Consider the bottom line
In building your case, you need to be able to outline what you contributed and how that contribution affected the bottom line.
“You shouldn’t be going into the conversation simply outlining the great compensation structure you created,” Cissy Pau said, “but how did that compensation structure contribute to staff retention, to the company’s revenue? For example if you know that someone at the company brought in a million dollars in sales this year and got a bonus of 5% you need to be able to apply that to your own achievements. What have you contributed? How has that contributed to the bottom line? You should have a well-rounded picture of where you stand.”
Blow your own trumpet
Perhaps the most difficult part of negotiating your own pay is talking up your own contributions.
“People in general have a hard time tooting their own horn,” Cissy Pau said. “Those that do are often not perceived well, but it is necessary to be able to toot your own horn a little bit, go in to the conversation with confidence and don’t be afraid to say what you think you’re worth when building your case.”
A pay rise or bonus agreement isn’t the end of the process. If you do manage to secure a pay rise make sure you know when it comes into effect. If you are unsuccessful, Michael A Thompson says you should ensure you know what the expectations are and what you need to do to be successful.
“Focus on performance, have clarity about the process then put a plan in place to ensure you know what the performance expectations are and what you need to do in order to get there.”