Don’t just negotiate a salary. Negotiate these things as well, the experts say.
With the economy on a downward spiral and loyal hard-working employees not able to negotiate a salary increase experts offer some advice on what else you can negotiate on.
Austin Belcak surveyed over 130 000 people about salary negotiation.
These were the results:
I surveyed 130k+ people about salary negotiation.
— Austin Belcak (@austinbelcak) March 22, 2022
Two data points completely blew me away:
54% of people did NOT negotiate salary for their last role.
93% of people who did negotiate got more than the original offer.
Negotiating isn't easy.
But the odds are in your favor.
Belcak also has over a million followers on LinkedIn and he suggests you discuss bonuses for ROI (return on investment), equity in a business, and more paid time off so your holiday period increases.
Job title — this means something when you go back into the job market as a title can help you look more qualified and get access to higher pay.
Training — New skills will make you more employable and employers are often willing to spend money on courses for employees. Do the courses and become more employable.
If this fails you should consider starting to negotiate for salary.
Manoka Mathye, a chartered accountant and career coach says if your employer has generally given increases and you have not received one, it is time to develop an action plan to get one in the next increase cycle or sooner.
Mathye advises that you start with a conversation with your manager. “A common mistake employees make is that they assume their managers knows everything about them and their work. It is important to realise that not all managers are as involved in your day-to-day activities as you may believe.”
So if you want to stand out from other employees then it is important to ensure your manager knows what you do and how well you do it, says the career coach.
Here are Mathye’s other tips for pro-actively ensuring you will be eligible for a promotion in the next cycle:
- Discuss your goals for the upcoming performance cycle with your manager. What do they expect to see in order for you to meet or exceed expectations as well as receive the increase you deserve. This is effectively a commitment, follow it up by confirming in writing the details of the conversation and action plan.
- Consider and ask, how can you perform your job better and deliver additional value. Companies are effectively paying for the value that you add as an employee and to pay you more they need to see the value you are adding.
- Where you are delivering well, communicate this to your team and manager. This is ensuring the good work you are delivering is highlighted and therefore more likely to be recognised and rewarded.
- Ask for regular feedback during the period to ensure you are on track to meet the goals agreed on.
- Agree remedial action where there are areas that require improvement. It is better to know during the period what requires improvement than waiting till the end when you cannot change what has already happened.
- Ask for help. This could be from your manager or other team members. It is so much easier to achieve your goals with a solid support system in place.
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