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What is the best way to determine your worth in a compensation negotiation?

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Negotiating your compensation can be a challenging and stressful process, especially in the banking industry where salaries and bonuses vary widely depending on your role, experience, performance, and market conditions. How can you determine your worth and ask for what you deserve without underselling yourself or alienating your employer? Here are some tips to help you prepare and succeed in your compensation negotiation.

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Howard Matalon

Trusted Employment Law Advisor for Businesses and Professionals. Executive Valuation Coach for Industry Professionals.…

1 Research the market

Before you enter any negotiation, you need to have a clear idea of what the market rate is for your position, skills, and qualifications. You can use various sources of information, such as salary surveys, online platforms, industry reports, and networking contacts, to gather data and compare your current and desired compensation with the average and the range for similar roles. Be realistic and objective, and adjust your expectations according to the specific factors that affect your value, such as your location, industry, company size, and performance.

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Howard Matalon

Trusted Employment Law Advisor for Businesses and Professionals. Executive Valuation Coach for Industry Professionals. Co-Founder and Chief Evangelist, NAV. Co-Author, Navigating Career Negotiations.
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All of these are excellent points and there is very little information or guidance out there which is why we creating NAV (navscoring.com). One area I would add to the list under market research is to contact a great recruiter, who will have much of the information available that is needed. But research of course is only one piece of the puzzle. The bigger issue is whether the professional understands their value because it will further inform what leverage they have in negotiations.

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2 Know your value proposition

Besides knowing the market rate, you also need to know your value proposition, which is the unique combination of benefits and outcomes that you bring to your employer. Your value proposition should highlight your achievements, skills, contributions, and potential, and demonstrate how you add value to the organization's goals, strategy, and culture. You can use examples, metrics, feedback, and testimonials to support your claims and showcase your impact. Your value proposition should also align with your employer's needs, priorities, and challenges, and show how you can help them solve problems and create opportunities.

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Howard Matalon

Trusted Employment Law Advisor for Businesses and Professionals. Executive Valuation Coach for Industry Professionals. Co-Founder and Chief Evangelist, NAV. Co-Author, Navigating Career Negotiations.
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The number one issue. Value proposition. The professional is the most important asset a business will ever have and its most valuable given the instantaneous organic appreciation in value that the professional will deliver for the new organization. The issue boils down to how unique you are based upon skill set, experience, training, maturity, familiarity with the industry, contacts, and current title/position/compensation level.

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3 Consider the whole package

When you negotiate your compensation, you should not focus only on the base salary, but also on the whole package, which includes other elements, such as bonuses, commissions, stock options, benefits, perks, and non-monetary incentives. Each of these components has a different value and impact on your overall satisfaction and motivation. You should weigh the pros and cons of each option and decide which ones are more important and negotiable for you. You should also be flexible and willing to trade off some items for others, depending on your goals and preferences.

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4 Communicate effectively

The way you communicate your worth and your expectations can make a big difference in the outcome of your negotiation. You should be confident, respectful, and professional, and avoid being arrogant, aggressive, or defensive. You should also be prepared to listen, understand, and address your employer's perspective, concerns, and objections, and find common ground and mutual benefit. You should use clear, concise, and positive language, and avoid ultimatums, threats, or emotional appeals. You should also be prepared to handle questions, counteroffers, and feedback, and respond with evidence, rationale, and alternatives.

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5 Review and evaluate

After you reach an agreement, you should review and evaluate the terms and conditions of your compensation package, and make sure that they match your expectations and needs. You should also confirm the details in writing, and thank your employer for their recognition and support. You should also monitor and assess your performance and satisfaction over time, and seek feedback and opportunities for improvement and growth. You should also keep track of your achievements and contributions, and update your value proposition accordingly, so that you can be ready for your next negotiation.

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6 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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Shellane Dolor

"Adaptable Banking Pro | Expert in Service, Transactions, Marketing | Virtual Assistance, Bookkeeping, Payroll | Proficient in QuickBooks, Canva, MS Office | Committed to Bank Operations & Growth."
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1.Research Market Standards: Investigate industry salary benchmarks considering experience and location. 2.Assess Skills and Experience: Evaluate unique skills, expertise, and experience to gauge personal value. 3.Consider Company Financials: Analyze the company's financial health; align expectations with its capacity. 4.Factor in Benefits: Include non-monetary benefits and perks in overall compensation calculations. 5.Seek Peer Insights: Gather insights from colleagues to understand prevailing compensation norms. 6.Highlight Achievements: Emphasize accomplishments, linking them to the value brought to the organization. 7.Practice Negotiation Skills: Hone negotiation skills; be confident, clear, and open to a mutually beneficial agreement.

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What is the best way to determine your worth in a compensation negotiation?

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1 Research the market

2 Know your value proposition

3 Consider the whole package

4 Communicate effectively

5 Review and evaluate

6 Here’s what else to consider

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