I’m worth more now, so I want to renegotiate my compensation.

Said pretty much nobody to their boss.

Why? Because it’s frowned upon and there’s no natural time to have that kind of conversation.

But it can be frustrating if you’ve built up new skills and are contributing to your company in a more significant way. You’re either locked into what you negotiated when you joined or you’re at the mercy of the annual 3% increases.

Which is why I think companies should take a tip from professional sports and introduce a free agency period.

Every two years you’d get to:
➡ Renegotiate your compensation package for what you are worth on the market NOW, not two years ago.
➡ Make the case that you should have a new role with new and more challenging responsibilities.
➡ Rescope your role. Maybe you want to give up some responsibilities and some compensation to regain balance.
➡ Explore opportunities at another company without having to go all clandestine.

This is a radical idea for sure. But free agents in sports truly get what the market is paying NOW. Competition for a person’s services drives up price of course. But skills in demand–think 100 mph fastballs–get rewarded.

Remember, free agents are free agents for two reasons–they chose to become one, or they were not offered a contract by their team. So it’s a two-way street.

What do you think? Time for free agency in the corporate world?I’m worth more now, so I want to renegotiate my compensation.

Said pretty much nobody to their boss.

Why? Because it’s frowned upon and there’s no natural time to have that kind of conversation.

But it can be frustrating if you’ve built up new skills and are contributing to your company in a more significant way. You’re either locked into what you negotiated when you joined or you’re at the mercy of the annual 3% increases.

Which is why I think companies should take a tip from professional sports and introduce a free agency period.

Every two years you’d get to:
➡ Renegotiate your compensation package for what you are worth on the market NOW, not two years ago.
➡ Make the case that you should have a new role with new and more challenging responsibilities.
➡ Rescope your role. Maybe you want to give up some responsibilities and some compensation to regain balance.
➡ Explore opportunities at another company without having to go all clandestine.

This is a radical idea for sure. But free agents in sports truly get what the market is paying NOW. Competition for a person’s services drives up price of course. But skills in demand–think 100 mph fastballs–get rewarded.

Remember, free agents are free agents for two reasons–they chose to become one, or they were not offered a contract by their team. So it’s a two-way street.

What do you think? Time for free agency in the corporate world?

Coaching Consultation

Even the best leaders in the world struggle at times with the weight of the responsibilities of being a leader. You know this too! It’s hard work to balance it all and know what approach is the best one to meet your objectives while being a supportive leader for your team. But the best leaders don’t do it alone – they seek help from experts who can guide them to become the leader they want to be. Now, you can do the same by booking a free consult with me where I’ll help you get on the path to becoming a stronger leader.

Because I hold these calls personally, there are very few spots available, so if you’re serious about growing your business and would like the guidance and support of a trained expert, use the calendar provided to apply for your session now.

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