26th June, 2024
Parity Consulting was proud to present an incredible leadership event as part of our ParityPlus value-add initiative - EmpowerYOUR Value.
This event featured an impressive lineup of industry leaders who led two powerhouse panel discussions on how to negotiate your value in the workplace.
KEY TAKEAWAYS – 6 Top Negotiation Tips
Vanessa Lalani, Division Director - Parity. Shared the latest Market Insights and how to navigate with confidence in the current climate.
How to Position Yourself
Left to Right: Victoria Butt, CEO - Parity. Kim Clarke, Executive and NED – MYOB. Justin Howell, COO – Aware Super. Vasyl Nair, Group Chief Executive Officer – Mine Super.
1. Know your Worth
Don’t start any salary discussion without first knowing your market value.
Yes, negotiate your salary and benefits, but also negotiate your exit conditions. These should be at minimum the same, if not better, than your current conditions.
2. Get Comfortable with Uncomfortable Conversations
Hostile, confrontational remuneration discussions won’t lead to the end of your career—they are, in fact, essential in positioning yourself for the next cycle of remuneration conversations, as they give your leader time to fix it.
It can take six months to position your value accurately, so plan a number of conversations ahead of the standard remuneration cycle.
Talk about it if you are not feeling valued, share your feelings, and be transparent. At the same time, consider how you are showcasing your value through your good work.
3. Balance the Playing Field
Most of the time, there is “information asymmetry” (meaning your employer has all the info, and you only have some).
Gather as much information as you can using your network, internally and externally. Understand how your organisation's benchmarking process works—including ranges, bonuses, and distribution curve.
Discern how hard you can push—this will be relative to your length of tenure vs a new start.
What Can You Do and How?
Left to Right: Cassandra Crowe, Vice President - T. Rowe Price. Dr Laura Ryan, Head of Research – Ardea. Benjamin Whitfield, Global Talent Acquisition Leader – Marsh McLennan. Meray El Khoury, Chief Insurance Officer – MetLife.
4. Ask for that Promotion
Ask for the promotion (it's as simple as that)– regardless of gender.
Don’t underestimate the compounding impact of even a 1% gender pay gap. Right now, in Australia, the gap can be as high as 6%.
Promotions hide pay gaps, and in the latest Quant study, it was revealed that those identifying as female employed in the Financial Services sector are substantially less likely to be offered an unsolicited promotion than those identifying as male.
However, those identifying as female are more successful at receiving a promotion when they request it!
So, yes, ask for that promotion!
Get the Full Report here
5. Sponsorship Can Unlock Promotion Opportunities
Start a relationship with a leader by helping them first. Support them on a project, and demonstrate your skills and capabilities outside of your current role.
Talk to them about your career aspirations, and ask them to advocate for you when you are ready to take your next step.
In a climate where organisations want to retain their best talent, it's time to start vocalising that you're delivering and want to expand into your next role.
If you are not feeling supported in your career progression at your current organisation, it's time to make an external move.
6. Ask for More
The number on the job requisition form is not static. Ask what the position is worth.
You can then decide if it's at your level or not.
If not, express, "I'm worth more than this, is it worth me continuing the process?"
Don't go in low. You can always come down.
