How to Negotiate Salary for Your Next Career Move
Negotiating a salary can be an extremely difficult process, since it requires you to balance what you think you’re worth versus the amount an employer believes they can afford. If it’s done right, it can be a positive experience for both parties that results in a better salary for the employee and greater employees’ engagement in their jobs. Here’s how to make your salary negotiation a success.
Important Takeaways
- Before you negotiate your salary study market rates and industry standards to ensure that your salary request is realistic.
- Collect information through the networking of colleagues, using online tools like LinkedIn Salary and Glassdoor, and also reaching out to professional networks.
- Make a list of talking points ahead the time, including education and certificates, years of relevant knowledge, accomplishments and achievements as well as unique skill sets and qualities, industry knowledge, and potential for training.
- During negotiations, be confident and articulate but also flexible and open-minded. Highlight tangible results that you’ve achieved in your previous positions.
- Keep a positive and upbeat 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 current market rates and industry standards to make sure your salary offer is reasonable. Things that may affect this could include your experience levels, the size of your company and geographical location. (?). A great method of gathering data is to connect with colleagues or others in your chosen field of work.
Research Online
Utilizing internet-based resources like [LinkedIn Salary] (https http://www. linkedin. www.linkedin.com/salary) and [GlassdoorGlassdoor (https http://www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) you can obtain a more comprehensive information about the benchmarking range of salaries businesses pay for the same role which will gives you an idea of the current market rate and a few other aspects related to an employment.
Your Network is Important
Learn more by talking to colleagues who have been in similar roles or reaching out through the professional networks as well doing brainstorming members within professional organizations.
Create Talking points
The time spent in preparing for a negotiation is always time well spent. You’ll feel much more confident in presenting your case if you have a clearly defined outline of your talking points prior to the time.
Here are some ideas of what you may want to consider during your salary negotiation:
- Education & certification
- Years of relevant experience
- Performances and results
- A unique set of skills and characteristics (e.g. the ability to speak two languages)
- Know-how in the field
- Potential for training
The idea of keeping a notepad and/or notes handy could aid in conversations, so that you don’t miss any important details.
Be confident & concise
In a salary negotiation it’s crucial to appear confident and clear. Talk clearly about your work experience as well as your achievements and expectations for the job. It is important to keep a positive tone throughout this discussion so that the person who is hiring you feels that you’re not coming across as hostile.
Highlight Tangible Results
Simply saying that you are committed, hardworking, and focused may not be enough to make an impactful appeal. Make sure to provide precise statistics about how your previous positions made a distinction in businesses or how important are certain capabilities that benefit the organization.
Remain flexible
If your employer isn’t able to agree to your requested salary or compensation plan in full being flexible and open will allow for dialog. It is possible to inquire about alternatives to incentives, such as performance-based bonus arrangements instead of Base salary(? ).
Keep your cool during the negotiation process - regardless of how successfully or poorly it’s going getting too defensive or making unreasonable demands could result in an unfavourable outcome for everyone involved.
Practice active listening
Listening is just as important as communicating during these kinds of conversations. Listen attentively from the your counterpart during negotiations. Listen to requests carefully and clarifying questions if needed, but maintaining the their original request. In the end, both parties must come out with acceptable results.
Learn away from these conversations and incorporate them into future negotiations you’ll likely take part in. Following the tips above goes far in maximizing your chances of achieving positive, mutually beneficial results.
| Your network is important | Speak to friends who have been in similar positions or reach out via professionally-oriented networks as well as brainstorming members of professional associations. |
| Create talking points | Certification and education, Years of relevant experience and accomplishments, Unique skill set and qualities (e.g. bi-lingualism) and industry knowledge. Potential for training |
| Be confident & concise | Speak clearly about your experiences, achievements and job expectations. Focus on tangible results. |
| Remain flexible | Find out about other incentives, such as performance-based bonus structures instead of Base salary (?). Keep your professional conduct throughout the negotiation process. |
| Practice active listening | Listening is just as important as communicating in these kinds of conversations. Consider what you’ve learned from these conversations and incorporate them into the future negotiations you’ll likely take part in. |
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Frequently Asked Questions
What is the concept of salary negotiation?
Salary negotiation is the process of discussing and deciding on the compensation plan to be paid for your job. When you negotiate this you will be able to discuss not only the base salary, but also other benefits like retirement plans, health insurance and many more.
Why is it so important to bargain on salary?
Negotiating your salary will give you a more secure financial future and show you’re confident about your worth. It will also allow you to avoid leaving money on the table.
When should I begin to negotiate for a raise?
It is recommended to begin negotiations following the acceptance of an offer to ensure that all parties are informed of what’s being discussed. In this way, discussions are focused on negotiating ideal terms while avoiding unintentional surprises.
What if I am happy with the offered package without negotiating?
If you accept an offer and you are satisfied with the offer, then there’s probably no need to bargain. However, it’s still essential to provide clear information about what your employer’s expectations with regards to things like compensation for training or performance-based bonuses.
Do I have the option of negotiating my salary when changing careers?
The negotiation of salary for changing career paths could require additional preparation due to the fact that your previous experience may not directly translate or be a part of the new job. Find out what similar jobs in related fields pay, to develop a thorough knowledge of the realistic expectations you can set for you, considering your specific circumstances.
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