How can you ensure fair compensation after a promotion?

1 Know your worth

Before you enter any negotiation, you need to do your research and find out what the market rate is for your new role, level, and industry. You can use online tools, such as Glassdoor or PayScale, to compare salaries and benefits across different companies and locations. You can also network with peers, mentors, or recruiters to get a sense of the current trends and expectations in your field. Knowing your worth will help you set realistic and reasonable goals for your compensation package, and avoid settling for less than you deserve.

2 Prepare your case

Once you have a clear idea of what you want and what you can expect, you need to prepare your case for why you deserve it. You should highlight your achievements, skills, and value that you have brought to the organization, and how your promotion will benefit the company's goals and vision. You should also anticipate any potential objections or questions that your manager or HR might have, and prepare clear and confident responses. You can use data, evidence, and examples to support your claims, and show how your compensation request aligns with the industry standards and the company's budget.

3 Communicate effectively

Negotiating your compensation after a promotion is not only about numbers, but also about relationships, emotions, and perceptions. You need to communicate effectively with your manager or HR, and express your appreciation, enthusiasm, and commitment to your new role. You should also be respectful, polite, and professional, and avoid making ultimatums, threats, or comparisons. You should aim for a win-win outcome, where both parties feel satisfied and valued. You can use positive language, active listening, and open-ended questions to build rapport and trust, and seek feedback and clarification throughout the process.

4 Review the offer

After you have presented your case and discussed your compensation expectations, you should receive a written offer from your employer. You should review the offer carefully, and make sure that it covers all the aspects of your compensation package, such as salary, bonuses, benefits, incentives, equity, etc. You should also check for any errors, omissions, or discrepancies, and ask for clarification if needed. You should not accept or reject the offer immediately, but take some time to evaluate it and compare it with your goals and research.

5 Negotiate or accept

If you are happy with the offer, you can accept it and express your gratitude and excitement for your new role. You should also confirm the details of your contract, such as start date, probation period, performance review, etc. However, if you are not satisfied with the offer, you can negotiate for a better one. You should be respectful and constructive, and explain why you think the offer is not fair or adequate. You should also propose a counteroffer that is realistic and reasonable, and that reflects your value and contribution. You should be prepared to compromise and find a middle ground, but also to walk away if the offer is unacceptable or disrespectful.

6 Celebrate and deliver

Once you have reached an agreement and signed your contract, you should celebrate your promotion and your successful negotiation. You should also share the news with your colleagues, mentors, and network, and thank them for their support and guidance. However, you should also remember that your promotion is not the end, but the beginning of a new journey. You should be ready to face new challenges, learn new skills, and grow as a leader. You should also deliver on your promises, and prove that you are worth the compensation that you have negotiated.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?