How to Negotiate Salary for Your Next Career Move
A salary negotiation is a difficult conversation, as it requires you to balance what you consider your worth and what the employer thinks they’ll be able to afford. However, if done correctly it can be an enjoyable experience for both the employer and employee, which results in a greater salary for the employee as well as greater employee engagement in their work. Here’s how you can make your salary negotiation a success.
The most important takeaways
- Before you negotiate your salary study market rates and industry standards to make sure that the salary you request is reasonable.
- Gather information through the networking of colleagues, using online resources such as LinkedIn Salary and Glassdoor, and reaching out to professional networks.
- Plan your talk points ahead of the time, including education and certifications as well as years of relevant experience, results & achievements and unique skills capabilities, knowledge of the industry, and training opportunities.
- During the negotiation, you must be assertive and confident, yet flexible and open-minded. You should highlight tangible results you’ve achieved in your previous roles.
- Keep a positive attitude throughout the conversation, and be active in your listening.
Do your research
Before you enter any salary negotiation, you need to do thorough research on current market rates and industry standards to make sure that your salary proposal is realistic. Some factors that can affect this could include experience level, company size and geographical location. (?). A great method of gathering information is to make connections with colleagues or other professionals in your chosen job field.
Research Online
With the help of online sources, like [LinkedIn Salary] (https: //www. linkedin. http://www.linkedin.com/salary) and [Glassdoorglassdoor (https http://www. glassdoor. com/Salaries/index. htm) you will get a an additional perspective on the benchmarking range of salaries businesses pay for the same job. This will give you an idea of the market rates and other aspects related to a job.
Your Network is Vital
Get insight from talking to people who have had similar roles or reaching out through the professional networks in addition to brainstorming members of professional organizations.
Make Talking points
Time spent preparing for any negotiation is always time well spent. You’ll be more confident when presenting your case if you have a list of points to discuss in advance.
Here are some suggestions of things you may want to consider to include in your salary negotiation:
- Education and certification
- Experience gained through years of relevant work
- Results and achievements
- Unique skill set and qualities (e.g. bilingualism)
- Industry-specific knowledge
- Training potential
Also keeping notes/notebook handy can assist during conversations to ensure it is not lost important details.
Be confident & concise
When you negotiate your salary, it’s important to be confident and clear. Make sure you are clear about your past experiences accomplishments, your job goals and achievements. It’s crucial to maintain a positive attitude throughout this conversation so that the person who is hiring you feels that you’re not coming across as aggressive.
Highlight Tangible Results
Simply stating one is determined, hardworking and goal-oriented may not be enough to make an impressive appeal. Therefore, provide clear data regarding how prior roles have made a difference in companies or how valuable are specific qualities that help an organisation.
Be flexible
If the employer cannot agree to your requested salary or compensation plan in full, remaining flexible and open-minded can help create space for discussions. You can inquire about alternative incentives like performance-based bonus structures, instead of the Base salary(? ).
Be sure remain professional throughout the negotiation - regardless of how smoothly or poorly it’s going fighting too much or making unreasonable demands can result in an unfavourable outcome for everyone involved.
Practice active listening
Listening is just as important as communicating during these kinds of conversations. Listen attentively from the other party during negotiations hearing specific requests and resolving doubts, if necessary, while keeping to the their original request. Both parties should ultimately come out with acceptable results.
Learn away from these conversations and apply it to future negotiations you’ll likely take part in. Following the tips above goes in the right direction to increase the chances of achieving mutually beneficial outcomes.
| Your network is important | Talk to your friends who have been in similar positions or reach out via networking networks for professionals in addition to brainstorming members within professional organizations. |
| Make Talk points | Education & certification, Years of relevant work experience, results and accomplishments, Unique skills and characteristics (e.g. the ability to speak two languages) and industry knowledge. Potential for training |
| Be confident & concise | Talk clearly about your personal experiences your accomplishments and expectations for the job. Use tangible results to highlight your achievements. |
| Remain flexible | Find out about other incentives, such as incentive structures based on performance rather than Base salary. (?). Make sure to remain professional throughout the negotiation process. |
| Practice active listening | Listening is as crucial as speaking during these kinds of conversations. Learn from these discussions and incorporate it into any future conversations you’ll probably be involved in. |
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Frequently Asked Questions
What is salary negotiation?
Negotiating salary is discussing and finalizing the compensation package for a particular job. When you negotiate this it is possible to discuss not only the base salary, but also additional benefits such as health insurance, retirement plans as well as other benefits.
Why is it so important to bargain on salary?
Negotiating your salary can give you a more secure financial future as well as indicate that you know your worth. It also helps you keep money off the table.
How soon should I negotiate the salary?
It is ideal to begin negotiations after you have received an offer, so that everyone is informed of what’s being discussed. In this way, negotiations will be focused on securing the best terms, while avoiding any unpleasant surprises.
What happens if I am satisfied with the deal I received without any negotiation?
If you are offered a job and are happy with the offer, then there’s no reason to negotiate. 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.
What is the best way to negotiate my salary? changing careers?
Salary negotiation when changing career paths may require added training because your previous work experience might not directly translate or be a part of the new job. Study what similar positions in related industries pay in order to get a solid understanding of realistic expectations for yourself, given the particular circumstances you face.
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