3 Ways to Prepare for Salary Negotiations

I used to postpone salary negotiations and leave it until the last minute – the annual review. One thing I learned was leaving something I didn’t like doing to the last minute, only made me dislike it even more. Knowing what I know now about salary negotiations, here are 3 ways to prepare for salary negotiations long before your annual review.

Keep Receipts on a Regular Basis

Document your contributions and wins on a regular basis. Create a Word document where you write down all the accomplishments you’ve had in your projects and work. I’d recommend doing this on a weekly or monthly basis. Let’s be real, it’s way too hard to recall all the work you’ve done once it’s been over a couple of months. Documenting your accomplishments and successful projects on a regular basis is a great way to create the evidence you need to go after that salary increase.

Put your contributions into monetary value

Once you’ve kept a good record of all your contributions and successful projects, it’s time to translate all the work into monetary value. For example, if your contributions or projects resulted in time savings, reduction of waste, increase in productivity, increase in team morale, or eliminate unnecessary tasks – this is value-added work that you can quantify. It’s hard for employers to deny your contributions if you put it into company dollars. This also serves as data to justify your salary request when you negotiate your salary at your annual review.

Don’t forget about the work you do for free

I am against doing extra work without compensation. However, I understand that a lot of people don’t mind doing it. I’m not here to say what you should or shouldn’t do. I’m here to make sure you get paid for your time and energy. If you plan or organize outreach events and other similar activities that are outside of your role, listen up. Include these activities in your salary negotiations. I know it’s not necessarily in your role but if your impact is adding value then that is worth monetary value. Qualitative activities are just as important as quantitative activities.

Summary on 3 Ways to prepare for salary negotiations

These 3 ways to prepare for salary negotiations save time and effort when it comes to providing evidence to justify your salary request at your annual review. You’ll be surprised of what you can accomplish in a year at work. Documenting the process will help you not only prepare for salary negotiations, but also make you feel confident in the work you’ve done. Confidence is key for negotiating salary at your annual review. Negotiating is more than just asking for more money at work, it’s a mindset.
If you need some tips on how to negotiate, check out the How to negotiate salary blog post.
If you’re looking for guidance in your salary negotiation skills, check out the Slay Your Salary Negotiations Workbook.
And if you’re looking to make a big impact in your salary negotiation skills by addressing mindset, I want to invite you to book a clarity call with me! I’d love to share how my group coaching program can help you build the confidence and strategy needed for a successful salary negotiation.