these words have lost their meaning, are viewed as pure B.S. And are ignored.
As a result, most people are absolutely clueless about what “adding value” is REALLY all about.
So let me clarify…
Added value in HR means IMPROVING THE TANGIBLERESULTS
THAT YOUR CLIENTS AND YOUR ORGANIZATION
CARE MOST ABOUT.
If you are not delivering more of this EXACT type of value to your organization or your clients, and if you are not making yourself indispensable to them every day, then you are DECLINING in value to them.
In many large organizations, there are entire departments of HR pros doing the very same jobs (with different clients), the same way year after year, and they are shocked when poor client feedback, new technology, outsourcing or some other “restructuring” or “productivity” move boots them out on the street.
Every one of these people has one distinctive attribute in common: from one year to the next they have not taken any initiative to deliver more value in their work…or to increase their own value.
Let me go even further, if someone is not telling you — to your face — that what you’re contributing is, in fact, advancing the business proposition of the company, then you are creating questions about whether or not you should be in that HR job…or whether that job is really needed!
So adding MORE and REAL value is critical.
Want to really know how to do it and make more money in the process?
Then start following these three simple steps…
Step 1: Pinpoint the results your clients or your organization want most.
This could be those areas where your organization is at a competitive disadvantage or results that your clients have complained about most to you.
• Is it improved retention?
• Is it cost savings or cutting overhead?
• Is it getting higher quality job candidates?
• Is it improving customer service?
• Is it improving the results from the sales force?
• Is it lack of talent in some regions?
• Is it changing the skill mix of the workforce?
• Is it moving work to lower cost areas of the country?
• Is it improving teamwork between two functions at war?
• Is it spreading best practices internally?
• Is it expanding the online presence of the company?
• Is it reducing overtime, tardiness or sick leave usage?
Step 2: Pick one of these outcomes, put a metric to it and then commit yourself to develop HR strategies to blast it out of the park.
Let’s say your organization’s biggest priority is cost savings. Strategies you could develop and implement could include:
- Developing a system to attract talent that allows managers to hire less expensive or less experienced employees for lower skilled positions.
- For manufacturing locations, providing advice and tools for reducing unnecessary overtime.
- Providing your leadership team with best practices for decreasing the cost of labor required to produce each unit of product or service your organization delivers.
- Coming up with a non-monetary incentive or recognition program for employees who help drive down costs.
It is this ability to propose – and then successfully implement – these types of REAL value-added solutions that address big organization problems that truly elevate HR pros to top earner status.
Step 3: Update your resume every year by documenting the value you’ve added over the previous calendar year.
I believe doing this is one of the fastest ways of building your wealth.
By simply taking time to religiously note your annual achievements on your resume, you will enhance your resume’s value in the marketplace and your attractiveness to recruiters.
Think about how your resume would be improved if you were to add this new entry to it at the end of the year:
“As HR director for the IT group, because of two new culture building
initiatives we put in place, our culture survey results improved by 25%,
IT turnover dropped from 12% to 6% and our overtime
costs went down by $1.2 million or 4%.”
Now that’s adding real value. And, when you’re able to enhance your resume with this kind of achievement every year, making money faster in HR…and even getting rich in HR…will not be a problem.
I know by now I’ve beaten a dead horse on this, but I really want to drive this point home…
To Earn Make More Money in HR or Even Get
Rich, Simply Figure Out A Way To Give
TRIPLE THE VALUE You Are Giving Right Now
To Your Employer, Customers, Clients,
Boss or Colleagues!
If you do this, I predict with absolute confidence that one of the following will happen:
1. Your present employer will respond with raises, bonuses and advancement opportunities well beyond your expectations.
2. A new employer (or one of your company’s competitors) will find you, grab you, immediately recognize how you can help them and hike up your pay by a minimum of 10%, but probably more.
3. You’ll discover a lucrative entrepreneurial opportunity that allows you to develop and package your skills (or the value you add that companies care about) in such a way that lots of organizations will beat a path to your door – hiring you as their consultant, their coach, or their trainer teaching their staffs — and you’ll move on to writing your own paycheck and being your own boss.
So, the next time someone asks you:“How can I get more than just the same token 2% raise that everybody else is getting?”
You can reply quickly by suggesting that they go find a full-length mirror, sit down in a chair facing it, stare deeply into his or her own eyes and ask: “What can I do overwhelm my clients with VALUE and improve the RESULTS my organization CARES MOST ABOUT?”
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