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What do you do if your business strategy career requires negotiating the timing of a salary increase?

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Navigating the complex world of business strategy often involves more than just analyzing market trends and crafting competitive plans. Your career trajectory in this field may lead you to a point where you must negotiate the timing of a salary increase. Understanding the nuances of such negotiations can be as critical as the strategies you propose in the boardroom. It's about timing, value demonstration, and strategic dialogue, ensuring that your request aligns with both your contributions and the company's financial cycles.

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Maged Alshammari Msc, C-KPI, SBP, CInP, GRC

Strategy Advisor @ The Strategic Office of His Excellency the Minister of Health | Safety & Quality & Informatics

1 Assess Value

Before initiating a salary negotiation, it's crucial to assess your value to the organization. Take stock of your achievements, responsibilities, and the unique skills you bring to the table. Have you led successful projects that exceeded expectations? Do you possess expertise that is rare in your company? By quantifying your contributions and understanding the market rate for your role, you create a strong foundation for your request. This self-assessment not only bolsters your confidence but also equips you with concrete evidence to support your case for a salary increase.

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Samara Anselmi

Fundadora da Sales House | Sales Coordinator na iSystems
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1. Avalia??o Pessoal: ? Comece se perguntando: “Quais s?o meus pontos fortes e onde preciso melhorar?”. ? Defina metas realistas, pensando onde você quer estar em 1, 3 e 5 anos. 2. Educa??o e Desenvolvimento de Habilidades: ? Inscreva-se em cursos que despertem seu interesse ou que sejam necessários para sua evolu??o na carreira. ? Mantenha-se curioso e atualizado lendo artigos, assistindo a vídeos e participando de webinars do seu setor.

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Sarisha Naidoo

Former lawyer I NED I Founder I Entrepreneur I Serial networker I Co-author I IoD Ambassador I Consultant I Board Advisor | Coach & Mentor I DEI Advocate I Facilitator I Speaker????????
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Assessing your value before entering a salary negotiation is paramount. Reflect on your accomplishments, responsibilities, and distinctive skills within the organisation. Have you spearheaded projects that outperformed expectations? Do you possess specialised expertise sought after in your field? By quantifying your contributions and researching market standards for your position, you establish a robust basis for your salary proposal. This introspection not only boosts your confidence but also provides compelling evidence to advocate for a salary adjustment.

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2 Timing Matters

The timing of your request is as important as the request itself. Aligning your negotiation with the company's financial planning cycles can increase the likelihood of a positive outcome. If your company has just landed a big client or completed a profitable quarter, it may be an opportune time to discuss salary adjustments. Conversely, approaching this conversation during budget cuts or economic downturns may not be strategic. Understanding the ebb and flow of your company's financial health is key to timing your negotiation effectively.

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3 Strategic Approach

Approaching the negotiation strategically involves planning the conversation carefully. You want to communicate clearly and assertively without coming across as demanding. Prepare a script if necessary, highlighting your accomplishments and their impact on the company's success. Consider potential counteroffers and be ready to discuss how a salary increase is not just beneficial for you but for the company as well. By treating this negotiation as a strategic business discussion, you show that you are thinking about the bigger picture.

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4 Leverage Flexibility

Flexibility can be a powerful tool in salary negotiations. If the company cannot accommodate an immediate salary increase, consider alternative forms of compensation, such as bonuses, additional vacation days, or professional development opportunities. This demonstrates your understanding of the company's current financial constraints while still valuing your worth. Being open to creative solutions can maintain a positive dialogue and may lead to a compromise that satisfies both parties.

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5 Follow-Up Plan

After presenting your case, it's essential to have a follow-up plan. If the initial conversation doesn't yield an immediate decision, agree on a time to revisit the discussion. This ensures that your request remains on the agenda and demonstrates your commitment to finding a resolution. Keeping a professional demeanor throughout this process is crucial, as it maintains a respectful relationship with your employer regardless of the outcome.

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6 Maintain Perspective

Finally, maintain perspective throughout the negotiation process. Salary is important, but it's not the only factor contributing to job satisfaction and career growth. If a salary increase isn't feasible at the moment, consider other aspects of your job that you value, such as work-life balance, company culture, or opportunities for advancement. Sometimes, these benefits can be just as significant as a pay raise in the long term.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Maged Alshammari Msc, C-KPI, SBP, CInP, GRC

Strategy Advisor @ The Strategic Office of His Excellency the Minister of Health | Safety & Quality & Informatics
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Begin by assessing your value to the company based on performance metrics and industry standards. Choose an opportune moment, such as during a performance review or after achieving significant milestones, to initiate the discussion. Clearly articulate your contributions and the impact they've had on the company's success. Be receptive to the company's perspective and explore alternative solutions if an immediate salary increase isn't feasible. Maintain professionalism throughout the negotiation process, and document any agreements or promises made for future reference. Follow up if necessary, demonstrating ongoing value and commitment to the company's goals.

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What do you do if your business strategy career requires negotiating the timing of a salary increase?

1

2

3

4

5

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1 Assess Value

2 Timing Matters

3 Strategic Approach

4 Leverage Flexibility

5 Follow-Up Plan

6 Maintain Perspective

7 Here’s what else to consider

Business Strategy

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What do you do if your business strategy career requires negotiating the timing of a salary increase?

1

2

3

4

5

6

7

1 Assess Value

2 Timing Matters

3 Strategic Approach

4 Leverage Flexibility

5 Follow-Up Plan

6 Maintain Perspective

7 Here’s what else to consider

Business Strategy

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