In preparing for negotiations for salary increment in the covid

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Nov 24, 2024

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In preparing for negotiations for salary increment in the covid – 19 season, the initial step involves acquiring comprehensive information about the business's financial standing and prevailing market trends. Given the widespread impact of the pandemic on businesses, it is imperative to assess whether your company is encountering financial challenges before broaching the topic of a salary increase. To gauge an appropriate request, you may also consider examining the salaries of professionals in your field with comparable experience. Amid the challenges posed by the COVID-19 pandemic, securing a pay raise, promotion, or improved job title is undoubtedly challenging but not insurmountable. Once the necessary information is gathered, the negotiation process can progress through its five stages. As established earlier, preparation constitutes the first stage, followed by position- establishing as the second. This involves clearly articulating your goals and justifying why you merit them, especially during the epidemic. Providing explicit details about your contributions to the company's growth is crucial. Moving to the third stage, understanding the perspective of the opposing party is vital. Recognizing any limitations your employer may face, such as financial constraints or rigid corporate policies, is crucial for effective negotiation. The fourth stage involves making concessions, ultimately leading to a mutually beneficial agreement. The final step in the negotiation process is the formalization of the agreement. It is essential to have the terms in writing and signed by both parties to prevent potential misunderstandings or disputes in the future. Despite the challenges posed by the pandemic, the five stages of bargaining can still be applied to salary discussions. However, given the financial uncertainties that companies may be navigating, approaching negotiations with empathy and understanding becomes particularly critical.

One compensation negotiation book that resonated with me was "Never Split the Difference" by Chris Voss. The book emphasizes the importance of empathy and attentive listening in negotiations, qualities that I believe are fundamental in all conversations, including those centered around salary. Additionally, "The Art of Negotiating Your Pay" proved beneficial by providing practical advice and tactics for navigating salary negotiations. References Voss, C., & Raz, T. (2016). Never split the difference: Negotiating as if your life depended on it. HarperCollins. Staff, T. (2019, September 3). The Art of Negotiating Your Salary. The New York Times. Retrieved from https://www.nytimes.com/guides/business/how-to-ask-for-a-raise Links to an external site.

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