Cue the cha-ching sound effects! Money… either incredibly exciting or the most fear-based conversations you will ever have with your boss. We’re ready to help you hit all the right notes in NEGOTIATING YOUR COMPENSATION package. So, let’s groove into the rhythm of discussing the moolah without missing a beat.
Note that we referred to COMPENSATION PACKAGE and not just salary. How often do we hear the dreaded term ‘Salary Freeze’ today? We’re all about turning the volume up on negotiations, and if the monetary beats aren’t hitting the right note, fear not! We firmly believe that almost anything is negotiable (and if it isn’t, another employer may just be willing to give you exactly what you are asking for). If you’ve attempted the salary negotiation and your boss isn’t budging, let’s shift the tune. Turn your attention to some of these non-monetary elements that can be just as impactful as your salary. After all, who said you can’t dance to the rhythm of job satisfaction in more ways than one?
“Show Me the Money” Icebreaker:
Start the conversation with a dash of humor by channeling your inner Jerry Maguire. You can say something “Hey [Boss’s Name], can we have a moment to talk about the one thing that makes everyone break into song? No, not karaoke night – it’s the sweet sound of a well-deserved raise!” ( ok that may not be exactly what you say, but feel free to put your own humour style behind it.) Injecting a bit of HUMOUR can set a positive tone for the discussion.
“Money, Money, Money” – Know Your Worth:
Before stepping onto the negotiation stage, do some research on industry standards and know the market value of your current role. When discussing your salary, highlight your ACCOMPLISHMENTS and CONTRIBUTIONS to the team. You’re not just asking for money; you’re showcasing the RETURN ON INVESTMENT your employer gets by having you on board.
During your review, express interest in being assigned to a special project or a high-profile client. This shows your engagement isn’t ONLY hinged on the MONEY, it’s about the EXCITEMENT and CHALLENGE that can add a fresh beat to your daily routine. And showing your interest in supporting company initiatives reinforces your commitment to your employer.
“Can’t Buy Me Love” – But It Can Buy Perks:
Sometimes, your employer might not have room in the budget for a raise, but there could be OTHER ways to show you are on the right track to being recognized as a valuable contributor. Explore the potential of a job title change. Sometimes, a new title can better reflect your EVOLVING ROLE and responsibilities, setting the stage for future opportunities. It also is a strong indicator of your employers belief that you are a worth while investment.
Perhaps there are other PERKS that are up for discussion. Lean into the possibility of additional vacation days, flexible working arrangements, or even that coveted office or desk. What about that empty parking spot that’s not being used for the next 4 months? The key is to find the SWEET SPOT that keeps all parties happy and engaged.
One thing we know for sure is that if you don’t ask, you won’t get.
“Money for Nothing” – Total Compensation Explained:
Not everything boils down to your base salary. The term of the day is TOTAL COMPENSATION. This includes bonuses, benefits, retirement plans, and more. Express your interest in discussing the OVERALL PACKAGE, making it clear that you’re not just playing a one-note symphony – you’re ready for the entire concerto.
See if there are other areas of your compensation package that you can negotiate on. Perhaps performance based areas where the company wins as well. Show that you are open to owning your success.
Advocate for workplace wellness initiatives. Whether it’s gym memberships, yoga classes, or standing desks, INVESTING in your well-being can lead to a happier and more productive workforce.
“Take the Money and Run” – Exit Strategies:
Let’s face it, not every negotiation ends with a victory dance. If, after all is said and done, you find yourself singing the Steve Miller Band’s hit, consider discussing a timeline for FUTURE SALARY REVIEWS or setting performance milestones that, when achieved, could trigger a revisit to the compensation conversation.
If your employer is not able to deliver monetary gain, perhaps they will feel more inclined to support you in other ways. But you have to spell it out for them. Perhaps suggest your interest in a mentorship arrangement within the organization. Connecting with someone SEASONED in your field can be a valuable investment in your professional development.
Ask for opportunities for SKILL DEVELOPMENT. Maybe your employer could sponsor a course or conference that aligns with your career goals – a melody of growth for both you and the company.
NOW, Get after it!
When it comes to advocating for your career and the most competitive compensation package possible, remember, you’re not just an employee; you’re an INVESTMENT. It is perfectly okay to dance to the rhythm of your own VALUE. Be confident, be prepared, and most importantly, be ready to ask for what you deserve. It’s time to kick the salary blues to the curb and let the sweet melodies of a WELL-NEGOTIATED compensation package serenade your career. Go out there and show them you’re worth every penny and then some!