Phase I – Self-Assessment
How are you compensated today?
How did you come to be compensated that way?
How do you feel about your compensation?
To the extent you can, describe and quantify your contribution(s) to the company (effort & achievement). Why do you think you deserve an increase?
Reflect on areas for personal growth/development and areas in which you did not have the contribution you could have had. Can you see any arguments against taking an increase?
What evidence do you have/can you find about your market value (your expected earnings in the labour market) or replacement value (the likely cost to the business to replace you with another person). You can consider sources such as external and internal comparators, salary surveys, competing offers, former positions, etc.
Market Value. What are you and your skills worth on the job market? If you were to leave the company, what job/salary could you get? Have you received offers for similar jobs? The internet is your friend here. Check salaries.com, LinkedIn, indeed, etc. Gather any evidence and data you can and put it HERE:
Replacement Value. Time to put your manager cap on. If you were to leave the company, how would the company replace you? What sort of resource would you have to hire (or shift internally) and what would be their salary? Provide data, evidence, explanations, etc. HERE:
Internal Value. Who are your best internal comparators? Who does a similar job to you, has similar skills to you, or provides similar value as you do? Ask your peer mentor or relevant advisor to collect salary information related to those comparators (ex. ranges, averages, but not names)):
Based on your self-assessment, what compensation are you considering? What is the % increase?