How do you prepare for a salary negotiation with research and confidence?

1 Know your worth

Before you enter the negotiation, you need to have a realistic and evidence-based idea of what your skills, experience, and achievements are worth in the market. You can use online tools, industry reports, and networking contacts to research the salary range for your role and location. You can also benchmark your current and desired salary against the cost of living, inflation, and your personal and professional goals. Knowing your worth will help you set a realistic and fair target and avoid underselling or overselling yourself.

2 Know your employer

Another important aspect of preparing for a salary negotiation is to understand your employer's perspective and priorities. You need to know how your role contributes to the organization's mission, vision, and values, and how your performance and potential align with its goals and expectations. You also need to research the employer's financial situation, budget, and compensation policies, and be aware of any constraints or opportunities that may affect the negotiation. Knowing your employer will help you tailor your pitch and highlight your value proposition.

3 Know your options

A salary negotiation is not only about the number on your paycheck, but also about the total compensation package that includes benefits, perks, incentives, and flexibility. You need to know what options are available and negotiable, and what are your preferences and priorities. You also need to have a plan B in case the employer cannot meet your salary expectations or offers a counterproposal. You can prepare a list of trade-offs and alternatives that you are willing to consider or propose, and weigh the pros and cons of each option. Knowing your options will help you broaden the scope and create win-win scenarios.

4 Know your strategy

Once you have done your research, you need to plan your strategy for the negotiation. You need to decide when, how, and with whom to initiate the conversation, and how to frame your request and rationale. You also need to prepare your opening statement, your target salary, and your negotiation range, as well as anticipate possible objections, questions, and responses. You should practice your delivery, tone, and body language, and rehearse your answers and counteroffers. Knowing your strategy will help you communicate effectively and confidently.

5 Know your value

During the negotiation, you need to demonstrate your value and justify your request with concrete examples and data. You need to showcase your skills, achievements, and potential, and how they benefit the employer and the organization. You also need to express your enthusiasm, motivation, and commitment, and show that you are a team player and a problem solver. You should avoid making comparisons, complaints, or ultimatums, and focus on creating mutual value and trust. Knowing your value will help you persuade and impress the employer.

6 Know your limits

Finally, you need to know your limits and be prepared to walk away if the negotiation does not meet your needs or expectations. You need to have a clear idea of what is your minimum acceptable salary and what are your deal-breakers. You also need to be respectful, professional, and gracious, and avoid burning bridges or damaging relationships. You should thank the employer for the opportunity and the offer, and ask for some time to consider it. You should also follow up with a written confirmation and clarification of the terms and conditions. Knowing your limits will help you protect your interests and integrity.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?