How to Negotiate Salary for Your Next Career Move
A salary negotiation is an extremely difficult process, since it involves balancing what you consider your worth and the amount an employer believes they can afford. If done properly, it can be positive for both the employer and employee, which results in a higher pay for the employee, as well as greater employee engagement in their work. Learn how to bargain your salary in confidence.
Important Takeaways
- Before you make a salary offer make sure you research market rates as well as industry standards to ensure that the salary you request is reasonable.
- Get information from socializing with colleagues, using online resources such as LinkedIn Salary and Glassdoor, and also reaching out to professional networks.
- Make a list of talking points ahead time, including education and certification and years of relevant experience, the results and achievements as well as unique skill sets and qualities, industry knowledge, and the potential for further training.
- During the negotiation, you must be assured and confident but remain flexible and open. Highlight tangible results that you’ve achieved in your previous roles.
- Maintain a positive mood throughout the conversation, and engage in active listening.
Do your research
Before you enter any salary negotiation, you need to conduct thorough research on current market rates and industry standards to ensure that your salary suggestion is realistic. Some factors that can affect this could include experience degree, size of the company and geographical location. (?). One way to gather data is to connect with colleagues and others who are in the same area of work.
Research Online
Utilizing internet-based resources like [LinkedIn SalaryUtilizing some of the online resources, such as [LinkedIn Salary (https http://www. linkedin. https://www.linkedin.com/salary) and [Glassdoor] (https http://www. glassdoor. com/Salaries/index. http://www.salaries.com/index.html) you can get an extensive view of the benchmarking range of salaries businesses are providing for same job. This will give you an idea about current market rates and other aspects related to the position.
Your Network Is Important
Gain insight by speaking to people who have had similar positions, or contacting them via professionally-oriented networks and brainstorming with members within professional organizations.
Prepare Talk points
The time spent in preparing for a negotiation is always time well spent. You’ll feel more confident in the presentation of your case if have a clear list of points to discuss before the deadline.
Here are some examples of things that you could consider when negotiating your salary:
- Education and certification
- Experience gained through years of relevant work
- Results and achievements
- Unique skill set and qualities (e.g. bilingualism)
- Industry-specific knowledge
- Potential for training
Notes and notebooks can aid in conversations, so that one doesn’t forget any important points.
Be confident & concise
In a salary negotiation, it’s important to be confident and clear. Be clear about your experience, achievements and job expectations. It’s crucial to maintain an optimistic tone throughout the dialogue so that the person who is hiring you feels that you’re not being hostile.
Show tangible results
Simply stating that one is committed, hardworking, and focused may not be enough to generate an strong appeal. Make sure to provide precise statistics regarding the ways in which previous jobs made distinction in businesses or what are the most valuable qualities that benefit the organization.
Remain flexible
If your employer cannot agree to your requested salary or compensation plan in full Being flexible and open will allow for discussion. You can inquire about alternative rewards, like performance-based bonus structures instead of the Base salary(? ).
You must remain professional throughout the negotiation process - regardless of how well or not: being too combative or making unreasonable demands will likely result in an unfavourable outcome for everyone affected.
Practice active listening
Listening is just as important as communicating during these types of conversations. Do listen actively from any other participant during negotiations, observing requested amount carefully & clarifying doubts if at all while gently sticking with their original request. Ultimately both parties should achieve satisfactory results.
Use the lessons you’ve learned away from these conversations and incorporate them into future talks you’re likely to participate in. The tips mentioned above will go a long way towards maximizing the chances of achieving an agreement that is mutually beneficial.
| Your Network is Important | Talk to your friends who have been in similar positions or reach out via professional networks in addition to brainstorming members within professional organizations. |
| Plan talking points | Qualifications and training, Years of relevant experience and accomplishments, unique skill set and qualities (e.g. multilingualism) and industry knowledge. ability to train |
| Be confident & concise | Talk clearly about your personal experiences as well as your achievements and expectations. Use tangible results to highlight your achievements. |
| Be flexible | Consider alternative incentives such as performance-based bonus structures instead of Base salary. (?). Be sure remain professional throughout the negotiation process. |
| Practice active listening | Listening is equally as important as communicating in these kinds of conversations. Learn from these conversations and incorporate them into future conversations you’ll probably be involved in. |
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Frequently Answered Questions
What is salary negotiation?
Salary negotiation is the process of discussing and deciding on the compensation plan for a job. Through this process, you can discuss not just your salary base, but also additional benefits such as health insurance, retirement plans and many more.
Why why is it important to bargain on salary?
Negotiating your salary can give you a more secure financial future as well as show that you’re aware of what you’re worth. It can also help you keep money off the table.
What is the best time to negotiate the salary?
It is best to begin negotiations after receiving an offer so that everyone is aware of what is being negotiated. This way, the discussions are focused on negotiating optimal terms and avoid unpleasant surprises.
What if I am happy with the package I was offered without any negotiation?
If you are offered a job and are pleased with the offer, then there may be no need to discuss it. However, it’s still essential to be clear about what your employer’s expectations regarding things such as the performance-based bonus or career-training reimbursements.
Can I negotiate my salary if switching careers completely?
The negotiation of salary for changing careers may require more preparation because your past 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 understanding of realistic expectations for you, based on the particular circumstances you face.
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