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It's high time to take a different angle to something at work that most people look forward to as much as working over the weekend. While most approach this event passively with a mixture of uneasiness and hope, you should be preparing for it as if you were about to give the biggest presentation of the year. We are talking about the performance review.
First, you need to realize that performance reviews are, in addition to job changes, your best opportunity to negotiate better compensation, benefits and incentives for yourself. While many employees just sit back and listen to their performance review as though their boss has the only input, keeping their fingers crossed that it ends on a positive note, that is not the way to do it. By not being prepared and proactively promoting your accomplishments, you miss the opportunity to get the compensation increase you truly want and deserve.
The first step is to gather all the information together which will support your compensation and benefit requests. You have to take the initiative to find the pertinent information and have the evidence to show you deserve what you're requesting. This will involve finding out what others in your field and at your skill level are earning. The Internet has greatly leveled the playing field when it comes to knowing employee compensation, and it is much easier to determine what others in your field and position are making.
In addition, you will need to be able to show all your recent accomplishments and how you have contributed to the company as a whole. Although your boss is probably aware of the majority of the projects you're working on and your contribution to them, chances are that he or she is not aware of everything you're doing. You know better than anyone else what you've been working on, so make sure to prepare that information to show your boss.
Keeping a business diary is a great way to accomplish this. It's best to list your accomplishments on a daily basis in this diary if possible, but a weekly diary is also acceptable. This will provide documentation to everything that you've been able to accomplish since your last performance review, and it will be hard proof to show your boss during negotiations. If you receive positive written feedback from coworkers, this should be placed with the diary. If you receive positive verbal feedback, request your coworker to put it into writing. All this will make your case stronger when you make a request for better compensation.
Once you have compiled your research and documentation, it's time to map out a strategy. Just like any presentation or report you'd give to others on behalf of your company, you must prepare just as thoroughly when negotiating for yourself. It's important to have a rationale that you can easily support with your research for each request you make. You shouldn't assume that all your requests will be instantly agreed upon, and you should expect counteroffers to your requests. With this in mind, being flexible will greatly enhance your effort to get what you want. Every company is different, and the flexibility of each can range from a little to a great amount. Your research supporting your requests should take this important factor into account.
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As you build your strategy, don't forget to look beyond mere money. Although compensation is important, it's often other factors which will determine whether or not you end up being satisfied with your work. Base salary, bonuses and stock options may be the most important factors in your negotiations, but benefits such as vacation time, paid and unpaid personal leave, medical, dental, daycare, fitness center, telecommuting, relocation costs, housing subsidies, training, education and other work related conditions are all open for negotiating. With all this in mind, you should make two lists; one should be your dream package which includes everything you'd like, while the other should be the minimum required to keep you satisfied.
When you have these two lists in place, it's time to begin the negotiating. If you have prepared thoroughly, you should enter into the negotiations with confidence, and you should already know what you're worth. A one page summary which is easy to read and highlights your major contributions will go far in getting the negotiations off on the right foot and in your favor. Your goal will be to show that your work ethic, qualities, experience and past accomplishments are worth more than the compensation and entitlements you're requesting. If you can accomplish this, you have created a win-win situation for yourself and the company which will leave everyone happy in the end.
Negotiating should not be emotional. Leave all aspects which aren't directly concerned with the company off the table. Give only business reasons for your requests. You may desperately need a raise to cover your credit card bills, but that has no place during the negotiations. Keep your voice calm, and try not to react emotionally to anything that is said. It's most likely that your boss will tell you what the company is offering. If their offer is below your target, explain to your boss the raise and benefits you desire, and the details from your research on how you came up with those numbers. Don't forget that a raise which only covers inflation isn't a raise at all.
If the evidence you bring to the negotiations isn't enough to convince your employer to give you what you believe you deserve, it may be time to walk away. Be careful not to threaten to quit, however, unless you're willing to go through with it. If you find a compelling reason to stay despite not getting everything you want, you can still take a proactive stance. Ask exactly what the company requires for you to be compensated in the way you want, then go out and do those things. Get the extra training you need and ask the company to pay or subsidise it. Request your next performance review in three months or as soon as you think you can attain all the requirements your boss has given to you, instead of the usual six months to a year wait.
How often you should request performance reviews and asked for increased compensation is dependant upon you. If you feel that you have made a significant contribution to a project and it is nearing completion, it's probably a good time to seek a compensation review. You should also shoot for getting raises at least every nine months to a year. By being prepared and keeping good records of all your accomplishments, you are much more likely to end up with the compensation you truly desire, and that is what you should always be shooting for.
First, you need to realize that performance reviews are, in addition to job changes, your best opportunity to negotiate better compensation, benefits and incentives for yourself. While many employees just sit back and listen to their performance review as though their boss has the only input, keeping their fingers crossed that it ends on a positive note, that is not the way to do it. By not being prepared and proactively promoting your accomplishments, you miss the opportunity to get the compensation increase you truly want and deserve.
The first step is to gather all the information together which will support your compensation and benefit requests. You have to take the initiative to find the pertinent information and have the evidence to show you deserve what you're requesting. This will involve finding out what others in your field and at your skill level are earning. The Internet has greatly leveled the playing field when it comes to knowing employee compensation, and it is much easier to determine what others in your field and position are making.
In addition, you will need to be able to show all your recent accomplishments and how you have contributed to the company as a whole. Although your boss is probably aware of the majority of the projects you're working on and your contribution to them, chances are that he or she is not aware of everything you're doing. You know better than anyone else what you've been working on, so make sure to prepare that information to show your boss.
Keeping a business diary is a great way to accomplish this. It's best to list your accomplishments on a daily basis in this diary if possible, but a weekly diary is also acceptable. This will provide documentation to everything that you've been able to accomplish since your last performance review, and it will be hard proof to show your boss during negotiations. If you receive positive written feedback from coworkers, this should be placed with the diary. If you receive positive verbal feedback, request your coworker to put it into writing. All this will make your case stronger when you make a request for better compensation.
Once you have compiled your research and documentation, it's time to map out a strategy. Just like any presentation or report you'd give to others on behalf of your company, you must prepare just as thoroughly when negotiating for yourself. It's important to have a rationale that you can easily support with your research for each request you make. You shouldn't assume that all your requests will be instantly agreed upon, and you should expect counteroffers to your requests. With this in mind, being flexible will greatly enhance your effort to get what you want. Every company is different, and the flexibility of each can range from a little to a great amount. Your research supporting your requests should take this important factor into account.
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As you build your strategy, don't forget to look beyond mere money. Although compensation is important, it's often other factors which will determine whether or not you end up being satisfied with your work. Base salary, bonuses and stock options may be the most important factors in your negotiations, but benefits such as vacation time, paid and unpaid personal leave, medical, dental, daycare, fitness center, telecommuting, relocation costs, housing subsidies, training, education and other work related conditions are all open for negotiating. With all this in mind, you should make two lists; one should be your dream package which includes everything you'd like, while the other should be the minimum required to keep you satisfied.
When you have these two lists in place, it's time to begin the negotiating. If you have prepared thoroughly, you should enter into the negotiations with confidence, and you should already know what you're worth. A one page summary which is easy to read and highlights your major contributions will go far in getting the negotiations off on the right foot and in your favor. Your goal will be to show that your work ethic, qualities, experience and past accomplishments are worth more than the compensation and entitlements you're requesting. If you can accomplish this, you have created a win-win situation for yourself and the company which will leave everyone happy in the end.
Negotiating should not be emotional. Leave all aspects which aren't directly concerned with the company off the table. Give only business reasons for your requests. You may desperately need a raise to cover your credit card bills, but that has no place during the negotiations. Keep your voice calm, and try not to react emotionally to anything that is said. It's most likely that your boss will tell you what the company is offering. If their offer is below your target, explain to your boss the raise and benefits you desire, and the details from your research on how you came up with those numbers. Don't forget that a raise which only covers inflation isn't a raise at all.
If the evidence you bring to the negotiations isn't enough to convince your employer to give you what you believe you deserve, it may be time to walk away. Be careful not to threaten to quit, however, unless you're willing to go through with it. If you find a compelling reason to stay despite not getting everything you want, you can still take a proactive stance. Ask exactly what the company requires for you to be compensated in the way you want, then go out and do those things. Get the extra training you need and ask the company to pay or subsidise it. Request your next performance review in three months or as soon as you think you can attain all the requirements your boss has given to you, instead of the usual six months to a year wait.
How often you should request performance reviews and asked for increased compensation is dependant upon you. If you feel that you have made a significant contribution to a project and it is nearing completion, it's probably a good time to seek a compensation review. You should also shoot for getting raises at least every nine months to a year. By being prepared and keeping good records of all your accomplishments, you are much more likely to end up with the compensation you truly desire, and that is what you should always be shooting for.