I have yet to meet anyone who is willing to work for free. Rather, pay is a fundamental concern for most people. Most working professionals are trying to climb the ladder in order to increase their salary. In fact, it is inevitable that most people will deal with negotiating salary at some point in their career. Whether they are negotiating salary for a new job or asking for a raise in their existing position, there are critical factors in determining salary. These expert tips will help employees polish their negotiating skills in order to get the pay they deserve.
Determine Your Threshold
Before starting any salary negotiations, you should determine 2 things: What is your ideal offer…where you would immediately be able to say yes? What is your basement offer…the bare minimum that you would accept to work for the company? Once you have decided on these, anything in between is negotiable.
Be Armed with Salary Information
Do your research and find out average salaries for similar jobs in your area and industry. Your expectations should be reasonable and align with the job you are performing.
Define Your Strengths
What sets you apart from others? Why are you so valuable? The ability to express what differentiates you from others and what special skills and abilities you bring to the table can help your employer understand why you are a valuable asset to the company. This information can be used as leverage in negotiating a higher salary.
Be Honest About Your Salary Needs
Be upfront and honest with your employer about what need when it comes to salary. Consider what you have made in the past and what you are looking to make now. Approach the employer with confidence and be firm about what your salary needs are.
Make the First Offer
Most people follow traditional advice and wait for the employer to make the first move. However, we all know that they are likely to throw out a lower number to see if you will take it. At this point, it might be uncomfortable to ask for something substantially higher. Instead, make the first offer and negotiate from there.
Define Your Walk-Away Point
Once you have determined your target salary and what you feel is appropriate, think about the minimum salary you would accept and why you would accept that amount. Consider the reasons that you would not accept anything lower and write them down so that you are ready to use those in your discussion during the negotiations.
Perform a Mock Negotiation
The best way to get comfortable with this type of conversation is to practice. Ask a friend or family member to role play and practice what you will say and how you will persuade the hiring manager to increase their offer.
When it comes to negotiating salary, make sure you have a clearly defined idea of what you want and reasons to back up why you deserve that amount. You want to persuade the employer that you are a valuable asset and that you are worth the investment. If you are unable to negotiate the salary you want, you can always negotiate other items such as flex scheduling, vacation time, tuition reimbursement etc. If you do not get your desired salary, ask your boss if you can decide on a time to revisit this discussion in the future. Report your progress regularly and work to meet any goals that you have set. At this point, your employer will find it hard not to grant you a raise or fight on your behalf. Be confident, diligent, and persistent when negotiating salary.
