How to Negotiate Salary for Your Next Career Move
A salary negotiation can be an extremely difficult process, since it involves balancing what believe you’re worth with the amount an employer believes they’re able to afford. If done properly it could be a positive experience for both parties that results in a better salary for the employee, as well as greater employee engagement in their work. Here’s how to negotiate your salary with confidence.
The most important takeaways
- Before you make a salary offer study market rates and industry standards to make sure that the salary you request is reasonable.
- Find out information by networking with colleagues, using online tools like LinkedIn Salary and Glassdoor, and contacting professional networks.
- Prepare talking points ahead of the time, including education and certificates in the form of years of relevant work experience, the results and achievements as well as unique skill sets and qualifications, industry knowledge and training opportunities.
- During the negotiation, you must be assertive and confident, yet flexible and open-minded. Highlight tangible results that you’ve achieved in your previous positions.
- Maintain a positive mood throughout the conversation, and be active in your listening.
Do your research
Before you begin any pay negotiation, it’s crucial to conduct thorough research on standard industry rates and market rates to ensure that your salary suggestion is reasonable. The factors that could affect this may include experience degree, size of the company as well as location. (?). Another great method to gather information is through networking with your colleagues or those in your chosen field of work.
Research Online
Utilizing online sources, like [LinkedIn SalaryUtilizing some of the online resources, such as [LinkedIn Salary (https: //www. linkedin. https://www.linkedin.com/salary) and [GlassdoorGlassdoor (https http://www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) you will get a more substantial approach towards the benchmarking range of salary businesses pay for the same job. It will provide you with an idea of the current market rate and a few other factors related to the job.
Your Network is Vital
Get insight from talking to acquaintances who have had similar positions or reaching out through professional networks as well as brainstorming members within professional organizations.
Make Talk points
Preparing for any negotiation is always well spent. You’ll be more confident when the presentation of your case if are prepared with a specific set of talking points outlined before the deadline.
Here are a few examples of things you could consider including in your salary negotiation:
- Education and certification
- Experience gained through years of relevant work
- Achievements and results
- A unique set of skills and characteristics (e.g. the ability to speak two languages)
- Industry-specific knowledge
- Potential for training
The idea of keeping a notepad and/or notes handy could aid in conversations, so it is not lost important information.
Be confident & concise
During a salary negotiation 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 employer isn’t seeming hostile.
Show tangible results
Simply stating that one is determined, hardworking and focused may not be enough to generate an impressive appeal. Make sure to provide precise statistics on how previous roles made an impact in the workplace or the value of specific capabilities that benefit the organization.
Stay flexible
If the employer isn’t able to agree to your requested salary or compensation package outright being flexible and open can allow room for dialog. You may be able to ask for alternatives to incentives, such as performance-based bonus structures instead of the Base salary(? ).
Keep your cool throughout the negotiation process regardless of how successfully or poorly it’s going: fighting too much or making unreasonable demands could lead to a negative outcome for everybody who is involved.
Practice active listening
Listening is equally as important as communicating during these kinds of conversations. Listen attentively from the any other participant during negotiations, observing requested amount carefully & clarifying doubts, if necessary, while maintaining the original request. Ultimately both parties should be able to reach a satisfactory conclusion.
Consider the lessons you’ve learned away from these conversations and incorporate them into future negotiations you’ll likely take part in. The tips mentioned above will go in the right direction to increase your chances of achieving mutually beneficial outcomes.
| Your Network is Important | Have a chat with friends who have had similar experiences or reaching out through professionally-oriented networks as well as brainstorming members of professional associations. |
| Make talking points | Qualifications and training, Years of relevant experience, Performance and accomplishments, Unique abilities and skills (e.g. the ability to speak two languages) and industry knowledge. Training potential |
| Be confident & concise | Talk clearly about your personal experiences, achievements and job expectations. Use tangible results to highlight your achievements. |
| Stay flexible | Consider alternative incentives such as performance-based bonus structures instead of Base salary. (?). Keep your professional conduct throughout the negotiation process. |
| Practice active listening | Listening is equally important in these types of conversations. Consider what you’ve learned away from these conversations and apply it to future negotiations you’ll likely take part in. |
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Frequently Answered Questions
What is salary negotiation?
Salary negotiation is the process of discussing and finalizing the compensation package to be paid for your job. When you negotiate this it is possible to discuss not only the base salary, but also benefits like retirement plans, health insurance and much more.
Why is it important to negotiate a salary?
Negotiating your salary could give you a more secure financial future and show you are aware of your worth. This can help you avoid leaving money on the table.
When should I start negotiating the salary?
It is ideal to begin negotiations after you have received an offer, so that all parties are informed of what’s being negotiated. This way, the discussions are focused on negotiating ideal terms while avoiding unpleasant surprises.
What happens if I am completely satisfied with the offer without negotiating?
If you are offered a job and are content with it, then there’s no reason to bargain. But it’s important to have transparent communication about what your employer’s expectations in terms of things like performance-based bonuses or career-training reimbursements.
Do I have the option of negotiating my salary when I change careers entirely?
Negotiating salary when you change career paths could require additional training because your previous work experiences might not translate or relate to the new duties. Learn about the salaries similar to those in similar fields pay, to develop a thorough idea of what realistic expectations are for yourself, in light of the particular circumstances you face.
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