How to secure a reward package that works for you and your future

Whether you are looking to achieve an inflation busting pay rise, a benefits package that supports your wellbeing, a better job title or simply free coffee or an onsite parking space, understanding your value to your employer is key to securing the reward package that you deserve. Get prepared for conversations by identifying your requirements and thinking about your total reward in each of the four key areas set out below.

1. Cost of living and inflationary pressures puts focus on salary negotiations.

The money you are paid to do the work is set out in your job description; you’ll negotiate this when you join an organisation, potentially yearly thereafter, and especially when you secure a progression, or new role. This financial compensation is the key tool employers have to attract and retain the best talent, and it’s really important that you understand your worth.  A recent survey for XpertHR reported that approximately 45% employees ask for a pay review every year, with men twice as likely to ask than women. The key takeaway from this - don’t be afraid to ask! But before you do, it’s essential to do your homework. First, identify your requirements, undertake online research, and speak to recruiters to benchmark and understand the market. Then, pick your range and start the negotiation at the top of this range, providing evidence and examples of your past performance and future value to the firm. It’s best to steer clear of discussing any personal financial circumstances, and keep the discussion based on your value, performance, and contribution.

2. Benefits remain important as part of total reward.

Benefits are the part of your compensation package that sit outside your direct paycheck. These are used to enhance your reward, to attract and motivate employees and where you can get creative in your ask. Decide what is important to you and your family, that your employer can make happen. Some may be financial in their nature, such as complimentary health insurance and life cover, discounted gym memberships. Others may be policy related, such as shared parental leave, time off for volunteering or increased holiday allowance.  Traditionally many of these benefits were reserved for more senior members of staff, but younger members of the workforce, school leavers and graduates are equally interested in the wider package offered, have undertaken competitor research and aren’t afraid to walk away if the benefits aren’t right.

3. COVID-19 has permanently changed how people want to work.

In the current employment climate, working practices are so important, as we adjust to the world of work post COVID-19 and how this has fundamentally changed people’s expectations of working life. You need to define what is important to you about the way you work, where you work and how you want to interact with colleagues. Are you prepared to shift away from home working, to hybrid or fully in-person working? For many of the younger generation this is becoming a deal breaker. For employers keen to re-establish team connections and drive productivity, it’s a challenge. Identify your minimum requirements for flexibility, what you need to stay mentally and physically healthy, or fulfil caring commitments. Speak to colleagues to understand policy vs reality and be prepared to demonstrate how you will deliver objectives within your desired working practice.

4. Jobs of the future require continued professional development.

Often overlooked, but very important for employees and employers alike. Asking to build training and development opportunities into your reward package is a great way to ensure that you build your capabilities, learn new skills to adapt to future role requirements and achieve personal/job satisfaction. Think about what will help your career develop, whether it is a training programme or MBA, the opportunity to attend a conference, or a paid membership to a professional body. Asking for professional development will gain respect, demonstrate your commitment to the organisation and open up valuable networking and career opportunities.  

And finally…

Don’t ever be afraid to ask for what you want. Secondly, money is great, but don’t lose sight of the bigger picture and the benefits your organisation can offer you that will have a positive impact on your life. Before you start any negotiation, understand your value, do your research, be prepared. Why not write a one-page proposal on yourself, what you bring to the role, your contribution and your requirements? If you can’t successfully negotiate all your asks, don’t be afraid to compromise, and plan to revisit.  Finally, think about your timing, start conversations early, build your case, be bold and don’t give up. Regardless of the outcome, you’ll feel proud that you took charge, prioritised yourself and had the confidence to ask for what you want.   

If you would like to learn more about developing as a leader with the CBI, and the programmes we have on offer, please contact me emma.connolly@cbi.org.uk