Kim Keating recently shared her advice on career progression and compensation negotiation in Levo League’s series “Office Hours,” a weekly, 30-minute video chat with extraordinary leaders. The live Q&A session grants an exclusive inside look into the career path, lessons learned and personal advice from top leaders and experts – right from the comfort of their office.
Kim’s top tips for negotiating compensation are:
1. Always know your worth
The first step in setting your compensation goal is to know your value. Research the market standard for your position before entering compensation negotiations with a new employer or your manager. Websites like GetRaised and the Gender Gap App, and other job postings provide professionals with a sense of what the market is willing to pay for that position.
It’s important to remember to compare jobs that are similar in description to yours, within the same industry, and are in the same city in order to ensure that you are gaining an accurate measure. It’s also important to think about what you’ve accomplished in your current position. What is your worth to the company? Have you set new standards or streamlined expenses within your department? Having a clear idea of your accomplishments and experience level will serve you well in negotiations.
2. Always negotiate
It is important to have a conversation with your manager at least once a year about compensation, even if you feel that you are being well compensated. Negotiating compensation is an uncomfortable topic for many. Use the data to speak to your manager in a way that is focused on learning how your compensation is determined and what your career and compensation goals are. It is to your benefit for you to gain an understanding of how your company determines compensation and what the pay range is for your position as well as those higher in the company.
3. Always build your network
It’s absolutely critical to your career success to know what’s available in terms of career opportunities, what other people are learning, and what career development opportunities there are available. Building your network will position you well for future compensation negotiations.