How to Negotiate Salary for Your Next Career Move
A salary negotiation is an arduous process because it is about balancing what you consider your worth and what an employer thinks they’re able to pay. However, if done correctly, it can be positive for both the employer and employee, which results in a higher salary for the employee and greater employees’ engagement in their jobs. Learn how to negotiate your salary with confidence.
The most important takeaways
- Before you negotiate your salary, research market rates and industry standards to ensure that the salary you request is reasonable.
- Get information from connecting with colleagues through online resources like LinkedIn Salary and Glassdoor, and also reaching out to professional networks.
- Plan your talk points ahead of time, including education & certificates as well as years of relevant knowledge, accomplishments and achievements, unique skill set & qualifications, industry knowledge and the potential for further training.
- During negotiations, be assertive and confident, yet flexible and open. Highlight tangible results that you achieved in your previous roles.
- Keep a positive attitude throughout the conversation and make sure you are listening actively.
Do your research
Before you begin any salary negotiation, it’s important to conduct thorough research on standard industry rates and market rates to make sure your salary offer is reasonable. The factors that could affect this could include your experience levels, the size of your company and the location of the company. (?). One way to gather information is through networking with colleagues or others in your chosen profession.
Research Online
Utilizing online resources, such as [LinkedIn SalaryUtilizing some of the online resources, such as [LinkedIn Salary (https: //www. linkedin. http://www.linkedin.com/salary) and [GlassdoorGlassdoor (https http://www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) you can obtain a an extensive view of the benchmarking range of salary businesses are providing for same job. It will provide you with an idea of the market rate plus few other elements that are related to an employment.
Your Network Is Important
Get insight from talking to colleagues who have been in similar roles or reaching out through professionals networks as well as brainstorming professionals in professional organizations.
Prepare Talk points
Preparing for any negotiation is always well spent. You’ll be much more confident in presenting your case if you have a clear outline of your talking points ahead of time.
Here are a few suggestions of what you could consider during your salary negotiation:
- Certification and education
- Experience gained through years of relevant work
- Results and achievements
- Unique skill set and qualities (e.g., bilingualism)
- Know-how in the field
- Training potential
Also keeping notes/notebook handy can also help during conversations so it is not lost important details.
Be confident & concise
In a salary negotiation it is essential to be confident and clear. Be clear about your experience of accomplishments and your expectations. It is important to keep your tone of voice positive throughout the conversation to ensure that your employer feels like you’re not appearing to be aggressive.
Highlight Tangible Results
Simply stating one is driven, hardworking, and aspire-driven person may not be enough to make an impressive appeal. Therefore, provide clear data regarding how prior roles have made a significant difference to companies or what are the most valuable qualities that benefit the organization.
Stay flexible
If the employer isn’t able to your salary or compensation package, remaining flexible and open-minded can allow room for discussion. You could ask about alternatives to incentives, such as performance-based bonus models instead of the Base salary(? ).
Keep your cool throughout the negotiation process - regardless of how successfully or not: getting too defensive or imposing unreasonable demands can result in an unfavourable outcome for everyone involved.
Practice active listening
Listening is just as important as communicating during these types of conversations. Pay attention to your counterpart during negotiations. Listen to requested amount carefully & clarifying questions if needed, but maintaining the what you originally requested. The goal is to arrive at acceptable outcomes.
Consider the lessons you’ve learned away from these conversations and incorporate them into future negotiations that you’re likely to be involved in. By following the suggestions above, you will go in the right direction to increase your chances of reaching positive outcomes that are mutually beneficial.
| Your network is important | Contact friends and acquaintances who’ve held similar roles or reach out via professionally-oriented networks and brainstorming with members within professional organizations. |
| Plan talking points | Qualifications and training, Years of relevant experience, Performance and accomplishments, unique abilities and skills (e.g. multilingualism), Industry knowledge, Training potential |
| Be confident & concise | Talk clearly about your personal experiences accomplishments, job goals and achievements. Use tangible results to highlight your achievements. |
| Stay flexible | Find out about other incentives, such as the performance-based bonuses instead of Base salary (?). Keep your professional conduct during the negotiation. |
| Practice active listening | Listening is equally as important as speaking during these kinds of conversations. Learn from these conversations and apply it to future discussions you’ll likely be involved in. |
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Frequently Answered Questions
What is salary negotiation?
Salary negotiation is the process of discussing and finalizing the compensation package for a position. Through this process, you can discuss not just the salary you earn, but also other benefits like retirement plans, health insurance, and more.
Why is it so important to bargain on salary?
Negotiating your salary will give you a greater financial future as well as indicate that you know your worth. It can also help you avoid leaving money on the table.
How soon should I negotiate a salary?
It is recommended to begin negotiations after you have received an offer, so that everyone is aware of the terms being discussed. So, negotiations will focus on securing optimal terms and avoid surprise.
What happens if I am satisfied with the offer without negotiation?
If you receive an offer and are happy with it, then there may be no need to discuss it. It’s nevertheless important to have transparent communication about what your employer’s expectations regarding things such as rewards based on performance or reimbursements for career training.
Do I have the option of negotiating my salary when changing careers?
Salary negotiation when changing careers may require more training because your previous work experience may not directly translate or overlap with new responsibilities. Learn about the salaries similar to those in related industries offer to have a clear comprehension of realistic expectations for yourself, in light of your specific circumstances.
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