Receiving Your Due

I had a client who was unhappy because he was not being paid the market rate for his work, felt that internal politics was standing in the way of that changing, and was about to take on the additional work of a colleague who was going on medical leave.

We discussed what the client might want to do about this (stay versus go; negotiate or not - and if so, how).

In the end, my client decided to negotiate and was able to increase his compensation by 20% and land a $10,000 bonus. How did he do it?

• He did some research on salary.com and by talking to people in his industry and came up with data on the market compensation range for his job.

• He assessed his boss' and company's underlying interests, one of which was to keep him at the company. He had done excellent work in the past and the company needed him badly, especially now.

• He thought about his BATNA (best alternative to a negotiated agreement). He decided that if he did not obtain a market competitive salary, he would seek work elsewhere.

• He went to his boss, presented the data on compensation, and asked for that they work together to find a way to bring his compensation into line with the market. He did not threaten to quit - didn't even imply it. He simply laid out the facts and asked for help to solve "the problem."
  

His boss listened, went away, and gave the matter some thought. Shortly afterwards, came a promotion and a raise - followed by the bonus.

Moral of the story: Be great at what you do so that your employer REALLY wants you to stay. Make sure you are up-to-date on what the market will bear for your services - know your finanical worth. If you're being underpaid, give careful thought to your BATNA - your negotiating power depends on it! And finally, NEVER EVER threaten to quit. Approach your employer in the spirit of working together to "find a mutually satisfactory solution."