It’s important for employees to make salary negotiations an ongoing conversation throughout the year, rather than a one-off end-of-the-year motivation that will leave you disappointed when you don’t get the raise you think you deserve.
Salary negotiations are a stressful endeavor for most employees and are usually postponed until the end of the year when the appraisal interviews take place. Many leave this brief session disappointed, without the package they believe they deserve.
This is especially true now given the harsh global economic climate and tight corporate budgets, says Debbie Goodman, CEO of Jack Hammer Global. If you want to increase your chances of negotiating a better package in 2023, you have to change your approach completely.
“Rather than wait until the end of the year, start an ongoing conversation from the beginning of the year. Contrary to what has been believed for most of our working lives, the time to talk about promotions and raises is not at the end of the year or at the end of the pay cycle.”
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Show your value in the ongoing conversation
Goodman says that to demonstrate your value to the organization and to ingrain recognition of your positive contribution in the minds of decision makers, you must continuously monitor your own achievements, accomplishments, contributions and contributions throughout the year and strategically share that information on an ongoing basis.
Salary negotiation questions include:
- Why are salary negotiations particularly delicate and cumbersome for women?
- How do you break the stigma of self-promotion?
- How do you prepare for a salary interview?
- What elements of a compensation package besides salary can be put on the table?
“Tracking contribution and achievements throughout the year is not only an important strategy for negotiating the best possible package, it is also an invaluable performance management tool so you can be confident you are actually making progress in your career ‘ he says good man.
“As you track your performance, you must also develop the ability to appropriately present your achievements to the right people at the right time. This can be a tricky business, and the question of what is appropriate becomes more personal and culture-specific be unique within the organization.”
She advises that the key is to keep making an effort and not try to sift through your long list of accomplishments in a limited amount of time when your performance review comes up. “In fact, by the time of the formal discussion, this ‘list’ should already be well communicated, so this opportunity becomes mainly a formality for closing the deal.”
According to Goodman, employees must aim to have an informal performance review monthly, but at least quarterly.
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Salary negotiations with authentic benchmarking
“You need to take initiative and request a quick 15 minute review call to make sure you and your manager are on the same page and agree that you are on track with your KPIs and results. In this conversation, authentically benchmark and review where you are and share areas where you’ve excelled and gone beyond expectations.”
She says it can be very difficult to publicize one’s accomplishments on a consistent basis, especially for women who still feel that “showing off” or self-promotion is distasteful.
“But toning it down doesn’t do you any favors in the real world. Build that muscle to be able to share your post in a subtle but clear and consistent way. It’s about finding the language and getting used to sharing your achievements with the right stakeholders to demonstrate your value.”
Goodman suggests that you promote not only yourself but also others as appropriate. “Finding the right tone is an art, but it can and should be done if you want to be recognized and recognized for your work to the extent that you deserve it.”