Salary negotiation is a crucial part of the journey throughout career development. As dedicated employees, we want to ensure our hard work is recognized. As individuals pursuing entry level or executive level roles, we each have a “value.” Remember, the goal is to earn as much as we deserve-without running ourselves out of the pipeline! Although negotiating salary can cause hesitation, nerves, and the desire to back down from an awkward conversation- we should remember the following:
“The most difficult thing in any negotiation, almost, is making sure you strip it of the emotion and deal with the facts.” This quote by Howard Baker says it all!
To negotiate with confidence and ease, have your facts ready to go!
Check out my 4 principles below:
- Know your worth!
Be realistic! Conduct a compensation analysis of your industry. Remember to ensure the years of experience and education are comparable. Document your research. You can use resources such as salary.com or glassdoor.com to check what the industry standards are.
- Show your value!
Answer the following questions and prepare your answers. Have you saved a company cost? By what percentage? Have you increased revenue? What were the key contributions of your recent position? How will you remain an asset for the company you are applying to? Show employers that you are interested in staying with the company long-term. Demonstrate that you are well-worth the investment!
- Knowing what to ask for!
Prior to requesting a comp range, allow the employer to make the first offer. If you are not satisfied with the salary offered, it is suggested to ask for $5,000 to $10,000 higher than the industry standard. You can negotiate by using the research and notes documented from tips #1 & #2. Often, employers will meet candidates somewhere in the middle-this is all part of “the negotiation”!
- Do it with confidence!
If you don’t believe in yourself, no one else will! Speaking with confidence will demonstrate that you know your worth! The power of language is your key closing factor. Try practicing statements such as:
“I know I will enjoy being part of your team. Based on the job description and industry standards, a range between ____ and ____ seems to be reflective of this opportunity.”
Remember, how we ask is a critical part of what we will receive!
What tips have worked best for you when negotiating salary?