Jul 08, 2004 11:39 PM
3894 Views
(Updated Jul 08, 2004 11:39 PM)
ONCE you accept a position, make sure you perform according to expectations. Your just reward for failing to do so will be dashed expectations followed by an unceremonious parting of company as the employer realises he hired someone who demonstrated excellent job interview and salary negotiation skills but who was obviously short on work performance.
Your compensation package will most likely reflect a combination of your past salary history, salary precedent for the position, your current skills level, and your perceived future value to the company. If you interviewed well, you should have presented an excellent picture of performance which resulted in a higher than average compensation package. You created expectations to match your salary.
The best salary you will likely negotiate with your new employer will probably be the one you just negotiated as you accepted the offer. Once employed you may have less leverage in negotiating salary increases short of a major promotion, which would move you into a higher compensation range.
Assuming you asked lots of questions about the company prior to accepting a position, you should have a clear understanding of how your performance will be measured and rewarded in the future. Does the company, for example, conduct periodic performance appraisals that are tied to salary increases based upon merit? Or does the company give everyone an annual across-the-board salary increase that basically reflects cost of living increases calculated as a percentage of base salary?
Most employers prefer giving employees annual cost of living adjustments in order to avoid inflating the value of positions. A $50,000 per annum position that increases to $52,000, with a four per cent cost of living adjustment, remains the same position after adjusting its value for inflation.
On the other hand, more and more employers prefer giving bonuses in recognition of exceptional performance. After all, a raise is something you earn because your performance goes beyond what is expected for the salary that you currently earn. In other words, you should get a raise because you exceeded expectations rather than merely met expectations. Exceptional performance adds extra value to the organisation and is most appropriately awarded with a bonus.
Since your performance will vary, then so too will your bonus. When tied to a performance appraisal, the bonus becomes a performance bonus.
You must clearly understand how you will be rewarded in the future, the following two questions are fundamental to you knowing this: On what basis can I expect my salary to increase in the future? How and when is performance normally measured and rewarded here?
You need to clearly understand the rules for salary increases so you know how to play the game. If you assume that hard work and productivity are rewarded with a substantial salary increase but then learn you receive the same cost of living adjustment as everyone else, you will be disappointed and your future performance may suffer.
You should expect raises based upon the following combinations of criteria: cost of living adjustment; company bonus; group bonus and individual bonus.
Ideally, you want to receive raises based upon a combination of cost of living adjustments and individual performance bonuses.
And don't be surprised to discover that the position you accepted today will not be the same position you're in 12 months from now, although your salary may remain the same. If you are good as you say you are then the chances are your duties and responsibilities will expand considerably as you take on the new job and expand its overall value.
As the position grows, so should your title and salary. When this happens, you need to consider discussing a promotion with your boss. A promotion would give you a new title and put you into a new salary range that reflects your new value to the company.
When you meet with your boss, make sure that you have thoroughly prepared for the meeting: review your current work including accomplishments, highlight your present compensation package, summarise research on comparable positions and compensation, and propose changes to your job and compensation.
Negotiating a hike in pay and status is never an easy task, but if you have thoroughly prepared then your chances for success are much better than simply ''having a chat about your future.'' Remember that you get what you negotiate, and you should negotiate what you are worth.
Good luck!
