Regardless if you’re starting a new job or aiming at a promotion in the company that you are working, for, negotiating a salary is an important aspect. However, not many people do it. According to a well-known study by Linda Babcock for Women Don’t Ask, the report reveals that only 7% of women tried to negotiate for their very first salary, in comparison with 57% of men. Why are people not negotiating for their salary? Fear, of course. Imagine having $100,000 and your co-worker with the same position has $107,000, it will take you at least eight years longer to be as wealthy as them – just in time for your retirement. Not to worry, you don’t have to! Here’s A Guide To Negotiating Salary Successfully.
Know Your Value
Based on your skills, and job experiences, what is your value? First thing first, it is important to know the market rate depending on your position, and location. By knowing your value, you will have the opportunity to take control of the negotiation, instead of the employers grasping the entire conversation. There are many ways of getting the information you need. The easiest way is checking out websites such as Glassdoor. Additionally, you can always have a quick chat with recruiters, as they will have specific information regarding your position in a geographical area.
2. Choosing The Right Number
After checking out the market value, it is time to choose a number that suits you. Ideally, it is always best to choose the highest number from the range. Don’t ever sell yourself short when it comes to negotiating a salary. After all, your employers will negotiate down, and you will need some room in order hit to your desired range. Here’s a bonus, request for a specific number. Instead of going for $100,000 try out $99,850 instead. Studies have shown that employers are more likely to match the initial offer.
3. Preparation Is The Key
When you’re looking for a raise, it is crucial to reflect on yourself regarding your performance in the company. Think about the projects that you have been working on, and your success rates. Put it all down on a piece of paper, and that’s your “brag sheet”. It showcases all your accomplishments, awards, and testimonials from clients, and co-workers. Once that has been completed, it is time to start rehearsing. Without a doubt, there is a fear when you’re asking for a raise. What better way to power through than to rehearse several times before the meeting?
4. Setting Up The Right Time
Believe it or not, timing is the key. Don’t wait until performance review season to request for a salary adjustment, as employers have already set out the raises. Instead, start dropping hints a few months prior. It takes time to adjust the budget before performance review season. Strangely, setting a meeting on Thursdays and Fridays can be very helpful for a bump on your pay. Everyone will be trying to complete all their tasks before the week is out, including employers. Hence, they can be a little more lenient when it comes to a raise!
5. Starting The Meeting
After prepping, it is time to go for a meeting with your employers. Don’t forget that you’re selling yourself, it is important to be confident. Kick it off with some questions to understand the needs of the company and use it to your advantage during the negotiation. Once you have understood the direction of the company, show the employers the things that you can do. It is time to walk through your accomplishments and highlight some of the key moments in your career. Let them know that you’re interested in accomplishing more in order to help the company to grow further!
6. Put Your Number Out First
Now, this is where the negotiation starts. Before your employer throws in a number, you will need to let them know your number first. It is a very important step, as the entire conversation will be based on the anchor number. If your employer kicks off the conversation, the number may be too low, it is difficult to negotiate to the number that you’re hoping for. Remember, you will need to ask a little higher than your expected raise, as your employer will be negotiating down. Additionally, don’t use a range as employers will choose the lower end.
7. Focus On The Market Value
When it comes to negotiating a salary, the possibility of the conversation flow is endless. Always keep it in mind that you will need to focus on the market value. After all, you have done an extensive research at #1 Know Your Value, it is time to put it to good use! Let your employers know that you have done your research. With that said, do not mention anything about personal needs. After all, your co-workers are probably dealing with similar issues. Apart from focusing on the market value, try out highlighting your performances, and achievements.
8. Don’t Forget To Listen
After laying down all the information, it is time to get an answer from your employer. In between, you can ask some advice, and questions. The first one will help your employer to take things into your perspective. The latter one helps you to understand the situation better from your employer’s point of view. It is best to ask open ended questions, such as, “What is the budget of this position based on?”, and “How can I help you move more in my direction?”. With this information, it will help you to counter better!
9. Remember To Counter
When it comes to negotiating a salary, your employer may say no to your numbers. Not to worry, it doesn’t mean that the conversation is over. First, you will need to acknowledge where your employer is coming from, and kindly let them know your worth based on the position. At all times, do remember to keep the conversation in a positive note. Remember, don’t make any threats such as other job offers, interviews, and even recruiter conversations. If your employer refuse for a higher raise, ask for other options such as flex time, and even better titles.
10. Keep Negotiating
Negotiating can be a very long process. Here’s the good news – the more you do it, the process gets easier and easier. It goes without saying that there are different techniques of negotiating a salary, and you will need to find one that works well with you. Eventually, you will be bringing home the money that you have been hoping for. Now, you have all the information that you will need to negotiate. Don’t forget to do your homework, as the first step of negotiating is understanding your value. Good luck!
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