Many people fail to realize the power of salary negotiation. If properly undertaken, salary negotiation can do more than simply increase your income. Successful negotiation will impress your superiors, illustrate your desire to work for your employer, and help you enjoy a more comfortable living. Below is a look at the benefits of salary negotiation and ten tips to help you negotiate the salary you deserve.
Why is Salary Negotiation so Uncommon?
Despite its benefits, salary negotiation is surprisingly uncommon. Most people receive a job offer, agree to the terms of the offer, and start a position without even thinking about discussing money. There are many reasons why people don’t negotiate their salary. Here are a few of the most common reasons why people are reluctant to negotiate their compensation:
- They don’t know how to negotiate
- They are afraid they will offend their boss or hiring manager
- They fear the possibility of rejection
- They are making enough money to “get by”
Why Should You Negotiate Your Salary?
Salary negotiation shouldn’t be abandoned due to fear or a lack of negotiating expertise. There is simply too much to lose. Below are three ways that salary negotiation will benefit an employee:
- Successful negotiation can fund a more comfortable retirement
- Managers are often impressed by employees who negotiate
- Negotiation illustrates motivation and initiative in employees
10 Tips for the Negotiating Table
Preparation and confidence are key elements for success in fruitful negotiations. Failure to properly plan or a lack of awareness of your value can hinder your chances of success when you’re negotiating your salary. Below are 10 tips to help you succeed at the negotiating table.
1) Do your homework. Arrive at the negotiating table well-prepared with current job market statistics and salary information. Being armed with concrete statistics will lend more support to your negotiations than speaking in general terms.
2) Choose the appropriate time and venue to negotiate. Timing and choice of can play a critical role in determining the outcome of negotiations. Choose a quiet location free of distractions to command your manager’s full attention. Additionally, do your best to refrain from initiating negotiations during a chaotic or stressful time such as the end of the business quarter.
3) Have a firm grasp on current salary averages for people in your field. Research current salary trends that are specific to your job, geographical region, and level of experience. Make sure the salary you request is not unrealistically high compared to similarly accomplished peers in your field.
4) Do not arrive at the negotiation table empty-handed. Bring your brag book or another well-organized snapshot of your career successes. Zero in on achievements that are the most relevant to the job under discussion.
5) Be positive and speak with confidence. A confident, positive attitude can be instrumental in helping you convince your superiors that you are worth more than their initial offer. After all, if you lack confidence while delivering your presenting, how can you expect your managers to have confidence in your abilities?
6) Identify the key attributes that set you apart from others in your role. Don’t be shy about highlighting your strengths and special skills. Cite any unique job-related certifications or achievements that you possess, which will enhance your value as an employee.
7) Prepare yourself for potential rejection. Recognize that there’s a chance that you may not succeed with your negotiations. Be prepared with a response that will make your manager rethink his or her decision.
8) Demonstrate that you are willing to compromise. Sometimes your employer will increase his or her offer, but stop short of meeting all of your personal compensation requirements. Your willingness to compromise shows an employer that you are a reasonable person who understands the importance of meeting in the middle.
9) Respond with professionalism and grace – regardless of the result of your negotiations. Do your best to maintain a positive attitude for the duration of the negotiation process. This can be especially challenging if the result of the negotiating process is not to your liking.
10) Enlist the guidance of an industry expert. The best way to prepare for the salary negotiating table is to seek the support of a professional career or interview coach. With the guidance of an industry leader, you will gain the skills that will help you succeed in the salary negotiation process. Contact Elite Resume Writing Services to find out how we can help you negotiate the salary that you deserve!