Job-offer negotiations are rarely easy. If you’d like to get a better starting salary offer, you have to negotiate your salary. Job seekers too often accept the first number that’s put on the table. But whether the economy is strong or uncertain, employers are eager to bring on team members with specialized skills and expertise that can help them the most.
Negotiating your salary is a numbers game
Some people think that all that matters in salary negotiation is how much money is in the bank or in their bank account. That’s true, but how does it relate to how much money you can get? Remember: The salary you negotiate will be a percentage of your annual base salary. There is an even playing field for all, but the winning team will typically be those who increase their offers by the most. The most you can get is four times your annual base salary (a percentage you negotiate should never be less than one-fifth of the final salary) and the time is now.
You want to “level the playing field” as much as possible. Most jobs pay a base salary, and you need to use that as a starting point to negotiate a base salary that’s commensurate with your qualifications.
Prepare for your offer
First, research the competing offers you’ll be getting from your suitors, then plan your strategy for negotiating. Consider where you work and the strengths and weaknesses of each job.
Think big
Prioritize your goals by going after your top two or three goals, and show how you can make them a reality.
Don’t feel trapped
Assume you can negotiate anywhere. Sometimes an employer will “raise your offer.” Don’t feel trapped. Find another position elsewhere.
Be flexible
If you’re unable to budge on some issues, such as when you’ll start or what you’ll be paid, try to leave the job open-ended and don’t ask for a specific amount of money. You’ll show flexibility, but you won’t tie yourself to a deadline that would limit your options down the road.
Know what you’re worth
There’s a widespread myth that because you can technically earn more with a more-skilled job, you don’t have to negotiate. This couldn’t be further from the truth. Even if your job title has increased, it doesn’t mean you should be paid the same or more. There are good reasons for salary negotiations.
Researching the going rate for your title and industry will give you insight into the market’s willingness to pay. This information will also provide clues about where you might find an opportunity to negotiate. But don’t worry if you’re not at the top of the pile. There are ways to maximize your impact in negotiations.
Prepare for the negotiation
Picking the right time for the salary negotiation can help avoid a last-minute panic. Because of this, online salary search sites, such as PayScale, Salary.com, and Salary.com were created. They allow people to search for open job positions and have salary data for thousands of employers to search with.
These sites can help determine your skills and salary range, but for more accurate results, you need to prepare. You need to have all the facts before you go into the negotiation, so do the following:
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- Identify a clear objective.
- Know your market value.
Learn how to present yourself to the hiring manager.
For example, say you’re looking for a job in sales. You probably have a number in mind, like $45,000 to $50,000 per year.
Negotiation tips and tricks
There are many strategies for successfully negotiating a salary. The U.S. Department of Labor offers these tips on its website:
- Be ready to make a strong case. Whether it’s for more vacation days, a promotion or a relocation, show your potential employer that you are worth the extra funds.
- Think beyond the job offer. It’s common for recruiters and hiring managers to offer employees a starting salary proposal that is just the starting point for negotiations.
- Don’t let fear of conflict or negotiation intimidate you. You don’t have to do anything you’re uncomfortable with.
- Get the numbers. Ask for the salary amount that you’d be comfortable accepting, and why that amount is reasonable. And be ready to make your case for the higher figure.
Want to get the best job possible? You should probably ask for a raise.
Remember: Negotiations are often painful, but they can pay off in the long run. If you want to get your salary increase, be prepared to ask.
