These are very topical questions in March!
Let's break it down into a few steps:
1. Get out the job specification that you were hired for or the one that you do and figure out the average salary in the industry in your market for that particular job.
2. Track everything that you do on a daily basis. What part of that job specification are you hitting? Are you doing more than that? Are you doing less than that? Have a ballpark number three if you are doing something more over and above what was required of you.
3. Put a money value on the job. This is key. You need to know your numbers.
If you want to have a promotion case or have a case for raises, now, you are already a few steps ahead of the average candidate, the average person who's asking for a raise, a promotion.
4. The next step is to actually set up a meeting with your supervisor or your manager or your boss and ask them, really ask them, what will it take to get to the next level?
What is it that you need to do especially differently and more for you to get to the next level?
5. Now do a gap analysis in that meeting and find what is it that you need to be doing? Put a timeline on when you will be addressing the gap. Once you are there you go on to fix the gap before the time runs out.
It's not enough to just talk about the gap. You need to fix it.
6. Now while they are doing all of this. This is something that I advise all the time: keep an eye out on the market simultaneously. Always keep an eye out on the market because you don't know what the situation is going to be by the end of that timeline unless the timeline is like one or two weeks.
You don't know what is going to come up or what is going to change in the world in your market and in your company or in your industry? So you cannot really rely on just that one job alone. You need to be simultaneously looking out into the market wage. If you are ready to move on there is no reason to just hold all your cards for that company that you are working for.
If you have come this far, I'm quite sure that you want to get the bang-for-the-buck. So here's a bonus step that I'll give you- when we look out with a scarcity mindset, we only think about the base salary. We don't think about all of the other things we could be negotiating on- like the variable, like time off on a birthday or equity scheme. For example, a flexible work schedule.
All of that is actually worth good money and I would personally forgo quite a lot of money to get a load of those aspects into my life and my career. So if you are going into a negotiation, I would say do not go in with an adversarial mindset at all. In fact, the best negotiations are always benefiting both of the parties involved in the negotiation.
Go into it thinking if this doesn't work, what else could? Be in that problem-solving mode and you'll do really well.
Was that helpful? Let me know to leave a comment down below or write to me at firstname.lastname@example.org