Negotiating your salary comes into play not just when you’re applying for a job but also every year during the review process. We know the idea of negotiating salary can appear risky. You don’t want the employer to think you’re ungrateful for what you have. But at the same time, you know you deserve more. Studies show that if you don’t ask, you’re missing out on a potential salary increase of about 7% on average. The reality is if you don’t ask, you probably won’t get what you want and need. This blog will give you nine salary negotiation strategies to help you keep moving forward.
Salary Negotiation Tips
1. Do Your Research
Do your research to find out what other employees with the same job title in the region are making. If it’s significantly higher than what you’re earning, this is valuable data to share.
2. Go to the Experts
Talk to recruiters to find out the going market rate for your job in the region. They can also connect you to new jobs if something goes slightly south during the discussion with your employer.
3. Aim High, But Have a Fallback
Go for the top but have a fallback position. Look at salary ranges and ask for the top amount. But also know what your threshold is for what you can take on the lower end of the range. Have a fallback position.
4. Be Open to All Possibilities
Be willing to find another option, including walking away. Today’s candidate-driven market means you have options. Many people are leaving their jobs right now for a higher salary. Again, a recruiting team can help you determine what options you have. Explore them before you conduct the salary negotiation.
5. Think Through Your Value to the Company
Think through your value before talking with your employer. Come up with concrete examples of why you believe you are worth more. Did you take on new responsibilities? Do you have skills learned from being in the job for more than a year? What projects did you jump into with very little training to help them become a success?
6. Look at the Big Picture
Timing is everything on salary negotiation. Consider the bigger picture for when it’s the right time to negotiate. Are sales up or down? What external and internal factors should you consider when thinking about the timing of your negotiation?
7. Create a “Brag Book”
Create a one-sheet “brag book.” It should show the employer a summary of the great work you’ve done. Ask your coworkers to give you a testimonial on LinkedIn and then use them on this sheet. Did you win awards? Use bullets and show your value.
Practice the negotiation. Think of this as a chess game. What moves will the employer likely make? What will you say to counter? You can even practice with a friend to get ready.
9. Prepare Physically
Physically prepare for the meeting by taking a walk and centering yourself. Don’t have low blood sugar. Drink some caffeine. Do whatever you need to physically prepare for this powerful moment in your career. You can do this.
Contact Lingo Staffing
Lingo Staffing is standing by when you’re ready to take on a new career path. We link employers and top talent to create the perfect match. Contact us to find out how we can help.