the do's and don'ts of negotiating your bonus in the property and construction sector.
As End of Financial Year rapidly approaches, much of Melbourne’s property and Construction Industry has one thing on their mind: bonus season.
Negotiating your bonus can be a tricky process, especially in Melbourne's tight-knit and competitive property sector. While bonuses can be a significant incentive for employees, and a well-earned recognition of your hard work and dedication to your company, negotiating them requires careful consideration and tact.
dont’s
Be unrealistic
When negotiating your bonus, don't be unrealistic in your expectations. While it's good to aim high, it's also important to be realistic about what is achievable based on your role, experience, and the company's financial situation.
Make it all about you
While it's important to advocate for yourself, don't make the negotiation process all about you. Consider the company's situation and the commercial impact that a higher bonus could have on the organization. This allows you to why your performance justifies these costs.
Burn bridges
Negotiating your bonus should be done professionally and respectfully. Don't burn bridges by making unreasonable demands or becoming confrontational. You never know when you may need to work with the company or the individuals involved in the future.
Neglect your performance
Your biggest bargaining chip is your value to the business, so performance is key. Consider how you can demonstrate the outcomes you have achieved since your last review period, and don't neglect your job responsibilities while negotiating. Continue to focus on delivering high-quality work and exceeding expectations.
do’s
Research the market
Before negotiating your bonus, research the market to determine what is reasonable and achievable for your role and experience. Look at industry benchmarks, talk to recruiters or peers, and research job postings to see what other companies are offering.
Document your achievements
Make sure to document your achievements and contributions to the company. This can include projects you have completed, targets you have exceeded, and any additional responsibilities you have taken on. Having a clear record of your accomplishments will help you make a strong case for a higher bonus.
Prepare to negotiate
Prepare for the negotiation process by considering the different scenarios and possible outcomes. Determine your ideal outcome and a realistic alternative. This will help you stay focused and confident during the negotiation process.
Consider non-financial benefits
While a higher bonus is a financial benefit, be open to non-financial benefits that can also enhance your work experience. This could include flexible work arrangements, additional training opportunities, or more vacation time.
Performance reviews and bonus negotiations can be stressful, but we’re here to help. We don’t just fill jobs, we build careers, so get in touch to see how we can help you level-up! Get in touch with the team.
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