After countless phone interviews with recruiters and interviews with hiring managers, you’ve finally received a consultation for your dream position.
But before you accept it, you need to know how to negotiate your salary.
Negotiating now will not only affect your next few years. It will have a snowball effect that could lead to significant losses.
Negotiation can be intimidating and awkward, especially if you have never done it before. We will discuss how to negotiate your salary so that you get what you deserve.
The following tips are applicable to both situations, whether you want to negotiate with your employer in person or by phone.
Olivia Chin, a HubSpot tech recruiting specialist, says: “I prefer to communicate in person or by phone overwriting or email because I can make adjustments on the fly and ask questions. It makes for a fluid conversation.”
Check out the tips below and the sample script for more information on how to negotiate a salary.
Do your research
Research the range of salaries for the role that you are offered.
Consider all factors that affect compensation, such as industry, level of experience, and location, to determine how much you could earn.
Even though many companies have a flexible or remote location, the cost of living can still influence your salary. It’s important to ensure that you are researching wages in the right industry.
It would be best if you focused on the salaries for the roles that are relevant to your industry. For example, a social media director for a nonprofit will have a salary range different from a social media coordinator at a large software company.
Also, you can find out about the salary of your new employer. Glassdoor is a great site to find out what other people doing the same or similar jobs are earning at your new employer.
Pro Tip: You’ll want to show your employer that the data you provide is based on reality. Start each statement with “Based on my… ” to let the employer know that you are not simply asking for more money.
Understanding your value
You must be prepared to present various reasons why you are worth a specific amount.
It is important to consider the value of your skills and experience to ensure that you can highlight them in the negotiation.
Career coach Brittany Hayles says in the video, “Sell yourself, not your expectations.”
Hayles says that “[the employer] is a business at the end of it all, and they are focused on two things: saving resources and profit.
When negotiating a salary, the best way to prove your worth is to show them how you will save money or resources.
Here are more of her tips on salary negotiations:
Let’s say, for example, that you received an offer letter from a software company to be the social media manager. The salary offered is the same as the one in your current position.
You’ve exceeded expectations with your current role: Instead of increasing Instagram traffic for the company by 50%, it increased by 125%.
These facts prove that you are worth an additional investment from your new employer. Let’s say that you brought your previous company $50,000 more through a new marketing campaign you led.
Your new employer might offer you an additional 5% on top of what you are currently being paid.
You can negotiate a salary that you want by knowing how to effectively communicate what you are worth and your contribution to the job.
Pro Tip: Write down any important talking points that you have made during the interview and use them as a way to highlight your skills and experiences in negotiation.
Prepare your talk points in advance
Prepare your talking points for your meeting once you have done your research and determined the number you would like to request.
You can avoid having to think of answers on the spot by preparing your points in advance. You don’t want to forget an important number or value while presenting your argument.
Tip: If you are nervous, it is a good idea to write down your points of discussion.
Practice the conversation
Practice what you’ll say to a trusted friend if you want to be more prepared.
Speaking your talking points aloud can help you not only work them through but also build your confidence. Confidence is crucial when negotiating.
Practice your talking points in front of a trusted friend, family member, or someone you feel comfortable with.
If they are familiar with your role or industry, they will be able to give you specific advice on how to prepare for the interview.
Best For: It is important to practice your talking points, especially if it is your first negotiation.
Bring a collaborative attitude to the meeting
Negotiation is not an opportunity to argue or make a request.
Negotiation is a collaborative, productive conversation that can lead to a fair compensation package for you as well as your employer.
Be grateful and prepared, but be flexible about the result.
If the company cannot match your highest salary range, you will accept more vacation days or an additional 100 units of Restricted stock allotment.
Best for Consider additional benefits if you accept this job offer.
Consider a range of salaries
It is better to have a range of salaries than a fixed number when it comes to finding a job with a salary that matches your ideal. You may find it difficult to reach a specific number. Instead, come up with an acceptable range.
Many job listings now include a salary range due to the recent laws on salary transparency.
It is in your best interest as a job-seeker to do this because it not only helps you decide if you want to apply in the first instance but also puts you in a stronger negotiating position.
Ask for the highest number in your range when you are ready to negotiate. Negotiating is an important skill, not only in job searches but also in professional settings.
This has two benefits. You might get it if you ask for something higher than what you want. Even if your employer offers a lower salary, the amount will still be close to what you want.
What We Like: It’s not surprising that two-thirds of employees would prefer to work for a company that shares information about pay. Salary negotiation will be more transparent as salary transparency increases.
Ask questions.
Ask questions instead of saying “I want” or “I need”. This will keep the conversation moving. Say, “I’d be more comfortable with X.” “Is this number flexible?”
You may turn employers off if you start the negotiation by saying, “I require an extra 5K.”
It is important to handle the conversation tactfully. Employers will respond more positively to the phrase, “I’d be happy with an extra 5K.”
This phrase is a great way for the employer to let you know how much they can increase their benefits or what other options they may have while still maintaining a collaborative spirit, which is important.
