Do you earn less than your peers?
In my 20 years of successfully closing thousands of salary offers for employees, I have observed that 95% of employers do ‘just enough’ to get candidates to join an organisation or ‘just enough’ to keep employees in their business. Since 2008 single figure annual pay increases have been the norm and for many professionals ‘real’ wages have gone down over that period.
Most employees are not paid fully for the value they deliver because they view the employer as having the perceived ‘position of power’ in salary negotiation.
Head-hunters whilst wanting to raise salary as high as possible are paid by companies they are representing and their self-interest is in winning the next assignment and are not focussed on employee interests.
Many employees don’t have the tools to ask for appropriate reward or are too frightened of the potential consequences like losing their job. Even employees who negotiate as part of their day job lack the big data, awareness, self-worth or the careful balance of influence to achieve their appropriate reward.
So how do you be appropriately rewarded for the value you add that is win for you and win for your employer?
Start from a well-defined plan. Ask yourself will this company and role move my career forward? How would this opportunity score next to your ideal role?
Market yourself as a premium priced employee. Understand what are the biggest revenue challenges facing your line manager. Formulate a concise plan of action to defend and grow revenue channels. Having delivered on these plans ask to be appropriately rewarded for this impact based on value to the organization and not your current earnings.
A range of possible solutions and options. Be open to being rewarded not just on base salary, consider retention/sign on bonuses, early review and consideration for promotion due to exceptional performance.
Re-Evaluate all information. Sleep on any new offer, reflect and consider how close this is to your ideal company and role and package. Respectively respect any areas where you feel there is a short fall in reward.
Together have you reached an agreement that works for both parties? When you are happy with all terms commit to the new opportunity by withdrawing from all other recruitment processes. Resign in a professional manner that ensures all relationships are maintain - the business world is a small place.
Do’s and don’ts for successful Win-Win salary negotiation:
* Be very clear on what your outcome and goals are. It is critical that you make sure you are clear as to what type of organisation you want, what type of culture you want to be part of, what products/services you want to be in how much salary you want, etc.
* Understand the mind-set of the decision makers. What business problems do you solve? This will allow you to determine how valuable you will be to them.
* Know what your upper and lower limits of all factors are for employer.
* Be underprepared and position yourself as a job seeker rather than a business problem solver.
* Make requests that the individual has no authority to deliver. Mismanage your own reputation during these times as you never know when you will encounter the person again.
* Focus on just the salary; consider the whole picture of career opportunities.
Deliberate and specific preparation will allow you to achieve greater financially reward.
Timing – there has not been a better time since 2001 for employees to gain their true worth as demand for talent significantly outstrips supply. I wish you well in ensuring you are appropriately rewarded.
And what about you? Do you think you are earning what you are worth? Do you need a help to define your strategy to get your salary increase and being paid what you think you worth? Do not hesitate to share your feedback below or get in touch following the Accelerated Career Results page: https://goo.gl/SKLJN7