The Art of Engaging in Winning Compensation Conversation

We all know that managing your bosses’ expectations in the workplace is important, but can be daunting at times. It requires skill to effectively engage in compensation conversations while coming across as confident. Compensation conversations tap into developed leadership skills such as relationship-building, negotiation, and managing potential conflicts.

So how can we be confident and successful in having such conversations with our bosses?

YWLC partnered with Admired Leadership Asia’s Managing Director, Krisztina Anspach, for an exclusive members-only webinar on 24 July to get tips on how to prepare for the discussion, find the right balance in terms of style and approach, and best conduct the negotiation.

We summarise the essential tips to help anyone get started on initiating that daunting conversation at the first of the two-part workshop: Elevate Your Career From Negotiating to Networking.

1. Communicate your expectations clearly It is important to ensure that the expectation that comes with your role or expected performance is clear. Often, people do not communicate with their bosses on what their bosses’ expectations are of them. This is essential to ensure that the expectations are realistic and that you are adequately prepared and well-equipped with the resources and skills to meet these expectations. Always clarify and do not assume, as this may cause misunderstandings and misalignment of expectations.
   

2. Knowing your level of competence and always seek to improve Remember that compensation is linked to potential and drive for improvement. Be someone who actively seeks for improvement and feedback. Have regular chats with your bosses or colleagues and ask for constructive feedback on how you can improve and perform better.
   

3. Be proactive and start early Take the initiative and do not be afraid to ask for feedback. Start as early as possible and seek feedback regularly — make it a routine! Waiting until the year-end appraisal period may be too late and even result in conflict.
   

4. Be open about what motivates you Recognise what motivates you and communicate your motivations to your bosses and colleagues. Be it your job title or designation, learning & development opportunities, exposure to different roles, and even your salary.
   

5. Focus on building relationships Having a strong support system comprising senior leaders, peers and team members who can advocate for you will greatly enhance your credibility and make having such compensation conversations easier. Additionally, have you ever thought about what you are going to say if you bump into the CEO in an unplanned situation? We should all prepare for that situation and have an idea of how to lead the conversation and even plant the seeds for future conversations. You always want to be engaging in meaningful and thought-provoking conversations to get their attention and build a relationship from there.
   

6. Present yourself well Maintain a good image and remember that how you show up for the conversation is just as important. Be mindful of your body language; you do not want to come across as too weak or strong, but always remain confident. Make sure that your body language conveys your desired message.

With these tips, you will be well on your way to engaging in a winning compensation conversation and get your desired outcome!

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Organising Committee: Leadership Development

Organising Team: Nisha Rajoo, Clairie Tay, Chandini Manoharan

Speaker: Krisztina Anspach Partner: Admired Leadership Author: Rica Teo Editor: Joey Ong