How to Negotiate Salary for Your Next Career Move
A salary negotiation is an arduous process because it is about balancing what you believe you’re worth with what your employer believes they’re able to pay. If done properly it can result in an enjoyable experience for both the employer and employee, which results in a better salary for the employee and a greater employee engagement in their work. Learn how to bargain your salary in confidence.
Principal Takeaways
- Before you negotiate your salary take a look at market rates and industry standards to ensure that the salary you request is reasonable.
- Get information from networking with colleagues, using online resources such as LinkedIn Salary and Glassdoor, as well as reaching out to professional networks.
- Plan your talk points ahead of time, including education & certification, years of relevant experience, the results and achievements and unique skills capabilities, knowledge of the industry, and training potential.
- In the course of negotiations, you should be confident and clear, but be flexible and open. Bring out tangible results you’ve had in your previous positions.
- Maintain a positive tone throughout the conversation, and practice active listening.
Do your research
Before you enter any salary negotiation, it’s important to conduct thorough research on the market and standards in the industry to ensure that your salary suggestion is reasonable. The factors that could affect this include the level of experience, levels, the size of your company, and location (?). A great method of gathering information is to network with colleagues and others who are in the same field of work.
Research Online
With the help of some online resources such as [LinkedIn Salarywith the help of certain online resources such as [LinkedIn Salary] (https: //www. linkedin. http://www.linkedin.com/salary) and [GlassdoorGlassdoor (https: //www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) you can obtain a more substantial approach towards the benchmarking range of salary businesses are providing for same job. This will give you an idea of the current market rate plus few other facets of the position.
Your Network is Essential
Find out more about your situation by talking with colleagues who have been in similar positions or reaching out through professionals networks in addition to brainstorming members of professional organizations.
Prepare Talk points
Time spent preparing for any meeting is time well spent. You’ll be more confident when the presentation of your case if are prepared with a specific list of points to discuss prior to the time.
Here are a few suggestions of things that you might consider to include in your salary negotiation:
- Education & certification
- Years of relevant experience
- Achievements and results
- Unique set of skills and attributes (e.g. the ability to speak two languages)
- Knowledge of the industry
- Training potential
The idea of keeping a notepad and/or notes handy could assist during conversations to ensure that one doesn’t miss any important points.
Be confident & concise
When you negotiate your salary it’s crucial to appear confident and clear. Speak clearly about your experiences of accomplishments and your expectations. It is important to keep your tone of voice positive throughout the conversation so that the employer doesn’t feel like you’re appearing to be insecure.
Highlight Tangible Results
Simply stating one is determined, hardworking and aspire-driven person may not be enough to make an impactful appeal. Make sure to provide precise statistics on how previous roles made distinction in businesses or how valuable are specific abilities that help an organisation.
Stay flexible
If the employer cannot agree to your salary request or compensation plan in full being flexible and open will allow for discussion. You could ask about alternative incentive options such as performance-based bonuses or arrangements instead of Base salary(? ).
Keep your cool throughout the negotiation process - no matter how well or badly it’s going getting too defensive or imposing unreasonable demands is likely to result in an unfavourable outcome for everyone who is involved.
Practice active listening
Listening is just as important as communicating in these types of conversations. Do listen actively from other party during negotiations hearing specific requests and resolving questions if needed, but remaining in the spirit of your initial request. The goal is to achieve satisfactory results.
Use the lessons you’ve learned from these discussions and incorporate it into the next talks you’re likely to participate in. Following the tips above goes far in maximizing the chance of achieving mutually beneficial outcomes.
| Your Network is Important | Speak to friends who have held similar roles or reach out via the professional network and brainstorming with members of professional associations. |
| Prepare Talk points | Qualifications and training, Years of relevant experience, Results and achievements, unique skills and characteristics (e.g. multilingualism) Know-how in the field, Training potential |
| Be confident & concise | Speak clearly about your experiences, achievements and job expectations. Make sure you highlight tangible results. |
| Remain flexible | Ask about alternative incentives like incentive structures based on performance rather than Base salary. (?). Be sure remain professional throughout the negotiation process. |
| Practice active listening | Listening is just as important in these types of conversations. You can take the lessons you’ve learned from these conversations and apply it to future conversations you’ll probably be involved in. |
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Frequently Asked Questions
What is salary negotiation?
Salary negotiation is the process of discussing and deciding on the compensation package for a particular job. In this negotiation you will be able to discuss not only the base salary, but also other benefits, such as retirement plans, health insurance and many more.
Why why is it important to negotiate a salary?
Negotiating your salary could give you a more secure financial future as well as show that you are aware of your worth. It also helps you avoid leaving money on the table.
What is the best time to negotiate my salary?
It is best to begin negotiations after you have received an offer, so that all parties are informed of what’s being negotiated. In this way, discussions are focused on negotiating optimal terms and avoid unpleasant surprises.
What happens if I am satisfied with the deal I received without any negotiation?
If you accept an offer and are pleased with the offer, then there may be no need to negotiate. But it’s important to have transparent communication about what employers will provide in the form of performance-based bonuses or career-training reimbursements.
Do I have the option of negotiating my salary when changing career paths entirely?
Salary negotiation when changing career paths could require additional preparation due to the fact that your previous experiences might not translate or be a part of the new job. Learn about the salaries similar to those in related industries pay, to develop a thorough knowledge of the realistic expectations you can set for you, considering your specific circumstances.
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