What do you do if your compensation package falls short of your expectations?

1 Evaluate Offer

When you receive a compensation package that doesn't meet your expectations, take a step back and thoroughly evaluate the offer. Look beyond the salary; consider the benefits, bonuses, and growth opportunities included. Sometimes, the value of the entire package may be greater than you initially thought. If after careful consideration, the offer still falls short, list the areas where it's lacking compared to your expectations. This will help you pinpoint exactly what you need to address during your negotiations.

2 Know Worth

Understanding your worth in the job market is a critical step in addressing an unsatisfactory compensation package. Research what professionals with your skills, experience, and in your location are earning. Use reliable industry sources and job boards to gather this information. Knowing the market rate for your role provides a benchmark for negotiations and helps justify your request for a higher compensation. It also prevents you from selling yourself short or having unrealistic expectations.

3 Prepare Case

Once you've assessed your worth, prepare your case for a better compensation package. Gather evidence of your achievements, skills, and contributions that justify a higher offer. Be ready to present specific examples of how you've added value to past employers or in your current role. This preparation will not only bolster your confidence but will also show your employer that your request is based on merit and not just personal desire.

4 Schedule Talk

It's crucial to schedule a proper meeting to discuss your compensation concerns. Don't try to have this conversation casually or without warning. Reach out to your manager or the human resources department and request a formal meeting to talk about your package. This approach shows professionalism and ensures that both parties are prepared for a serious discussion. It also demonstrates respect for the negotiation process and the decision-makers involved.

5 Negotiate Smart

When it's time to negotiate, be clear and concise about what you're seeking. Use the research and preparation you've done to guide the conversation. Be open to compromise and consider creative solutions that might meet your needs in other ways, such as additional vacation days or flexible work arrangements. Remember, negotiation is a two-way street; it's about finding a mutually beneficial solution, not just getting what you want.

6 Plan B

If negotiations don't lead to the desired outcome, it's important to have a Plan B. Decide in advance what your next steps will be if you can't reach an agreement. This might mean considering other job offers, seeking additional qualifications or certifications to increase your market value, or reassessing your expectations. Having a backup plan ensures that you're not stuck in a position where you feel undervalued and can move forward with your career goals.

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?