Negotiating Your Salary: Do You Know Your Value?

Most business professionals have read popular leadership and strategy books by such pioneers as James Collins with his classic Good to Great and John Kotter who wrote Leading Change. And when it comes to understanding the money game we turn to authors like Robert Kiyosaki who wrote the classic Rich Dad Poor Dad.

For most middle class professionals, Kiyosaki opened a new way of thinking about money. Because, whether we admit it or not, the vast majority of educated middle class professionals do not fully understand investment strategies, money management and how to best negotiate our salaries.

Remember Rich Dad’s lesson about the employee asking for a raise? The man walks into Rich Dad’s office asks for a raise and Rich agrees and gives it to him. After the man leaves he turns to his sons and says, the employee is worth more and could have earned more, but I’m going to pay him what he asks for because that’s what he thinks he’s worth – Wow! Do you know your worth?

The National Black MBA’s 2014 Annual professional conference was in Atlanta Georgia this past September; among the many excellent workshops was one entitled “Negotiate Your Worth.” The speaker was Sylvia Nealy David, MBA. Sylvia is a respected Human Resource professional with years of experience leading human capital strategies for major merges and acquisitions. She is managing principle of Human and Technology Capital Advisers, a human capital management consulting and solution implementation firm based in Atlanta.

Sylvia shared very valuable information; I want to share a few key takeaways with you.

• Research Salary Averages – Companies consider location, experience levels, education and industry averages when deciding salary scales, you may not be able to get your hands on an organization’s specific confidential wage information but there are websites you can use to get you in the ball park. Don’t go into an interview without this information.
• Research Your Current Position’s Salary – Sylvia pointed out that many companies are downsizing and asking fewer employees to do the work of many for the same or less pay. Knowing salary ranges gives you ammunition to ask for a raise when the scope of your responsibility broadens. Timing is important here; before you accept more responsibility get your negotiating plan in place and have it ready for your meeting.
• Understand and negotiate your entire compensations package –  Your package may include: Base salary, signing bonus, yearly bonus, health benefits, saving benefits, investments and stock options, vacation and sick time, development and training, professional and board memberships, travel accommodations, automobiles and mileage, work from home days, special work hours and more. In some cases you may be able to customize your perks, especially if your salary offer is under your targeted range and you have the experience and knowledge to support your request.
• Get EVERYTHING in writing – Sylvia made an excellent point when she stressed that you could lose your accommodations, for example, if your current boss resigned and was replaced. With nothing in writing, management is under no obligation to keep those agreements.  Be sure your initial offer letter outlines every detail of the negotiated package and do the same for promotions and interim positions.

Knowing your worth is your responsibility and Sylvia says salary is part of a fair exchange of work for pay and there is nothing negative about negotiating. Wow! One of the most valuable workshops I have ever attended.

Show up to these types of professional workshops, get in the conversations, get a career coach, know your value and take control in all areas for your career. Join the LABMBA – labmba.org

For Questions reach: LaVada Drew, LABMBA, Talent Acquisition Chair.