Saturday, March 16, 2013
5 Strategies to Ensure Your Next Salary Review Meeting Works For You
Your next review meeting - where you will discuss your salary, bonus package, the hours you work and other perks of the job - should already be in your diary.
You might be lucky, and have a manager who is organised and has already scheduled your meeting; many clients however complain that this is not the case for them. Either way, follow these 5 tips to help you achieve success in your next salary review:
1. Get a meeting in the diary now!
2. Be thinking now about what you wish to negotiate: salary; bonus; flexi-time etc.
3. Set expectations early.
4. Be prepared.
5. Don't back down.
Let's look at each of these in turn:
1. Get Your Review Meeting in the Diary, Today
Quite simply, make sure you have a meeting in the diary. It's amazing how many people complain that they haven't had a review in 18 months and yet have never asked for a meeting to be put in the diary. It is your career, remember that!
2. Be Thinking Now About What You Wish to Negotiate
This is your meeting. It is to discuss your performance, your career and your ROI.
ROI stands for 'return on investment': what return do you want for the investment of time and energy that you have given towards your organisation's success?
This is not your manager's meeting, however much you might think it is. Just because he or she has the power to decide how you may be renumerated, it does not follow that they are there to run the meeting.
You must run the meeting. Have your own agenda: decide what you would like to be discussed and agreed upon at this meeting.
- Do you want to negotiate a raise in salary? If so, do you have a sliding scale in mind?
- What other factors do you want to negotiate: car allowance; flexi time; share options; performance bonus?
3. Set Expectations Early
I think it's useful to let key decision makers know what you want well in advance; I am not a big believer in hoping people will be able to read your mind!
So, if you're looking for a promotion this time round, it is sensible to make that clear well in advance. Don't wait until your review meeting to have that conversation. It might be too late. Setting expectations means that hopefully you're on the same page; you don't want to sell why you're worthy of the promotion in your review meeting - your manager should already have been sold!
4. Be Prepared
You must focus your discussion on your results. In other words, what results have you delivered for the organisation? Think for example about the stats behind your accomplishments:
- Have there been sales uplifts under your tenure?
- Have you renegotiated a contract that has cut costs?
- Have you streamlined a process that has reduced time and cost?
- Have any of your team members been promoted under your management?
The more you attribute your requests for higher pay with the value you have added - and continue to add - the easier it will become to achieve the salary outcomes you are looking for.
5. Don't Back Down
If you don't achieve the outcome you are looking for, try hard not to be downhearted.
But whatever you do, don't hide your disappointment. Say you are disappointed. This in itself can change a decision and you may be able to negotiate a deal.
However, it may also make no difference at all. If that is the case, that is frustrating but it doesn't mean you miss you. By backing yourself you will have demonstrated the belief you have in your value.
You could suggest your pay is prioritised next time round, or you might request an alternative means of renumeration (through flexi time for example).
Keep your eye on the prize and continue to ask for what you deserve.