Negotiating your salary can be a daunting and stressful process, especially if you are not sure how to communicate your value to the employer. You want to be honest and confident, but also persuasive and respectful. How do you balance these aspects and avoid common pitfalls? Here are some tips to help you prepare and execute a successful salary negotiation.
Before you enter any negotiation, you need to do your homework and research the market rate for your position, skills, and experience. You can use online tools, industry reports, or network with peers to get a realistic and reliable range of salaries for similar roles. This will help you set your expectations, justify your ask, and avoid asking too low or too high.
One of the most effective ways to communicate your value is to show how you have contributed to the organization's goals, solved problems, or improved outcomes. Use specific examples, numbers, or metrics to demonstrate your achievements and impact. You can also mention any positive feedback, recognition, or awards you have received from your manager, colleagues, or clients. This will help you showcase your strengths, skills, and potential.
This is ok but more important is 2 things: 1. Link your achievements to cost savings or 2. Link your achievements to increased revenue or sales.
While you should have a clear and reasonable target salary in mind, you should also be open to other forms of compensation, such as bonuses, benefits, equity, or perks. You can prioritize your preferences and trade-offs, and be ready to negotiate on different aspects of the offer. You should also be respectful and courteous to the employer, and avoid making ultimatums, demands, or threats. You want to build a positive and lasting relationship, not burn bridges.
Yes, you should be flexible but your flexibility should be matched by flexibility on their part. I am sure you will happily accept a sign-on bonus in lieu of the perfect salary. Remember, a sign-on bonus is a one-time event. Your salary increase will be based on your base salary, not total compensation. If you accept a lesser salary, negotiate for additional education budget or a conference attendance budget or something that has them making a concession, too. Otherwise, you are not negotiating. You are conceding.
Negotiating your salary is a skill that requires practice and preparation. You can rehearse your pitch, answers, and questions with a friend, mentor, or coach, and get feedback on your tone, body language, and content. You can also prepare a list of possible scenarios, objections, or counteroffers, and how you would respond to them. You want to be confident and calm, but also adaptable and agile.
After you receive an offer or a counteroffer, you don't have to accept or reject it immediately. You can ask for some time to review and evaluate it, and compare it with your expectations and alternatives. You can also ask for feedback on your performance, strengths, and areas of improvement. This will help you make an informed and rational decision, and also show your interest and appreciation.
Once you reach an agreement or a compromise, you should follow up and confirm the details in writing. You can send a thank-you note to the employer, expressing your gratitude and enthusiasm, and summarizing the main points of the offer. You can also ask for any clarification or confirmation on the next steps, such as signing the contract, starting date, or orientation. This will help you avoid any misunderstanding or confusion, and seal the deal.
Everything you do to communicate value occurs BEFORE the final negotiation begins. It starts when the recruiter/screener is trying to pigeonhole you about the salary you're looking for and continues through in every answer you give to every question they ask. By the time you arrive at the final negotiation, they should have seen your value whether you are interviewing for a staff role or an executive role. That's because they're evaluating and assessing your qualifications at each step to see if you are qualified. Once they've determined that & they're ready to hire, you are just arguing about how well you can fit into their artificial construct called a budget. Yes, you should arrive with data about your value. But don't accept their rules