How to Negotiate Salary for Your Next Career Move
A salary negotiation is an arduous process because it involves balancing what you consider your worth and what your employer believes they can afford. But, if it’s done correctly, it can be a positive experience for both parties that results in a greater salary for the employee and a greater employee engagement in their work. Learn how to negotiate your salary with confidence.
The most important takeaways
- Before you negotiate your salary, research market rates and industry standards to confirm that your salary offer is fair.
- Find out information by networking with colleagues, using websites like LinkedIn Salary and Glassdoor, and reaching out to professional networks.
- Make a list of talking points ahead time, including education & certificates in the form of years of relevant work experience, the results and achievements with a unique set of skills and qualifications, industry knowledge and potential for training.
- In the course of negotiations, you should be assertive and confident, yet flexible and open-minded. You should highlight tangible results you have achieved in previous positions.
- Maintain a positive tone throughout the conversation and practice active listening.
Do your research
Before you begin any salary negotiation, it’s important to do thorough research on standard industry rates and market rates to ensure that your salary request is reasonable. Things that may affect this could include levels of experience degree, size of the company and geographical location. (?). One way to gather data is to connect with colleagues or others within your job field.
Research Online
With the help of online resources, such as [LinkedIn Salary] (https http://www. linkedin. com/salary) and [Glassdoor] (https: //www. glassdoor. com/Salaries/index. htm) you can obtain a more substantial approach towards the benchmarking range of salaries businesses pay for the same role which will gives you an idea of the current market rates and other facets of the job.
Your Network Is Vital
Get insight from talking to acquaintances who have had similar roles or reaching out via professional networks as well doing brainstorming members of professional associations.
Prepare Talking points
Preparing for a negotiations is always a good time spent. You’ll feel much more confident when making your case if you are prepared with a specific set of talk points that you have outlined in advance.
Here are some examples of items you might consider when negotiating your salary:
- Training and certification
- Years of relevant experience
- Results and achievements
- Particular skill set and traits (e.g., bilingualism)
- Knowledge of the industry
- Potential for training
Notes and notebooks can aid in conversations, so it is not lost important details.
Be confident & concise
In a salary negotiation it is essential to be confident and articulate. Speak clearly about your experiences, achievements and job expectations. It’s essential to maintain an optimistic tone throughout the conversation to ensure that your person who is hiring you feels that you’re not seeming insecure.
Highlight Tangible Results
Simply stating one is determined, hardworking and focused may not be enough to make an strong appeal. Make sure to provide precise statistics regarding the ways in which previous jobs made difference in companies or what are the most valuable qualities that benefit the organization.
Be flexible
If the employer isn’t able to your salary request or compensation package outright, remaining flexible and open-minded can help create space for discussions. You can inquire about alternatives to incentives, such as performance-based bonus structures, instead of Base salary(? ).
Keep your cool during the negotiation process - regardless of how well or poorly it’s going fighting too much or making unreasonable demands could cause a negative result for all parties that is.
Practice active listening
Listening is just as important as communicating during these kinds of conversations. Listen attentively from the any other participant during negotiations, observing requested amount carefully & clarifying doubts, if necessary, while maintaining the initial request. In the end, both parties must come out with acceptable results.
Take what you have learned from these discussions and incorporate it into any future negotiations you’ll likely take part in. Following the tips above goes a long way towards maximizing your chances of achieving positive outcomes that are mutually beneficial.
| Your Network is Important | Contact friends and acquaintances who have had similar experiences or reach out via professional networks in addition to brainstorming members within professional organizations. |
| Create talking points | Education & certification, Years of relevant experience, Results and accomplishments, unique skill set and qualities (e.g., bilingualism), Industry knowledge, Potential for training |
| Be confident & concise | Make sure you are clear about your experience as well as your achievements and expectations. Use tangible results to highlight your achievements. |
| Be flexible | Find out about other incentives, such as performance-based bonus structures instead of Base salary. (?). Keep your professional conduct during the negotiation process. |
| Practice active listening | Listening is equally important as speaking during these kinds of conversations. Take what you have learned away from these conversations and apply it to future negotiations that you’re likely to take part in. |
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Frequently Asked Questions
What is the concept of salary negotiation?
The process involves discussing and deciding on the compensation plan for a particular job. In this negotiation you will be able to discuss not just your salary base, but also additional benefits such as retirement plans, health insurance and much more.
Why is it necessary to negotiate a salary?
Negotiating your salary will give you a greater financial future as well as show that you know your worth. It can also help you avoid putting money on the table.
How soon should I negotiate for a raise?
It is best to begin negotiations after you have received an offer, so that all parties are aware of the terms being discussed. This way, the negotiations are focused on securing optimal terms and avoid unintentional surprises.
What happens if I am completely satisfied with the offered package without any negotiation?
If you get an offer and are pleased with the offer, then there’s probably no need to discuss it. However, it’s essential to provide clear information about what the employers are willing to offer with regards to things like compensation for training or performance-based bonuses.
Can I negotiate my salary if switching careers completely?
Negotiating your salary after changing career paths may require added training because your previous work experience might not directly translate or encapsulate new responsibilities. Find out what similar jobs in related industries offer to have a clear idea of what realistic expectations are for you, based on your specific circumstances.
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