Large companies often have well-defined salary brackets for specific job titles; take advantage of this by creating a case to earn the higher end of that range.
Avoid making arguments based on personal circumstances like rent increases or childcare costs; rather, demonstrate how a higher compensation package more accurately represents your market value.
1. Know Your Value
Before engaging in salary negotiations, it’s essential to do your research. Knowing what other people with similar experience and education levels are being paid will enable you to determine your own range.
When it comes time for negotiations, keep your focus on what the company can realistically offer you. If they offer more than what you require, using this number as an anchor point may prove useful.
To bolster your case, put together a list of concrete examples that demonstrate why you deserve a higher salary. It may also help to seek support from trusted friends or mentors; having someone help with role-play can allow you to practice your delivery while anticipating questions or counters from others and ensure you feel more assured going into any conversation.
2. Know the Company
Prior to commencing salary negotiations, it’s essential that you conduct adequate research into how other companies pay similar roles. Otherwise, you run the risk of asking for too much, with potentially disastrous consequences; but doing too little may lead to discontent within the organization if negotiations lead nowhere.
If the interviewer offers you less than your target salary, don’t be discouraged from considering other components of your compensation package that might be easier for them to provide like flexible work hours or matching 401(k). It is essential that you have an acceptable range for what would constitute walking away, so make sure it falls at least near its top point.
3. Know Your Options
While most employers may be open to salary negotiations, each company may impose limits on how far you can negotiate your pay. Therefore, it’s essential that you know their limits beforehand in order to plan effectively during negotiations.
Similarly, when negotiating with companies who are considering you for employment, it can help strengthen your bargaining power by telling interviewers of other companies interested in hiring you as well. Just make sure not to use this strategy as an ultimatum since that could backfire on you.
Consider all possible levers that you can use as leverage in salary negotiations, including vacation time or titles that give more leverage during salary discussions. Prioritize a higher base salary because its compounding financial value will outstrip other one-time payments such as signing bonuses or covering moving expenses.
4. Set a Strategic Date and Time
The appropriate time and place to negotiate your salary varies based on position level and industry. Be it before accepting an employment offer or after some time has been spent at the job, planning ahead is key for ensuring successful outcomes.
Before approaching a negotiation, be sure to research what other people in your industry or position are making – this will enable you to set a range for negotiations.
Be mindful not to negotiate too early or waste your employer’s time with unnecessary requests; an extended salary negotiation meeting can exhaust both parties, so be ready to walk away if your expectations aren’t being met.
5. Practice Your Pitch
Establishing a clear salary goal is key as employers may withdraw offers if they feel you are asking too much. Furthermore, practicing your pitch before interview is also helpful.
Start by listing all your accomplishments to demonstrate why you deserve a higher salary. When making this list, focus on market value rather than personal considerations like rent increases or childcare expenses.
As soon as you initiate a conversation, be the one to initiate negotiations by providing an estimate or suggesting a price point. By being first to do this, it sets an anchor price point and leaves room for negotiation down. Plus it shows your preparedness and seriousness about negotiating!