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 the amount an employer believes they’ll be able to afford. However, if done correctly it can be positive for both parties that results in a higher salary for the employee and greater engagement of the employee in their job. Here’s how to make your salary negotiation a success.
The most important takeaways
- Before you negotiate your salary, research market rates and industry standards to make sure that your salary request is realistic.
- Collect information through networking with colleagues, using online tools like LinkedIn Salary and Glassdoor, and also reaching out to professional networks.
- Plan your talk points ahead of the time, including education and certification as well as years of relevant experience, the results and achievements and unique skills qualities, industry knowledge, and potential for training.
- During negotiations, be confident and clear, but be flexible and open-minded. You should highlight tangible results you achieved in your previous positions.
- Maintain a positive tone throughout the conversation and engage in active listening.
Do your research
Before you enter any salary negotiation, you need to conduct a thorough study of the market and standards in the industry to make sure that your salary proposal is realistic. Things that may affect this could include your experience levels, the size of your company and geographical location. (?). A great method of gathering information is to make connections with colleagues and others in your chosen field of work.
Research Online
With the help of internet-based resources like [LinkedIn Salarywith the help of certain online resources such as [LinkedIn Salary] (https http://www. linkedin. www.linkedin.com/salary) and [Glassdoor] (https: //www. glassdoor. com/Salaries/index. htm) you will get a more substantial approach towards the benchmarking range of salary companies pay for the same role which will gives you an idea of current market rate and a few other factors related to a job.
Your Network is Essential
Find out more about your situation by talking with friends who have held similar positions or reaching out via professional networks as well as brainstorming members within professional organizations.
Create Talking points
Time spent preparing for any negotiation is always time well spent. You’ll be more confident when the presentation of your case if have a clear set of talking points outlined prior to the time.
Here are some ideas of items you may want to consider when negotiating your salary:
- Education & certification
- Experience gained through years of relevant work
- Performances and results
- A unique set of skills and characteristics (e.g. bilingualism)
- Knowledge of the industry
- Training potential
Notes and notebooks can assist during conversations to ensure that one doesn’t miss any important points.
Be confident & concise
When you negotiate your salary it’s crucial to appear confident and articulate. Be clear about your experience as well as your achievements and expectations for the job. It’s essential to maintain an optimistic tone throughout the discussion so that the person who is hiring you feels that you’re not appearing to be insecure.
Highlight Tangible Results
Simply stating one is ambitious, hardworking, and goal-oriented might not be enough for an strong appeal. Therefore, provide clear data about how your previous positions made a significant difference to companies or what are the most valuable qualities that help an organisation.
Remain flexible
If the employer cannot agree to your requested salary or compensation package being flexible and open will allow for dialog. It is possible to inquire about alternative incentives like performance-based bonus arrangements instead of Base salary(? ).
Be sure remain professional throughout the negotiation process no matter how well or poorly it’s going Being too aggressive or making unreasonable demands is likely to result in an unfavourable outcome for all parties involved.
Practice active listening
Listening is just as important as communicating during these kinds of conversations. Listen attentively from the other party during negotiations hearing requested amount carefully & clarifying questions if needed, but maintaining the original request. The goal is to be able to reach a satisfactory conclusion.
Consider the lessons you’ve learned from these discussions and incorporate them into future negotiations you’ll likely take part in. Following the tips above goes an enormous way to increasing the chances of achieving positive, mutually beneficial results.
| Your network is important | Contact friends and acquaintances who’ve held similar roles or reach out via professionally-oriented networks as well as brainstorming members within professional organizations. |
| Make talking points | Training and certification, years of relevant experience, Results and achievements, unique abilities and skills (e.g. the ability to speak two languages) Know-how in the field, Training potential |
| Be confident & concise | Speak clearly about your experiences as well as your achievements and expectations. Make sure you highlight tangible results. |
| Be flexible | Find out about other incentives, such as bonuses based on performance instead of Base salary (?). Be sure remain professional throughout the negotiation process. |
| Practice active listening | Listening is equally as important as communicating in these kinds of conversations. Take what you have learned away from these conversations and incorporate them into the future negotiations that you’re likely to take part in. |
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Frequently Asked Questions
What is salary negotiation?
Salary negotiation is the process of negotiating and deciding on the compensation package for a particular job. During this process you are able to discuss more than only your base salary but also other benefits, such as health insurance, retirement plans as well as other benefits.
Why is it necessary to discuss salary?
Negotiating your salary will give you a better financial future as well as show that you know your worth. It also helps you avoid putting money on the table.
When should I begin to negotiate a salary?
It is best to begin negotiations after you have received an offer, so that all parties are conscious of what’s being negotiated. Then, the negotiations will be focused on securing the best terms, while avoiding any surprise.
What happens if I am completely satisfied with the offer without negotiation?
If you are offered a job and are happy with the offer, then there’s no need to bargain. However, it’s still essential to be clear about what the employer will offer in the form of the performance-based bonus or career-training reimbursements.
Can I negotiate salary when switching careers completely?
Negotiating salary when you change career paths may require added training because your previous work experiences may not be directly applicable or be a part of the new job. Research what similar roles in similar fields pay to gain a robust knowledge of the realistic expectations you can set for yourself, in light of your specific circumstances.
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