How to Negotiate Salary for Your Next Career Move
Negotiating a salary can be a difficult conversation, as it requires you to balance what you think you’re worth versus what the employer thinks they can afford. But, if it’s done correctly, it can be a positive experience for both parties, resulting in a higher salary for the employee as well as greater employee engagement in their work. Learn how to negotiate your salary with confidence.
Key Takeaways
- Before you negotiate your salary make sure you research market rates as well as industry standards to make sure that your salary proposal is realistic.
- Collect information through socializing with colleagues, using online tools like LinkedIn Salary and Glassdoor, and contacting professional networks.
- Prepare talking points ahead of the time, including education and accreditation in the form of years of relevant work experiences, achievements and results and unique skills capabilities, knowledge of the industry, and the potential for further training.
- During negotiations, be confident and clear, but be flexible and open. Highlight tangible results that you’ve had in your previous roles.
- Maintain a positive mood throughout the conversation, and practice active listening.
Do your research
Before you enter any pay negotiation, it’s crucial to do thorough research on market rates and industry standards to ensure that your salary request is realistic. Some factors that can affect this may include levels of experience degree, size of the company, and location (?). One great way to gather information is to make connections with colleagues or others who are in the same job field.
Research Online
Utilizing online resources, such as [LinkedIn SalaryWith the help of some online resources like [LinkedIn Salary (https http://www. linkedin. www.linkedin.com/salary) and [Glassdoor] (https http://www. glassdoor. com/Salaries/index. Htm) you can obtain a more substantial approach towards the benchmarking range of salary that companies offer for the exact role which will gives you an idea of current market rate and a few other factors related to an employment.
Your Network Is Essential
Get insight from talking to friends who have held similar positions, or contacting them via professionally-oriented networks in addition to brainstorming professionals in professional organizations.
Prepare Talking points
Preparing for a negotiation is always well spent. You’ll feel more confident in making your case if you have a set of talking points outlined prior to the time.
Here are a few examples of what you could consider when negotiating your salary:
- Training and certification
- Years of relevant experience
- The results and accomplishments
- Unique set of skills and attributes (e.g., bilingualism)
- Industry knowledge
- Potential for training
The idea of keeping a notepad and/or notes handy could aid in conversations, so it is not lost important information.
Be confident & concise
In a negotiation for a salary it’s crucial to appear confident and articulate. Make sure you are clear about your past experiences accomplishments, your job goals and achievements. It’s essential to maintain a positive attitude throughout this conversation so that the employer isn’t appearing to be hostile.
Highlight Tangible Results
Simply stating one is committed, hardworking, and goal-oriented may not be enough to generate an strong appeal. Make sure to provide precise statistics on how previous roles made an impact in the workplace or how valuable are specific skills which benefit organisation
Remain flexible
If the employer isn’t able to agree to your salary request or compensation arrangement, remaining flexible and open-minded will help open the door to dialogue. You may be able to ask for alternative incentive options such as performance-based bonuses or models instead of the Base salary(? ).
You must remain professional throughout the negotiation - regardless of how smoothly or poorly it’s going getting too defensive or imposing unreasonable demands will likely lead to a negative outcome for everybody involved.
Practice active listening
Listening is equally as important as communicating during these types of conversations. Do listen actively from any other participant during negotiations, observing requested amount carefully & clarifying doubts as much as you can while maintaining the original request. In the end, both parties must be able to reach a satisfactory conclusion.
Use the lessons you’ve learned from these conversations and apply it to future negotiations that you’re likely to be involved in. By following the suggestions above, you will go far in maximizing the chances of achieving mutually beneficial outcomes.
| Your Network is Important | Have a chat with friends who have had similar experiences or reach out to professional networks in addition to brainstorming members within professional organizations. |
| Plan talking points | Qualifications and training, Years of relevant work experience, results and accomplishments, Unique skill set and qualities (e.g. multilingualism) Know-how in the field, Potential for training |
| Be confident & concise | Be clear about your experience as well as your achievements and expectations. Make sure you highlight tangible results. |
| Keep your mind open | You can inquire about alternative incentives such as incentive structures based on performance rather than Base salary (?). Keep your professional conduct during the negotiation process. |
| Practice active listening | Listening is just as important in these types of conversations. Take what you have learned from these discussions and incorporate it into any future negotiations you’ll likely take part in. |
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Frequently Asked Questions
What is the concept of salary negotiation?
It is the act of negotiating and deciding on the compensation plan to be paid for your job. Through this process you will be able to discuss not only your base salary but also other benefits like health insurance, retirement plans and much more.
Why is it necessary to negotiate a salary?
Negotiating your salary will give you a better financial outlook and also show that you know your worth. It will also allow you to avoid leaving money on the table.
When should I begin to negotiate for a raise?
It’s best to begin negotiating after receiving an offer so that all parties are aware of the terms being discussed. In this way, negotiations will be focused on securing the best terms, while avoiding any surprises.
What happens if I am satisfied with the package I was offered with no negotiation?
If you receive an offer and are content with it, there’s no need to discuss it. However, it’s essential to be clear about what the employers are willing to offer in the form of the performance-based bonus or career-training reimbursements.
Do I have the option of negotiating my salary when changing career paths entirely?
Salary negotiation when changing careers may require more training because your previous work experiences may not be directly applicable or relate to the new duties. Research what similar roles in similar industries pay in order to get a solid knowledge of the realistic expectations you can set for you, considering the particular circumstances you face.
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