What are the best ways to research your worth before negotiating a promotion?

1 Compare your skills and experience

One of the first steps to research your worth is to compare your skills and experience with the requirements and expectations of the new role. You can use online tools such as Glassdoor, PayScale, or Indeed to find salary ranges and benchmarks for similar positions in your industry and location. You can also look at job postings and descriptions to see what skills and qualifications are in demand and how they match with your own. This will help you identify your strengths and areas of improvement, as well as how you can add value to the organization.

2 Assess your performance and impact

Another way to research your worth is to assess your performance and impact in your current role. You can use your performance reviews, feedback, awards, or recognition to showcase your achievements and contributions. You can also quantify your results and outcomes using metrics such as sales, revenue, savings, customer satisfaction, or productivity. This will help you demonstrate your potential and justify your promotion request.

3 Know your market and industry trends

A third way to research your worth is to know your market and industry trends. You can use sources such as industry reports, news articles, podcasts, or webinars to stay updated on the latest developments and challenges in your field. You can also network with peers, mentors, or recruiters to get insights and advice on the current and future demand and supply of talent. This will help you understand the external factors that affect your worth and how you can position yourself as a valuable asset.

4 Consider your goals and expectations

A fourth way to research your worth is to consider your goals and expectations for the promotion. You can think about what you want to achieve in the new role, what skills and competencies you want to develop, and what challenges and opportunities you want to pursue. You can also think about what you expect from the organization, such as compensation, benefits, flexibility, culture, or growth. This will help you align your worth with your aspirations and needs.

5 Practice your negotiation skills

A fifth way to research your worth is to practice your negotiation skills. You can use scenarios, role plays, or mock negotiations to rehearse your pitch, answer questions, and handle objections. You can also seek feedback from trusted colleagues, friends, or coaches to improve your communication, confidence, and persuasion. This will help you prepare for the actual negotiation and avoid common mistakes.

6 Be flexible and realistic

A final way to research your worth is to be flexible and realistic. You can use your research as a guide, but not as a fixed rule. You can be open to different options and alternatives, such as bonuses, incentives, or perks, that can enhance your overall package. You can also be realistic about the market conditions, the organizational budget, and the negotiation process. This will help you avoid disappointment and frustration, and achieve a win-win outcome.

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?