How to Negotiate Salary for Your Next Career Move
Negotiating a salary can be an extremely difficult process, since it involves balancing what think you’re worth versus what your employer believes they’re able to afford. If done properly it can be an enjoyable experience for both parties that results in a better salary for the employee, as well as greater employee engagement in their work. Here’s how you can make your salary negotiation a success.
Important Takeaways
- Before you negotiate your salary make sure you research market rates as well as industry standards to confirm that your salary request is realistic.
- Get information from the networking of colleagues, using websites like LinkedIn Salary and Glassdoor, and contacting professional networks.
- Prepare talking points ahead of the time, including education and certification and years of relevant knowledge, accomplishments and achievements and unique skills capabilities, knowledge of the industry, and training opportunities.
- In the course of negotiations, you should be confident and clear, but be flexible and open. Bring out tangible results you’ve achieved in your previous positions.
- Maintain a positive tone throughout the conversation and be active in your listening.
Do your research
Before you begin any salary negotiation, you need to conduct a thorough study of the market and standards in the industry to ensure that your salary request is reasonable. The factors that could affect this may include levels of experience levels, the size of your company, and location (?). One great way to gather data is to connect with colleagues and others who are in the same field of work.
Research Online
With the aid of online resources, such as [LinkedIn Salary] (https http://www. linkedin. com/salary) and [GlassdoorGlassdoor (https: //www. glassdoor. com/Salaries/index. Htm) you can get more substantial approach towards the benchmarking range of salary companies pay for the same job. It will provide you with an idea about current market rate and a few other facets of the job.
Your Network Is Vital
Find out more about your situation by talking with acquaintances who have had similar roles or reaching out via professionals networks as well as brainstorming members of professional organizations.
Plan Talk points
Preparing for a meeting is time well spent. You’ll feel much more confident in presenting your case if you have a set of talking points outlined ahead of time.
Here are a few suggestions of what you could consider during your salary negotiation:
- Training and certification
- Years of relevant experience
- The results and accomplishments
- A unique set of skills and characteristics (e.g. the ability to speak two languages)
- Knowledge of the industry
- Potential for training
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
During a salary negotiation, it’s important to be confident and articulate. Speak clearly about your experiences, achievements and job expectations. It’s important to maintain your tone of voice positive throughout the dialogue so that the person who is hiring you feels that you’re not being hostile.
The Key to Tangible Results
Simply stating that one is ambitious, hardworking, and goal-oriented may not be enough for an strong appeal. Therefore, provide clear data on how previous roles made significant difference to companies or what are the most valuable capabilities that help an organisation.
Keep your mind open
If your employer isn’t able to agree to your salary or compensation package outright being flexible and open can allow room for discussions. It is possible to inquire about alternatives to incentives, such as performance-based bonus structures instead of the Base salary(? ).
You must remain professional throughout the negotiation process - regardless of how smoothly or not: fighting too much or making unreasonable demands can cause a negative result for everyone who is involved.
Practice active listening
Listening is equally as important as communicating in these types of conversations. Pay attention to any other participant during negotiations, observing requests carefully and clarifying doubts, if necessary, while maintaining the what you originally requested. Both parties should ultimately be able to reach a satisfactory conclusion.
Use the lessons you’ve learned from these conversations and incorporate them into future discussions you’ll probably be involved in. Applying the advice above goes in the right direction to increase your chances of reaching positive outcomes that are mutually beneficial.
| Your Network is Important | Have a chat with friends who have held similar roles or reach out via professionally-oriented networks as well doing brainstorming members within professional organizations. |
| Make Talk points | Education & certification, Years of relevant work experience, results and accomplishments, unique skill set and qualities (e.g. the ability to speak two languages) Know-how in the field, the potential for training |
| Be confident & concise | Make sure you are clear about your experience, achievements and job expectations. Make sure you highlight tangible results. |
| Stay flexible | Consider alternative incentives such as performance-based bonus structures instead of Base salary (?). You must remain professional during the negotiation. |
| Practice active listening | Listening is just as important as speaking during these kinds of conversations. Take what you have learned from these conversations and incorporate it into any future discussions you’ll likely be involved in. |
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Frequently Answered Questions
What is the concept of salary negotiation?
Negotiating salary is discussing and deciding on the compensation plan for a particular job. Through this process, you can discuss not only your base salary but also other benefits, such as health insurance, retirement plans and much more.
Why is it important to negotiate a salary?
Negotiating your salary can give you a greater financial future as well as show that you are aware of your worth. It also helps you keep money off the table.
When should I start negotiating for a raise?
It is best to begin negotiations after receiving an offer so that all parties are aware of what is being discussed. This way, the negotiations will focus on securing ideal terms while avoiding unpleasant surprises.
What if I am happy with the offered package with no negotiation?
If you accept an offer and are content with it, there’s no reason to discuss it. It’s nevertheless important to have transparent communication about what the employers are willing to offer regarding things such as rewards based on performance or reimbursements for career training.
Can I negotiate my salary if changing career paths entirely?
Salary negotiation when changing career paths could require additional preparation due to the fact that your previous experiences may not be directly applicable or overlap with new responsibilities. Study what similar positions in similar industries pay, to develop a thorough knowledge of the realistic expectations you can set for you, considering your particular situation.
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