In this article learn how YOU CAN position yourself as a ‘premium priced employee’ and be paid what you are worth.
No growth orientated business lacks the appetite for new employees to add significant value to its bottom line. Few employees take this opportunity to understand the real business drivers behind a job role and seek to solve the most pressing problems of an organization. By not taking this vital step they end up ‘leaving money on the table’ and are not paid what they are worth – don’t let this be you.
I recently coached a candidate to secure a salary and package increase of 48%. This was achieved using my SMART negotiation formula (detailed later in this article). We were able to achieve this because he clearly understood his motivations for moving and had established criteria to use when evaluating new career options. The ‘difference that made the difference‘ was that the candidate knew the measurable contribution he would add to his new employer, he also knew how he would be judged in terms of key business growth and operational efficiencies.
The vital next step meant going the ‘extra mile’. Without being asked to he interviewed existing and prospective customers to seek business opportunities. He built a business case for his employment by developing a 90 day plan of how he would solve the most pressing problems of his next employer. These actions positioned him ‘head and shoulders’ above other shortlisted candidates. He positioned himself as a premium priced employee. His due diligence and professionalism throughout the recruitment process ensured he set himself apart.
You have the ability to achieve these results too.
Salary negotiation is about doing the right actions at the right time with the right people. By following a proven successful formula you put yourself in the driving seat.
- Are you being paid what you are worth?
- Are you dissatisfied with your current rate of career progression and want a promotion?
- Are you frustrated with leaving your career in the hands of your boss and want a high paid job?
Follow a proven 5 step SMART salary negotiation formula and become a higher earner.
Start from a well defined plan:
Define why you are looking to leave your present role and how these frustrations will be solved by making a career move. How does this career move take you in the direction of your longer term career goals? Write down the most important criteria for each potential career option and score them, this brings a rational approach to your decision making.
Market yourself as a premium priced employee:
Study annual and industry reports to clearly identify the most pressing business problems of your potential new employer – this clarifies where you can add most value to the organization.
Go the ‘extra mile’ during the interview process. Meet with the standout and high achieving employees from the organization and identify what traits they display to achieve such high performance and reward. This puts you in the strongest position possible to be perceived as a ‘highly valuable’ yet scarce resource. You can then request the appropriate package that you are worth.
A range of possible solutions:
Know what elements of salary and package your future employer can be flexible on and what they cannot. You are likely to be joining an organization with established salary bands and most companies are keen to stick to established norms. Early reviews, accelerated bonuses and promotion for exceptional performance, are areas to explore as a route to increasing your earnings. Seek the common ground; this is where the agreement will be struck.
This due diligence will allow you to confidently answer the key question - what salary package and benefits are you worth?
It is vital that you take the first move and make your future employer aware of your salary expectations - before they make you an offer. This approach has consistently led to individuals I coach being rewarded at a higher rate. You must have an appropriate message.
Your message should be “your company is my preferred career option because of the significant opportunities presented, I want to ensure that I am appropriately rewarded due to the accelerated growth I will provide in a business critical market” or “how I will add value in optimizing operational efficiencies of the business“.
Re-Evaluate all information:
When your requests require authority from higher up the organization you need to have a relationship in place to ensure you can influence and demonstrate your worth. Be patient during this critical stage. Time delays are often due to the fact that this negotiation is not the only business priority of that decision maker. Remain focused on your objectives. Agreeing to time scales after each action will allow the process to maintain momentum, be flexible on how the process evolves - you might even be positively surprised.
I had a salary negotiation recently where a decision maker took longer over making an offer than initially expected. Rather than offering an attractive bonus of 40% they came back with 50%, this forward thinking employer clearly understood how to motivate future employees.
Together have you reached an agreement:
Ensure that any verbal agreements have been included in the written contract that you sign. When you are happy that the contract is a written representation of what you agreed verbally, sign the contract and return as soon as possible.
Create your plan, conduct the necessary research and position yourself as a premium priced employee. If you have nothing to lose and everything to gain - I urge you to earn what you are worth.
Why not give yourself this ‘unfair advantage’? You deserve it.
Adrian Evans is a ‘results achieving’ career coach and an inspiring speaker. In conjunction with being an author, he is the founder of ‘Be a job magnet’ - a coaching and career development academy committed to transforming professionals’ confidence and results. email@example.com