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What’s my value? Negotiating fairly to benefit the bottom line

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What’s my value? Negotiating fairly to benefit the bottom line

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Learning Objective: Examine techniques that help evaluate employee value

The job is going great, and you really enjoy the work you are doing. The next step is the performance review and salary increase. You don’t want to ask for something unreasonable, yet you want to be awarded what is practical and fair for the job. Negotiating is a routine part of daily life and leadership, and approaching it with confidence and skill continually signals that you know your worth. This session will help you to understand your value to your company and to develop a plan to justify the value that you bring to your company. Join us to discuss strategies and techniques that can help you determine your worth and justify your assessment of your value to your company.

At the end of this seminar, participants will be able to:

a. Quantify their bottom-line contribution to their organization.
b. Develop techniques that will ensure optimal performance that justifies a salary review.
c. Identify methods for facilitating a discussion on fair compensation for both the employee and company.
d. Outline a plan to negotiate a salary increase.

Learning Objective: Examine techniques that help evaluate employee value

The job is going great, and you really enjoy the work you are doing. The next step is the performance review and salary increase. You don’t want to ask for something unreasonable, yet you want to be awarded what is practical and fair for the job. Negotiating is a routine part of daily life and leadership, and approaching it with confidence and skill continually signals that you know your worth. This session will help you to understand your value to your company and to develop a plan to justify the value that you bring to your company. Join us to discuss strategies and techniques that can help you determine your worth and justify your assessment of your value to your company.

At the end of this seminar, participants will be able to:

a. Quantify their bottom-line contribution to their organization.
b. Develop techniques that will ensure optimal performance that justifies a salary review.
c. Identify methods for facilitating a discussion on fair compensation for both the employee and company.
d. Outline a plan to negotiate a salary increase.

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What’s my value? Negotiating fairly to benefit the bottom line

  1. 1. What’s My Value? Negotiating Fairly to Benefit the Bottom Line Latonia Pouncy, Speaker Renata Spinks, Speaker Vanity Eddy, Moderator 1
  2. 2.  Evaluate and Quantify Your Value  Identify Tools and Techniques to Express Qualification and Skills  Business Savviness (The Bottom Line)  Emotional Intelligence  Planning for Career Progression and Negotiating Learning Objectives 2
  3. 3. Today’s Seminar Includes Two Scenarios  Do plenty of research  Calculate your value to the company  Ignore your previous salary; think beyond base salary  Shoot high, but prepare for rejection  Keep proper body and linguistic posture  Recognize negotiating as an opportunity  Embrace fear; Emulate confidence  Negotiate Yes or No?  Written vs Verbal Responses  Do plenty of Research  The Company  Current Employees  Financial Posture  Be Business Savviness  Be Financially Thought Led  Prepare Negotiating  Proper Email Etiquette  DO NOT RUSH New Job Current Job 3
  4. 4. Comprehending, retaining and implementing the information you are exposed to is essential to career progression. Wisdom, knowledge and understanding are some of the most important tools you have as we live life professionally and personally. How do we create an audience where the value we have for ourselves is reflected in not only how we are treated in the workplace but also in what we are paid. While there are many factors that come into play in the negotiation process -- benefits, perks and work-life balance -- salary negotiation is one of the trickiest things to get right and is said to cause the most pause for women. Why? What’s the reason women are reputationally and statistically proven to often not negotiate salary? Some research opines that it’s because we don’t ASK; other research offers two more reasons……… 4 Knowledge Is Power…Wisdom is Invaluable
  5. 5. Research often offers statistically women opt out of negotiating (Ex. Purchases, Time to Completion of Action Items, Salaries) for several reasons. Once I decide on negotiating, how do I approach it? How do I build the confidence to take on such a sensitive gesture of opportunity? How do I continuously signal that I know and understand my worth? What is the difference between “understanding my worth” versus “knowing my worth” and why are these two factors so critical to successful negotiating and career planning? 5
  6. 6. FEAR 6 CONFIDENCE KNOWLEDGE
  7. 7. “Negotiation skills are not skills we are born with but they are skills that can be taught and even practiced” such as Equal Pay for Equal Work has increasingly received attention and has essentially spearheaded not only the focus on encouraging women to not demand but command their value and worth. Waves of Change have also resulted in more spaces of conversation and support that build professional support and share strategies and experiences across several platforms outlining how to defeat fear; provide tools, techniques, methods and emotional intelligence to increase our chances of trying and then ultimately being successful. Self-Help Books and Conferences Mentors/Networking Support Groups, Coaches, Circle of Trusted Advisor Academia Based CourseWork and Training 7
  8. 8. VALUE; HOW MUCH YOUR BEST YOU COSTS  FOCUS ON YOUR OWN bottom line  Know your value  What are your skills worth to you? How did you acquire these skills? What is your story? What has your brand evolved to?  What’s your status, title, and responsibilities in the organization? How do you help the organization’s brand and reputation?  What is your current salary and what is the value of your salary, to you?  How much is your take home pay --and what is that costing YOU? 8
  9. 9. 9 You can not quantify what you BRING TO THE TABLE without first knowing what you VALUE Negotiations and flexibility is a part of life. These are opportunities of growth. Maintain perspective, Focus on moving forward with positive perspective Your bottom line is created, driven and sustained by your own value meter. Perspective FOCUS MENTALITY
  10. 10. Tools and Techniques for Negotiating Fairly to Benefit the Bottomline  DEVELOP TECHNIQUES THAT WILL ENSURE OPTIMAL PERFORMANCE  Increase your knowledge and expertise  Fill skills gaps and be flexible  THE IMPORTANCE OF PIVOTING  IDENTIFY MILESTONES AND DELIVERABLES THAT JUSTIFY A SALARY REVIEW  Timing  Organizational Goals and Professional Goals  Current milestones, deliverables and accomplishments  Difficulty, above and beyond  Commensurate comparisons; Past patterns of promotions or increases  Newly acquired revenue 10 I AM WORKING IN MY FAVORED FIELD, ACHIEVING AND GROWING, HOW DO I CONTINUE TO PROGRESS AND BE READY FOR MONETARY COMPENSATION FOR MY PROGRESS?
  11. 11. Tools and Techniques for Negotiating Fairly to Benefit the Bottomline  Research past trends inside the organization  Industry best practice standards as they apply to your industry  90; 120; 180  52 Weeks  Automatic Increases vs. Personnel Action through Request or Organizational Projections  Research and notate Metrics  Review examples of justifications according to position and trends  Face to Face Interactions Initially  Follow up via email; linguistically ensure positive communication 11 DETERMINE THE BEST TIMING FOR DISCUSSING SALARY
  12. 12. Tools and Techniques for Negotiating Fairly to Benefit the Bottomline cont’d  CONSIDER NEW POSITION SALARY NEGOTIATING WHEN :  You Have an Offer in hand  You can Qualify and Quantify your value add to the organization  The salary does not meet your personal value meter  REFRAIN FROM NEGOTIATING WHEN  You have already accepted the offer at a lower number  They have indicated this is their “best offer”  You have received previous increase and at least 1 year has not passed  You have no justification 12 WHEN TO NEGOTIATE
  13. 13. Tools and Techniques for Negotiating Fairly to Benefit the Bottomline cont’d  IDENTIFY METHODS FOR FACILITATING FAIR COMPENSATION DISCUSSIONS  Ensure you focus on both you as the employee as well as the organization  Determine the best time frames to discuss compensation increases  After you determine the best time to have this discussion, create a strategic roadmap (a written outline);  Include Time Frames and Projected Achievements  Identify Milestones for Self Evaluation and Progress Reporting  Attend Meetings where the organizational structure and strategies are discussed; Research Meeting Minutes if Attendance is Restricted  Always consider current and projected budgets  Make note of turnover/workforce adjustments or “realignments”  Be open to opportunities through other positions or newly created ones 13 NOW THAT YOU HAVE THE POSITION YOU DESIRE THERE ARE SOME STEPS THAT YOU SHOULD TAKE TO STAY ON TOP OF YOUR PROGRESSION.
  14. 14. Tools and Techniques for Negotiating Fairly to Benefit the Bottomline cont’d  Schedule 1:1 Dialogues and Open Discussions for Content and Strategy  Critical Elements of the Discussion: STRATEGY IS IMPORTANT  Solicit Constructive Criticism First; Positive Endorsement/Feedback Second  Use Business Savviness and Emotional Intelligence to introduce your Professional Goals  Be Open to Suggestions and Delays in Buy-In  Offer Alternatives  Don’t be reactive; anticipate responses so you engage in healthy dialogue  GET TO WORK  Build Relationships and Networks 14
  15. 15. IT’S ALMOST TIME TO NEGOTIATE Research and Prepare for the Conversation  Consider your organization’s financial posture  Commensurate Salaries  Document your achievements and future plans that support the organization’s goals and bottom line  Pay especially particular attention to planned areas of improvement or the intent to add “new things” to the company  Study your organization’s competitors; compare/contrast every thing the company expends resources on  Use your research to offer up and outline what your skills bring to the organization and how they will benefit the company  Include soft skills 15 The job is going great and you really enjoy the work you are doing. It’s time for a performance review. This opens the door for potential increases in salary, benefits or both…………NOW WHAT??
  16. 16.  START WITH VALUE ADD  Quantify your value by researching the industry and organization’s position descriptions paying special attention to not only the responsibilities but also the qualifications.  Compare and contracts these to each other and against the current qualifications you have and the compensation plan you are being offered  New Job; Promotions; Within Position Pay Increase  Consider more than just your previous salary  Avoid using team members’ salary related actions  Determine what the total compensation package is  Benefits, work life balance, awards, retirement plans  If that is not definitely outlined, ASK. 16 How to Quantify Your Worth NEGOTIATING STARTS WITH YOU
  17. 17. OUTLINE A PLAN FOR YOUR CAREER PROGRESS  Justify your value add with current accomplishments, ways you intend to support accomplishing the organization’s goals and mission  Prepare for your meeting  Write out your plan  Use data not emotions  Hope for an immediate implementation of your request but prepare to negotiate  Come up with a list of questions to ask; Ask for their thoughts on approach or actions they would like to see you perform and achieve success in that warrant your “ask”  Come up with alternative solutions or acceptable compensatory values  Be Creative and Flexible 17
  18. 18. OUTLINE A PLAN FOR YOUR CAREER PROGRESS Ok.. That went well --- GREAT OK that didn’t go so well… now what?  Use data not emotions – Follow up via email; be gracious  Review your notes and compile and email communication using action verbiage reflective of responses and feedback your received at the meeting  Hope for an immediate implementation of your request but prepare to negotiate  Come up with a list of questions to ask; Ask for their thoughts on approach or actions they would like to see you perform and achieve success in that warrant your “ask”  Come up with alternative solutions or acceptable compensatory values  Be Creative and Flexible  Create a plan that for future negotiations if applicable 18
  19. 19. 19 Wrap Up
  20. 20. Questions 20
  21. 21. Contact Information Renata C. Spinks, Speaker Renata.spinks@cyberfitechs.com www.linkedin.com/in/21rst1 Latonia Pouncey, Panel Member Latonia.pouncey@L3t.com Vanity Eddy, Moderator veddy@amcoproteins.com 21

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