Negotiating salary can be an uncomfortable exercise, but the outcome can improve your life in significant ways. There is no harm in trying, and at the end of the day, it is beneficial for both you and your employer when employees feel comfortable enough to communicate their needs and ask for the salary that makes them feel valued. Check out these helpful tips you can apply to your next salary negotiation.
Don’t be afraid to negotiate.
Salary negotiation is not just about chasing the highest dollar. It is about you understanding the value of your work in your geographic market. Some people get nervous about asking for higher pay, but studies have shown that leaders respect employees that ask for what they need.
Remember that effective negotiation is backed up with timely research depending on your industry, location, and skillset. Use the available compensation and employer data on the internet to your advantage! If you have colleagues in the same industry or role making more money, bring that information to the table. Bring evidence to support your ask and share why it is reasonable to ask for a higher salary with the skills and value you can offer the company.
It’s all about the timing.
Knowing when to have the conversation can be as intimidating as the conversation itself. Make your expectations known around the same time the employer discusses their expectations for the role, or you may decide to delay the topic until a little later when you feel that you have a high chance of getting the job. It’s okay to tell the employer, “Let’s get back to the salary after we discuss the job requirements and expectations.” In this manner, you are open to dialogue and interested in what the employer expects from you as a candidate and employee.
Consider the entire package.
Consider the whole compensation package being offered to you- you may be surprised how things add up. Check your healthcare benefits, vacation leaves, bonuses, stipends, and the other bells and whistles. This part of the negotiation will show your potential employer what priorities you value most.
The ideal goal is to have a win-win result, where the employer feels great about hiring a talented resource, and the employee receives tangible and intangible benefits. Even if the negotiation is not successful, it is still part of the learning curve that you will need to master negotiating in the future.