How to Negotiate Salary for Your Next Career Move
A salary negotiation is an arduous process because it involves balancing what think you’re worth versus what your employer believes they’re able to afford. But, if it’s done correctly it can be an enjoyable experience for both sides that results in a higher salary for the employee and greater employee engagement in their work. Learn how to negotiate your salary with confidence.
Important Takeaways
- Before you make a salary offer make sure you research market rates as well as industry standards to ensure that your salary request is realistic.
- Find out information by the networking of colleagues, using online resources like LinkedIn Salary and Glassdoor, and contacting professional networks.
- Prepare talking points ahead of the time, including education and certifications, years of relevant experience, results & achievements, unique skill set & abilities, industry expertise, and training opportunities.
- During the negotiation, be assured and confident but remain flexible and open-minded. Highlight tangible results that you’ve had in your previous positions.
- Maintain a positive tone throughout the conversation, and engage in active listening.
Do your research
Before entering into any salary negotiation, you need to conduct thorough research on current market rates and industry standards to ensure that your salary request is reasonable. Some factors that can affect this include levels of experience level, company size and the location of the company. (?). One way to gather information is to network with colleagues or other professionals in your chosen job field.
Research Online
Utilizing online resources such as [LinkedIn SalaryWith the help of some online resources like [LinkedIn Salary (https http://www. linkedin. www.linkedin.com/salary) and [GlassdoorGlassdoor (https http://www. glassdoor. com/Salaries/index. htm) you can obtain a an extensive view of the benchmarking range of salary companies pay for the same job. This will give you an idea of current market rates and other facets of the position.
Your Network is Essential
Find out more about your situation by talking with friends who have held similar roles, or reaching out through professional networks in addition to brainstorming members of professional associations.
Make Talking points
Preparing for any negotiation is always time well spent. You’ll be more confident in making your case if you have a clear outline of your talking points before the deadline.
Here are a few instances of items you might want to think about to include in your salary negotiation:
- Education & certification
- Experience gained through years of relevant work
- Results and achievements
- Particular skill set and traits (e.g. bilingualism)
- Knowledge of the industry
- Potential for training
Also keeping notes/notebook handy can aid in conversations, so that you don’t miss any important points.
Be confident & concise
In a negotiation for a salary, it’s important to be confident and clear. Talk clearly about your work experience as well as your achievements and expectations for the job. It’s important to maintain a positive tone throughout this conversation to ensure that your employer feels like you’re not being hostile.
Highlight Tangible Results
Simply stating that someone is ambitious, hardworking, and goal-oriented may not be enough to create an appealing appeal. Therefore, provide clear data regarding how prior roles have made a difference in companies or how important are certain capabilities that benefit the organization.
Stay flexible
If your employer isn’t able to agree to your salary or compensation plan in full Being flexible and open will allow for dialog. You can inquire about alternative incentive options such as performance-based bonuses or structures instead of Base salary(? ).
You must remain professional throughout the negotiation process regardless of how well or poorly it’s going: being too combative or imposing unreasonable demands could have a negative impact for everybody involved.
Practice active listening
Listening is equally as important as communicating in these types of conversations. Be attentive to the another party while you negotiate, listening to the requested amount carefully & clarifying doubts if at all while gently sticking with original request. Ultimately both parties should achieve satisfactory results.
Consider the lessons you’ve learned away from these conversations and incorporate it into the next discussions you’ll probably be involved in. Applying the advice above goes far in maximizing the chance of achieving an agreement that is mutually beneficial.
| Your network is important | Have a chat with friends who’ve held similar roles or reach out via professionally-oriented networks as well doing brainstorming members within professional organizations. |
| Make talking points | Education & certification, Years of relevant experience, Performance and achievements, Unique skill set and qualities (e.g. multilingualism) and industry knowledge. Potential for training |
| Be confident & concise | Speak clearly about your experiences as well as your achievements and expectations. Make sure you highlight tangible results. |
| Remain flexible | Find out about other incentives, such as the performance-based bonuses instead of Base salary (?). You must remain professional during the negotiation process. |
| Practice active listening | Listening is equally as important as communicating during these types of conversations. Learn from these conversations and incorporate them into future discussions you’ll likely be involved in. |
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Frequently Answered Questions
What is the concept of salary negotiation?
It is the act of negotiating and finalizing the compensation package for a job. When you negotiate this, you can discuss not just your salary base, but also other benefits, such as health insurance, retirement plans as well as other benefits.
Why is it important to negotiate salary?
Negotiating your salary will give you a better financial future and show you’re aware of what you’re worth. It also helps you keep money off the table.
What is the best time to negotiate the salary?
It is ideal to begin negotiations after receiving an offer so everyone is aware of what is being negotiated. Then, the negotiations will be focused on securing optimal terms and avoid unpleasant surprises.
What if I am content with the offer without any negotiation?
If you get an offer and are pleased with it, then there’s no need to discuss it. However, it’s essential to communicate clearly what your employer’s expectations with regards to things like the performance-based bonus or career-training reimbursements.
Do I have the option of negotiating my salary when I change careers entirely?
Negotiating salary when you change careers may require more planning because your prior experience may not directly translate or encapsulate new responsibilities. Learn about the salaries similar to those in related industries pay, to develop a thorough knowledge of the realistic expectations you can set for you, based on your particular situation.
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