How to Negotiate Salary for Your Next Career Move
A salary negotiation is a difficult conversation, as it requires you to balance what you think you’re worth versus what the employer thinks they’re able to afford. But, if it’s done correctly, it can be positive for both sides that results in a higher salary for the employee and a greater employees’ engagement in their jobs. Learn how to bargain your salary in confidence.
The most important takeaways
- Before you make a salary offer study market rates and industry standards to make sure that your salary offer is fair.
- Gather information through the networking of colleagues, using online resources like LinkedIn Salary and Glassdoor, and also reaching out to professional networks.
- Prepare talking points ahead of the time, including education and certificates, years of relevant experience, results & achievements, unique skill set & abilities, industry expertise, and the potential for further training.
- In the course of negotiations, you should be confident and clear, but be flexible and open-minded. Bring out tangible results you’ve had in your previous positions.
- Maintain a positive tone throughout the conversation and make sure you are listening actively.
Do your research
Before entering into any negotiations regarding salary, it’s essential to conduct a thorough study of standard industry rates and market rates to make sure that your salary proposal is reasonable. The factors that could affect this could include levels of experience level, company size as well as location. (?). One great way to gather information is to network with colleagues and others who are in the same area of work.
Research Online
Utilizing online resources such as [LinkedIn SalaryWith the help of some online resources like [LinkedIn Salary (https http://www. linkedin. https://www.linkedin.com/salary) and [GlassdoorGlassdoor (https: //www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) you can get an additional perspective on the salary range that benchmarking businesses are providing for same role which will gives you an idea of the market prices and also other elements that are related to the position.
Your Network is Vital
Find out more about your situation by talking with people who have had similar roles or reaching out via the professional networks in addition to brainstorming members within professional organizations.
Create talking points
The time spent in preparing for a negotiation is always well spent. You’ll feel much more confident when giving your argument if you have a clearly defined list of points to discuss in advance.
Here are a few ideas of things you could consider to include in your salary negotiation:
- Education & certification
- Experience gained through years of relevant work
- The results and accomplishments
- Unique set of skills and attributes (e.g. language proficiency,)
- Industry-specific knowledge
- Training potential
The idea of keeping a notepad and/or notes handy could assist during conversations to ensure it is not lost important points.
Be confident & concise
During a salary negotiation, it’s important to be confident and articulate. Speak clearly about your experiences of accomplishments and your expectations. It is important to keep an optimistic tone throughout the dialogue so that the person who is hiring you feels that you’re not seeming insecure.
Highlight the tangible results
Simply saying that you are ambitious, hardworking, and goal-oriented may not be enough to make an strong appeal. It is important to present clear and precise data regarding how prior roles have made a an impact in the workplace or how valuable are specific capabilities that benefit the organization.
Remain flexible
If the employer isn’t able to your requested salary or compensation package, remaining flexible and open-minded can help create space for discussions. You could ask about alternative rewards, like performance-based bonus structures, instead of the Base salary(? ).
Keep your cool throughout the negotiation process - regardless of how well or badly it’s going Being too aggressive or imposing unreasonable demands can result in an unfavourable outcome for everyone affected.
Practice active listening
Listening is equally as important as communicating during these types of conversations. Pay attention to another party while you negotiate, listening to the requests carefully and clarifying doubts as much as you can while maintaining the what you originally requested. The goal is to come out with acceptable results.
Consider the lessons you’ve learned away from these conversations and incorporate it into any future negotiations that you’re likely to be involved in. Following the tips above goes a long way towards maximizing your chances of achieving an agreement that is mutually beneficial.
| Your network is important | Have a chat with friends who have had similar experiences or reach out to the professional network in addition to brainstorming members within professional organizations. |
| Plan Talk points | Qualifications and training, Years of relevant experience, Performance and accomplishments, Unique ability and traits (e.g., bilingualism), Industry knowledge, the potential for training |
| Be confident & concise | Speak clearly about your experiences your accomplishments and expectations for the job. Highlight Tangible Results. |
| Keep your mind open | Ask about alternative incentives like performance-based bonus structures instead of Base salary. (?). Keep your professional conduct during 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 discussions and incorporate them into the future conversations you’ll probably be involved in. |
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Frequently asked questions
What is salary negotiation?
It is the act of negotiating and deciding on the compensation package for a particular job. Through this process you are able to discuss more than only the base salary, but also other benefits, such as health insurance, retirement plans and much more.
Why is it important to discuss salary?
Negotiating your salary could give you a greater financial future as well as indicate that you’re confident about your worth. It can also help you avoid leaving money on the table.
When should I begin to negotiate my salary?
It is ideal to begin negotiations immediately after receiving an offer so that all parties are conscious of what’s being discussed. This way, the discussions are focused on negotiating optimal terms and avoid surprise.
What happens if I am completely satisfied with the package I was offered without any negotiation?
If you are offered a job and are content with it, there’s no need to negotiate. It’s nevertheless important to be clear about what the employer will offer in the form of the performance-based bonus or career-training reimbursements.
Can I negotiate salary when changing careers?
The negotiation of salary for changing career paths could require additional training because your previous work experiences might not translate or overlap with new responsibilities. Research what similar roles in related industries offer to have a clear idea of what realistic expectations are for yourself, in light of the specific circumstances.
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