5th September, 2024
Parity Consulting was proud to host another incredible event as part of our ParityPlus initiative – EmpowerYOUR Value. This Masterclass featured industry leaders sharing their firsthand tips on negotiating your value in the workplace.
KEY TAKEAWAYS –
5 Essential Negotiation Tips
1. Timing
Don’t leave your salary conversation too late—plan it before the remuneration review cycle begins.
The ideal time to discuss your goals with your people leader is early in the year, as it sets the tone for your end-of-year discussion.
Strong relationships are built on clear communication. If you consistently demonstrate how you’re contributing to the business throughout the year by making improvements, sharing good ideas, and supporting others, then its not just about the salary conversation—that’s the outcome.
Businesses go through ups and downs, and sometimes there might not be room for bonuses or raises. Think of your career as a long game, not just 1 year or 2 years. Leaders have other tools to help you reach your long-term remuneration objectives, such as launching an overseas career or providing training and scaffolding support to grow your people leadership skills.
2. Present the Right Evidence
The evidence you present matters, and it needs to resonate with your leader.
It’s not just about your personal performance stats—benchmarking your role against industry standards is crucial. People leaders don’t necessarily think of roles and compensation in terms of promoting internal or hiring external people. They focus on the role itself and what rem the role requires to make it competitive.
Broaden your research to gather data points from external sources. What are roles like yours worth? Even when you are not actively looking, keep abreast of the market.
How you present your evidence is just as critical.
Talking about money makes most people nervous. Beyond preparation and research, confidence is key. Negotiations are a power play, so be mindful of subliminal messages you may be sending when asked about your salary expectations. Don’t umm, ahh, or look around. Keep eye contact and answer confidently.
No two businesses are the same.
No role is the same, no work environment or risk profiles are the same. So benchmarking is more than comparing job titles. Look at non-financial benefits, as they can be significant too. What you value is different to the person next to you. And what you think you are worth is subjective—always link your worth to what the business needs.
3. WIIFM – What’s In It for Me?
Apply this principle in two ways. Think of “Give-Get” (a concept from the book Negotiating with Backbone).
Yes, be on your own side, but make sure to demonstrate how your growth also benefits the organisation. Give your leader a reason to support your case.
What to avoid:
Avoid overusing “I” and “me.”
You may be nervous, but don’t turn up agitated.
Don’t overwhelm your leader with data. Instead, consult with HR first, validate your salary data research, and get on the same page before approaching your people leader
Understand that remuneration is tied to a role, and roles of different complexity and accountability attract different rem. If you want a promotion or pay rise, it must be tied to the type of role you seek. Work on a plan with your leader to get there (refer point 1). And, be patient, as the role you want may not be immediately available.
4. Heist with Stealth
Of course, we don’t endorse pulling off an actual heist, but it’s a brilliant analogy for salary negotiations!
Like any well-executed heist, a successful negotiation requires meticulous planning, perfect timing, and a bit of stealth. Here’s how you can plan your own “heist” for a successful pay rise – no ski mask required!
Lead your own heist:
Why are you having the salary conversation? Get clear on your motivation and the outcomes you want to achieve before you even step into the room.
Assess and map the risks:
Put yourself in their shoes. What concerns might your employer have? Understanding their perspective will help you navigate potential objections.
Plot and plan your timeline, your angles:
Like any well-executed operation, timing and preparation are key. Map out when and how you’ll approach the conversation, and what angles will help strengthen your case.
Recruit the right crew:
No heist is pulled off solo. Identify your key allies—whether it’s a mentor or a manager who can support your case. Give them time to get on board and understand their role in the conversation.
Execution:
Sometimes, even the best plans don’t go off without a hitch. If the discussion goes off track, don’t panic. Cut it short, if necessary, regroup, and reapproach when the timing is better.
Follow Up:
Just like a well-planned heist, negotiations are rarely linear. If things don’t go your way, do a post-mortem, refine your strategy, and strike again when the moment is right.
5. Keep Your Emotions in Check
Negotiations can be emotional, especially when a pay rise can bring more financial stability. However, it’s essential to separate your feelings from the discussion about the role.
Stay calm and focused on the long-term goals.
Remember this rule of negotiation: You always know you have the upper hand when the other person gets emotional. So, stay composed and focused on the business and your career trajectory.
A huge thanks goes to our Guest Speakers and attendees for supporting this important conversation.
Victoria Butt – CEO, Founder, Parity Consulting
Liz Hastilow – Partner, Norton Rose Fulbright
Moses Samaha – EGM, Equifax
Jason Ajai– Founder, InterviewFit
We look forward to seeing you at future events! Follow our LinkedIn page for updates.
Ready to elevate your team?
Reach out to us today to explore how strategic hiring and workforce planning can reignite your team’s engagement and drive growth.
