Over the years, I have been hounded by tribemates looking for a raise in pay (not unwarranted, but alas, still pervasive). If you want a pay increase to materialize at a faster pace, you must do some homework in addition to your work duties. What follows is the hospitality- manager response I have given to those on the money hunt: Whenever you are being evaluated for hiring, a promotion, or a raise, start with the most significant accomplishments you can cite from your recent professional history. It is both the wide and the narrow definitions of success that will define your evaluation.

What was your specific involvement in achieving strong results, forwarding programs, changing the business climate, and so forth? What were the scope and the scale of your responsibilities? What was your total staff size, including direct reports? Did you have P&L responsibility? What was the size of your budget? Be prepared to quickly and crisply articulate your business results, not just your activities.

Itemizing a track record of your successes is the easiest way for the powers that be to evaluate and elevate you to greater responsibility, and hello, “mad stacks, jack!” Regardless of how well you have performed, seeking more money in the same role might provide incremental increases, but eventually you will slam into a hard salary ceiling. Most organizations usually calculate compensation packages based on titles or responsibility levels and pay grades. Rarely can you break beyond the pre-set ranges.

You must work, plan, dream, and scheme your way to bigger jobs (of course, only through honest and ethical schemes). This is the most direct route to pay raises significant enough to really upgrade your lifestyle. The simple fact is that all persons of the same “leadager” level or title are in a competition for the next opportunity, whether they buy into it, act above it, care about it or not. (Everybody sing: “It’s a dog-eat-dog world…”)

Assuming your performance earns you the right to get your hat thrown into the ring for a promotion, the next assessment hurdles you face are those of pace and progression. Never underestimate the positive effect on your wallet the aggressive pursuit of advancement brings. The death-knell for anyone seeking advancement is having the same level of experience without a promotion for five-plus years. You will then be deemed as not promotable, a poor career manager, and/or lacking drive or talent. Hiring/promoting managers will be wary of you. (“If you can’t do it for yourself, how will you do it for us?”)

If you were to ask a group of assistant managers to cite the major hurdles standing between them and more money, you would quite likely hear the following typical excuses (always someone else’s fault):

• “The company says there aren’t any opportunities right now.”
• “They say I don’t have the enough experience.”
• “My supervisor hassles me all the time.”
• “I’ve got a bad team; they’re holding me back.”
• “I didn’t go far enough in skool.”
• They like Joe/Jill better than me

If you were to ask a collection of team leaders what major issues they consistently assess when deciding to promote someone, you might hear the following:

• Poor transition from an hourly to salary mentality
• Questionable integrity
• Inconsistent follow-up/follow-through on projects
• Denial of accountability
• Lacking initiative
• Poor judgment
• Weak interpersonal skills
• Poor financial acumen/performance.

Ah, here’s a light-bulb moment for you: All of it is deemed to be within your control.

The perspective gap between these two groups is real, and it exists in some form or another in every workplace. The common complaint of my peers who provide the advancement opportunity is not, “Why is this C player acting like a C player?” but rather, “Why is this potential A player content to settle for B or C level performance? What is wrong with him/her?”

In short, if you would like to go fast and far, start off by packing the right bags with the right stuff!

Posted in Becoming a Leadager, Practical Professional Development | Comments Off

July 28^th 2010

 From Chase’s FOHBOH.com Blog: 

There is no way you can be considered for, let alone achieve, a top hospitality dream job without walkin’ and talkin’ dollars and cents. You may be a front of the house/heart of the house expert, but to grow or perhaps, at times to survive, you may need to travel beyond your personal network to obtain money. It doesn’t matter if it is the bank, the boss, or the street; they won’t speak the language of your passion, expertise, or dreams. They will, however, require you to display your business and financial acumen (on paper, as spoken in percentages of minimized risk and maximized rewards).

In business, cash is queen (or king, if you prefer). Gotta make it, gotta use it, gotta get more, and gotta keep what you got. It took me a long time to realize that there is an imperial collective of people who use “money know-how” (financial fitness acumen) as their entrée into the top jobs. And you are nothing to them unless you “know da know.” (Come on, now; “liquidity” is a word you use everyday, no?)

Most people who have more money than you will talk money better than you. Here is the short version of almost any money conversation: “Why should I/we give you money instead of doing other things with it?” Buy into this premise; you will have to compete numerically to justify/prove your viewpoint. Potential investors will analyze and compare your projected results to, not just your history or industry averages, but other—and perhaps more fruitful—ways of investing their money (also known as projected return on investment or ROI). This is why you must track all that comes in and all that goes out, not just to pay the bills and buy some fish, but to compete at every level. Percentages and comparatives do not require high-level trigonometry, just attention to detail, total commitment, and an understanding of why they matter.

When you begin to hear the following questions, you’ll know that your knowledge of the royal language is being tested:

• What are the sales per square foot of your store?
• What are today’s sales per labor hour or productivity?
• What is your annual staff turnover ratio running?
• What is the current net profit margin on these sales?
• What are your actual sales “running” when compared to budget?
• What is your year to year “comp” sales percentage?

Do not become a person who shows him- or herself to have little interest in the royal language (“…I dunno”). If you do, it will only be a matter of time before you are labeled as one of the lost souls who don’t “get it.” If you want to get ahead of the curve, you can prepare yourself by delving into the industry “numbers story.” Start with specifics such as the “ideal” food, beverage, labor costs, gross, net, and so forth. After that, break down the store’s monthly profit and loss statement (P&L) and get to know it backward and forward. You might then grab the chart of accounts for your store (the snail-trail of all the money out) and read and reread it until following along becomes second nature.

The truth is, your ultimate success in the hospitality business will at some point come down to whether or not you are fluent in the royal language… of any business.

Posted in Becoming a Leadager | Comments Off