Here are 3 Top Tips to Negotiate Salary Like a Pro:
#1 – Know What’s In It For Them(!)
When it comes to job offer negotiation skills, the cardinal rule is to know your value (and what problems you solve) and to be confident with what you can offer that a boss needs. Employers want to know what you can bring to the table before they have to spell it out for you. For example, spend time talking about your past successes and how you implemented change and improved things at your last job.
Use solid figures and data to back up these claims.
If you’re negotiating a raise, consider showing proof that your work has benefitted the company in real life. Go into the meeting with info on increased profits, productivity, and real scenarios.
#2 – Do Your Salary Research
Knowing exactly what level of salary or increase to ask for can be somewhat tricky…
You might have a specific number in your brain that you feel you are “worth” or that you deserve. However, in the unique industry you’re working in or with the skill set you have, that salary might be completely out of line. Before going into a salary negotiation discussion, you should research the salaries of different people in your/that field. Websites like Glassdoor, Salary.com, and PayScale are helpful as well as any industry contacts you might have.
As a high-six figure Career Coach and Recruiter, I was happy to have a brief conversation with my clients and corporate professionals about what the market was doing. If you have an idea of what the average salary or range for your job is, you can make a more accurate proposal to your employer, and they will be more likely to consider it or counter-offer with a reasonable number.
#3 – If You Don’t Ask, You Won’t Get …
Even successful high-earning individuals might feel awkward asking for more money at a job. How do you phrase it? When is the best time to ask?
One of the most effective ways to bring up getting a raise is by asking for a performance/compensation review. Once your boss agrees to the review, collect documents and data pertaining to your value and the success you’ve had in the company (as well as your previous expertise). Pick your timing – don’t do it in the middle of the company’s busy season or at month end.
In the meeting, treat it the same way you would a job interview where you focus on your successes, your value, and also any future ideas and plans you might have that will elevate your position further. Management wants employees who are innovative and passionate and take what I call, “intelligent initiative”. Using your performance review to talk about your future at the company is a great way to show you are committed to your career, you are loyal to your company, and you have a long-term plan.
SMARTCUT
You can also prepare a one or two-page document that acts as a summary of your accomplishments with a proposed salary at the bottom that you find fair and reasonable as well as in line with the industry standards and the research you have done. This will give management a chance to look at the numbers, digest everything and get back to you with an answer or counter-offer.
Although it might feel awkward to negotiate your salary or any compensation package, it is paramount to great career management. By following these tips, you will begin to learn how to negotiate salary like a pro.
If you want help or further support in your career management, negotiating salary packages (or your contractor pay), dealing with organizational politics, and a whole slew of other must have career management skills – remember to reach out to us! Ask A Career Expert or with Fiona on LinkedIn