How to Negotiate Salary for Your Next Career Move
A salary negotiation is an extremely difficult process, since it is about balancing what you consider your worth and what the employer thinks they can afford. But, if it’s done correctly it can be an enjoyable experience for both parties, resulting in a greater salary for the employee, as well as greater engagement of the employee in their job. Here’s how to make your salary negotiation a success.
The most important takeaways
- Before you negotiate your salary take a look at market rates and industry standards to confirm that your salary request is realistic.
- Find out information by the networking of colleagues, using online tools like LinkedIn Salary and Glassdoor, as well as reaching out to professional networks.
- Make a list of talking points ahead time, including education and certification, years of relevant experience, results & achievements, unique skill set & abilities, industry expertise, and training potential.
- In the course of negotiations, you should be assured and confident but remain flexible and open-minded. Bring out tangible results you’ve achieved in your previous positions.
- Maintain a positive mood throughout the conversation, and be active in your listening.
Do your research
Before you begin any salary negotiation, you need to conduct a thorough investigation of market rates and industry standards to make sure your salary offer is reasonable. The factors that could affect the amount you are offered could be levels of experience degree, size of the company and geographical location. (?). Another great method to gather information is to make connections with colleagues and others in your chosen profession.
Research Online
Utilizing online resources such as [LinkedIn Salary] (https: //www. linkedin. www.linkedin.com/salary) and [Glassdoor] (https http://www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) You can find a more substantial approach towards the salary range that benchmarking that companies offer for the exact job. This will give you an idea about current market prices and also other aspects related to an employment.
Your Network is Essential
Gain insight by speaking to acquaintances who have had similar positions or reaching out via professionally-oriented networks in addition to brainstorming professionals in professional organizations.
Create talking points
Preparing for any meeting is time well spent. You’ll be more confident in the presentation of your case if have a clearly defined set of talking points outlined ahead of time.
Here are some instances of what you could consider during your salary negotiation:
- Training and certification
- Experience gained through years of relevant work
- Achievements and results
- A unique set of skills and characteristics (e.g. the ability to speak two languages)
- Industry-specific knowledge
- Potential for training
A notepad or notebook can be helpful during conversations so it is not lost important points.
Be confident & concise
During a salary negotiation It is important to be confident and clear. Make sure you are clear about your past experiences, achievements and job expectations. It’s crucial to maintain a positive tone throughout this dialogue so that the employer feels like you’re not being aggressive.
The Key to Tangible Results
Simply saying that you are committed, hardworking, and goal-oriented may not be enough to make an appealing appeal. So put forward clear statistics regarding the ways in which previous jobs made significant difference to companies or what are the most valuable capabilities that can benefit an organization.
Keep your mind open
If your employer cannot agree to your salary or compensation package being flexible and open will help open the door to dialog. You can inquire about alternatives to incentives, such as performance-based bonus structures, instead of Base salary(? ).
Be sure remain professional during the negotiation process - regardless of how smoothly or poorly it’s going Being too aggressive or imposing unreasonable demands could cause a negative result for everyone who is involved.
Practice active listening
Listening is equally as important as communicating in these types of conversations. Do listen actively from any other participant during negotiations, observing the amount requested carefully and clarifying questions if needed, but remaining in the spirit of your initial request. Ultimately both parties should come out with acceptable results.
Consider the lessons you’ve learned away from these conversations and incorporate it into the next negotiations you’ll likely take part in. By following the suggestions above, you will go a long way towards maximizing your chances of achieving mutually beneficial outcomes.
| Your Network is Important | Talk to your friends who have been in similar positions or connect with professional networks and brainstorming with members of professional associations. |
| Prepare talking points | Education & certification, Years of relevant experience, Performance and achievements, Unique abilities and skills (e.g. bi-lingualism) Know-how in the field, Training potential |
| Be confident & concise | Speak clearly about your experiences as well as your achievements and expectations. Make sure you highlight tangible results. |
| Keep your mind open | Consider alternative incentives such as the performance-based bonuses instead of Base salary. (?). Keep your professional conduct during the negotiation. |
| Practice active listening | Listening is equally as important as communicating during these types of conversations. Consider what you’ve learned from these conversations and incorporate them into 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 plan for a job. In this negotiation you are able to discuss more than just your salary base, but also benefits like retirement plans, health insurance and many more.
Why is it necessary to negotiate a salary?
Negotiating your salary can give you a greater financial future and also show that you’re confident about your worth. It also helps you avoid leaving money on the table.
When should I begin to negotiate the salary?
It is ideal to begin negotiations following the acceptance of an offer to ensure everyone is informed of what’s being discussed. This way, the negotiations will focus on securing perfect terms while avoiding unexpected surprise.
What happens if I am satisfied with the package I was offered with no negotiation?
If you receive an offer and are content with the offer, then there’s no reason to bargain. However, it’s still essential to communicate clearly what the employer will offer in the form of compensation for training or performance-based bonuses.
Do I have the option of negotiating my salary when changing careers?
Negotiating salary when you change career paths can require extra preparation because your past experience may not directly translate or be a part of the new job. Find out what similar jobs in similar industries offer to have a clear knowledge of the realistic expectations you can set for you, based on the particular circumstances you face.
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