Knowing you’re worth it and actually being able to negotiate fair pay in 2024 are two very different things. The key is diplomatic negotiate for fair compensation. If it doesn’t work out with your employer, you don’t want to sour the relationship.
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In many ways, salary talk in the workplace is still considered seriously taboo. Co-workers divulging what they earn can make for uncomfortable, contentious situations. As forward thinking and transparent as younger employees are, the key to negotiate fair pay in 2024 is still diplomacy.
HOW TO NEGOTIATE FAIR PAY IN 2024
Truthfully, your one and only guaranteed chance to negotiate fair pay in 2024 is right from the outset of a job offer. Many corporates and recruiters believe once an initial package is negotiated, that is it, renegotiations are off the table. Whether you’re working somewhere else or are offered a new position within your current company, an offer sparks enthusiasm and oppurtunity. Then the wrestling match over pay and perks takes place …
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Many employers in South Africa require you to verify your current or former compensation by supplying a bank statement or pay slip. This hard proof of income can be a hurdle for those who wish to negotiate fair pay in 2024. Applicants believe they’re worth a certain amount and companies will use any tactic necessary to control their expenses.
INFLATION-LINKED INCREASES
The reality is most companies rely on inflation-linked raises, and nothing more. If you’re lucky to be employed by one of South Africa’s top corporates, you may receive incentive- or company-performance bonuses. Sadly, the majority of salaried employees don’t even receive inflation-linked increases annually.
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Therefore, the key to negotiate fair pay in 2024 is to approach discussions fully prepared and with adequate supporting evidence. Do your homework to determine a fair, market-related salary. This information can be hard to come by but call around to anyone you know in the industry and utilise any of the online resources available to you.
ALL WE ASK IS FAIR COMPENSATION
Take the market-related industry compensation, then compare that to your own experience, skills, and track record. If you’re completely honest with yourself and the company – considering its size, financial position and growth prospects – you can negotiate for fair compensation.
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Will you negotiate fair pay in 2024? This article is for informational purposes only and should not be construed as career advice. Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates.
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