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Know your worth
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Prepare your proposal
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Communicate effectively
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4
Listen and respond
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Follow up and finalize
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Negotiating a contract extension can be a challenging and stressful process, especially if you are not sure how to communicate your value and achievements to your employer. However, with some preparation, research, and confidence, you can increase your chances of getting a favorable outcome. In this article, we will share some of the best strategies to negotiate a contract extension in the context of contract negotiation.
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- Kris Lapp Federal Business and Contracts Manager - 8(a) and HUBZone Specialist
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- Princessa Bourelly, MBA Principal Consultant | Strategy | Thought Leader | Operational Excellence | Board Leader
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1 Know your worth
Before you enter any negotiation, you need to know your worth as an employee and as a potential contractor. This means doing some research on the market rate for your skills, experience, and industry, as well as gathering evidence of your contributions and impact on your current role. You can use online tools, industry reports, or networking contacts to get a sense of your value. You can also create a portfolio or a resume that showcases your achievements, testimonials, awards, or certifications. Knowing your worth will help you set realistic expectations and justify your requests.
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- Kris Lapp Federal Business and Contracts Manager - 8(a) and HUBZone Specialist
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As someone who has run a highly successful staff augmentation business with the federal government, I can you tell you that you are going to be fairly limited in a raise amount available to you. Contract rates are generally dictated by the end client and generally operate in a set % increase (~3%). However, there are ways to maximize your rate if you are flexible and willing to negotiate hard. I have listed a few scenarios below to consider if you are on a staff augmentation personal contract. - educational achievements or professional certificates- compete your employment with another staffing firm- compare offered benefits with those on the open market - consider lead positions within your workgroup
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- Princessa Bourelly, MBA Principal Consultant | Strategy | Thought Leader | Operational Excellence | Board Leader
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In my experience negotiating contract extensions can be challenging and stressful, particularly for African Americans who are aware of their own worth and must persuade others to recognize their value. Wage disparities between racial and ethnic groups have been a persistent issue in the United States. African Americans have faced systemic discrimination, contributing to wage gaps compared to their white counterparts. Knowing one's worth and being aware of wage disparities can empower African Americans to negotiate better pay and contracts. The impact of this knowledge may vary depending on factors such as negotiation skills, employer willingness, and job market conditions.
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In my experience as a business owner, employees rarely list the reasons they are requesting a raise. It’s it’s usually a request based on their anniversary date. If you’re requesting a raise or new contract, it needs to be based heavily on performance and the value you bring to the organization. Meaning an employee needs to bring to the meeting a portfolio of information such as training and development, improve efficiency, and how they have improved profit to the bottom line.
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2 Prepare your proposal
Once you have a clear idea of your value, you need to prepare a proposal outlining your terms and conditions for the contract extension. This should include the duration of the contract and the start and end dates, as well as the scope of work and deliverables you will provide. Additionally, specify the compensation and benefits you expect, such as hourly rate, payment schedule, expenses, insurance, or bonuses. Make sure to express the flexibility and availability you can offer, such as working hours, location, or travel. Lastly, include performance indicators and feedback mechanisms to measure your success and quality. Your proposal should be clear, concise, and professional while emphasizing the value you bring to the employer.
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3 Communicate effectively
When you are ready to present your proposal, you need to communicate effectively with your employer. This means choosing the right time, channel, and tone for the negotiation. You should avoid negotiating when you or your employer are busy, stressed, or distracted, and instead find a suitable slot in their calendar. You should also use the most appropriate channel for the negotiation, such as phone, email, or video call, depending on the level of formality and rapport that you have with your employer. You should also use a positive and confident tone, and avoid being aggressive, defensive, or emotional. You should focus on the benefits and solutions that you can offer, and not on the problems or challenges that you face.
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4 Listen and respond
Negotiation is a two-way process, and you need to listen and respond to your employer's feedback, questions, and concerns. You should not interrupt or argue with your employer, but instead show respect and empathy. You should also ask open-ended questions to understand their perspective, needs, and goals, and clarify any misunderstandings or ambiguities. You should also be prepared to address any objections or counteroffers that they may have, and explain why your proposal is fair and reasonable. You should also be flexible and willing to compromise on some aspects of your proposal, as long as they do not compromise your value or integrity.
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5 Follow up and finalize
After the negotiation, you need to follow up and finalize the contract extension. You should send a thank-you note to your employer, expressing your appreciation and enthusiasm for the opportunity. You should also restate the main points of your agreement, and request a written confirmation or a draft contract. You should review the contract carefully, and make sure that it reflects your proposal and expectations. You should also look for any errors, omissions, or inconsistencies, and ask for clarification or revision if needed. Once you are satisfied with the contract, you should sign it and return it to your employer. You should also keep a copy of the contract for your records.
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