You’ve already completed the most difficult portion of the job search: you selected the right job, applied, and were offered a position. Congratulations! But before you crack that champagne bottle open, there’s one more thing you need to do: Salary should be negotiated. You could be tempted to accept the first offer, sign the contract, and move on to the next step in your career. This is usually not a good idea. Approximately 84 percent of employers anticipate that their prospects will negotiate over their offer. Accepting the first offer you receive may result in you missing out on higher pay. So, what can you do to properly negotiate your wage and earn the pay you deserve? We’ll show you how to do that in this guide! Continue reading to learn our top salary-negotiation tips
|Here are the three stages to follow:|
1. Recognize your worth: It’s critical to know the market rate for your position in your specific sector and geographic location if you want to earn the salary you deserve. If you go into a pay negotiation without a number in mind, you’re at the whim of an experienced recruiting manager who can simply control the conversation. You can find this information by conducting an online search on sites like PayScale or Glassdoor, or by asking individuals in your industry (ideally both men and women, to avoid falling victim to the gender pay gap).
2. Choose the Best of the Best: You’ll most likely come up with a range that indicates your market value when you conduct your investigation. It’s easy to ask for something in the middle of the price range, but you should instead request something near the top. First and foremost, She Negotiates creator Victoria Pynchon advises that you assume you are entitled to top compensation. Second, your company will almost probably want to negotiate a lower salary, so you’ll need some wiggle room to get a salary you’re happy with.
3. Be Prepared to Walk Away: You should also come up with a “walk away point” when considering your numbers—a last offer that is so low that you must reject it. This could be based on financial need, market worth, or simply what you require to be satisfied with your current wage. Walking away from an offer is never easy but knowing when to do so is crucial—and being able to say “no” is powerful.
4. Select the Appropriate Time & a brag-sheet: It turns out, that time is crucial. Most people wait until performance review season to ask for a raise, but by then, your supervisor has most likely already decided how much money the team will get. Instead? Start talking to your manager about receiving a raise in advance and meanwhile, prepare a brag sheet. It’s a one-page summary that demonstrates how great of an employee you are. List any achievements, accolades, or customer or coworker testimonials you’ve gotten since your last review (“You rescued me when you did XYZ!” emails absolutely count as testimonials!) You want to show your supervisor how valuable you are.
Always, Always Write out what you want to say and rehearse it in front of a mirror, on camera, or with a buddy until you feel completely at ease.
1. Begin by asking questions: To learn more about the other party’s genuine requirements, desires, fears, preferences, and priorities, you should start the negotiating session by asking diagnostic questions. According to Professor Leigh Thompson of Northwestern University’s Kellogg School of Business, 93 percent of all negotiators fail to ask these “diagnostic questions” in situations where gaining answers would considerably improve the outcome of discussions. Asking questions like “What are your top priorities right now?” will assist you grasp your negotiation partner’s perspective and provide answers that will help.
2. Showcase your abilities: Before you get into the figures, talk about what you’ve accomplished and, more importantly, what you can accomplish. Do you recall the brag sheet? This is your chance to go through your successes with your boss. If feasible, print a copy for your boss to review while you summarize your accomplishments for the year. You’ll want to emphasize moments when you’ve gone above and beyond in your job, since this will help you make the case for a raise. Then, have a few ideas in mind for what you’d like to do next—whether it’s freeing up some of your manager’s time by taking on an existing project or offering a new concept that you’re enthusiastic to own.
3. Concentrate on the future rather than the past: It’s uncommon for an employer (or even a recruiter throughout the job search process!) to inquire about your current wage while negotiating a new job’s salary. (Note that doing so is now prohibited in many areas.) It’s a hard scenario, especially if you’re underpaid at your current job and want to make a lot more money but lying is never a good idea. Instead, disclose your present number (including benefits, bonuses, and the like) and then rapidly move the conversation along to explain the number you’re asking for, focusing on explaining your new talents or responsibilities, your market value, and how you’re wanting to grow.
1. First, get your number out there (Don’t Use a Range): The anchor—or the first amount put on the table—is the most significant in negotiation since it serves as the foundation for the rest of the conversation. If it’s too low, you’ll probably get a lesser final offer than you’d like. You should always be the first to mention a number so that the anchor is controlled by you rather than your opponents. Never say something like, “I’m looking for between $60K and $65K.” That indicates that you’re willing to give in, and the individual with whom you’re negotiating will immediately accept the lower figure.
2. Make a list of your prioritized requests: Lay everything you’re looking for out on the table in rank order as part of your conversation. In a job offer negotiation, for example, you can say that income is most important to you, followed by location, vacation time, and signing bonus. According to research, rank-ordering is an effective approach to help your counterparts grasp your goals without divulging too much information. You can next ask them to discuss their objectives and explore for mutually acceptable tradeoffs where both parties benefit on the subjects that are most important to them.”
3. Concentrate on Market Value: Keep the conversation focused on what the market is paying for people like you (your “market value”) rather than a raise or new salary based on what you make now. Reframe whatever measure your negotiator employs, such as percentage disparities, as market value to refocus the conversation on hard dollars.
During a negotiation, listening to the opposing party is almost as crucial as your request and argument. You may understand the other person’s demands and incorporate them into creating a solution that makes both of you happy if you pay close attention to what they’re saying.
If this appears to be a lot, it is, regrettably. Negotiation is a complex process that has resulted in the publication of numerous books on approaches, tactics, and scripts. What’s the good news? It becomes easier the more you do it. The more money you bring home, the better! So, get out there and begin bargaining. You now have the knowledge and abilities to finish the mission successfully.