Whether you’re considering a new job offer, advocating for a raise, or pitching your next promotion, negotiating can be scary, but possible when applying the right tactics. Your first step would be to understand the key strategy from the viewpoint of a compensation professional.
This tactic can greatly enhance your chances of achieving a favorable outcome. Consider a few statistics. Only 30% of candidates reportedly negotiate initial offers, but roughly 66% of those that do receive a better starting salary. Similarly, 70% of employees asking for a raise in their current role see at least a partial increase, though it’s important to note that these numbers can vary.
Here are five essential tips for salary negotiation:
1. Do your research
Before entering negotiations, gather information about industry and salary ranges for your role by utilizing resources like, Glassdoor or PayScale. Gather a full understanding of the compensation package, including benefits, bonuses, and other perks that may be offered in your specific field and location. Experts agree that research is essential to good negotiations. Jennifer Cossel, classifications & compensation consultant at Oregon State University, highlights a critical mistake in failing to anchor your research within relevant details. “Data without context can lead to false assumptions,” shared Cossel. Therefore, before submitting your salary request, have a grasp on the impact you can have on the role, the job description itself, what the employer wants the selected candidate to conquer and quantifiable outcomes which help set the foundation of why you are negotiating the rate.
2. Set the Stage
Situational awareness is key in approaching negotiations. “Start laying the groundwork from during the initial interview -which may be with the recruiter. During the interview process, identify who the decision makers are, the timing of when decisions are made and the proper channels for communicating your interest
- Know your range: Your ideal rate request and your bottom line.
- Document your accomplishments: Track tangibles and align them within contributions to you can bring to the position.
- Know your audience: Are you pitching to your boss, HR, or the recruiter? Either way, provide compelling evidence of your accomplishments, certifications, or any specialized knowledge that contributes to your value in the job market. Be prepared to articulate how your contributions can positively impact the company, emphasizing the return on investment they will see by offering you the job.
3. Practice your Delivery
Consult with your mentor, a Career Advisor, or your current leader to practice your pitch. Approach negotiations with confidence and clarity. Prepare and rehearse what you want to say, including how you’ll respond to common counterarguments. Practicing with a friend or mentor can help you refine your message and delivery. Aim to express your salary expectations calmly and professionally. Review the sample scripts to launch your proposal
4. Take Your Shot
It’s time to take your shot! You have done all the research, compiled your accomplishments and you have practiced with others to gain perspective. — now it’s time to go for it! By following these essentials, you’ll be better equipped to navigate salary negotiations effectively and secure a compensation package that meets your professional and personal needs.
5. Be Prepared to Walk Away
Enter negotiations with a clear understanding of your minimum acceptable salary and conditions. If the terms do not meet your needs, be prepared to respectfully decline the offer. This shows that you value your worth and encourages employers to offer more competitive compensation packages to attract top talent.
In summary, here are additional questions to consider when you are ready to negotiate your salary. Some questions may have been answered during the interview process. However, if you are strongly considering the role and it is a perfect fit for you but the compensation is not quite what you desire, these questions can help you make a final decision on rather to accept the offer or continue your job search: Questions to ask yourself when negotiating a job offer.
