Where To Begin When Negotiating Your Salary
When it comes to knowing how to negotiate your salary, there are many leadership training items to consider. It takes courage, preparedness, and the willingness to hold your ground. Here are a few tips to consider when it comes to negotiating your salary.
When To Negotiate
There are a few opportunities where you might be in a position to negotiate your salary. One is when you are interviewing for a new job with a new company and the second is when you may be anticipating a promotion or moving into a new position at the organization you currently work for. Although you will have the most leverage when negotiating in the first scenario, you should always make an attempt to negotiate your salary when the opportunity arises. Keep in mind that if you don’t ask, you don’t get. The worst thing someone can say is no so it’s always worth taking the time to ask.
Consider The Entire Package
The focus of this quick tip is salary negotiation, but when it comes time to negotiate your salary, you should consider the entire package. This includes your take home pay, benefits, bonuses, profit sharing, vacation time, extra perks, or anything that might be included in the overall package. Sometimes an employer may no be able to accommodate your exact salary requirements, but they may be able to make concessions in other areas like bonuses, amount of vacation, or stock options.
Before entering into any type of salary negotiation, take the time to conduct research. There is plenty of information and studies available online that can be helpful to narrow down a salary range that is comparable to your experience and skill level. In addition, you can discuss details with a human resources professional or ask other professionals in the industry. The more questions that are asked, the more likely you are to get the information you need.
Take Your Time
Do not be in a rush when it comes to negotiating your salary or considering an employment offer. There is a lot of information to research and consider. The last thing you want to do is rush the negotiation and accept something that you aren’t happy with.
Never Do This While Negotiating Your Salary
When it comes to negotiating your salary, never divulge your current salary. There are a couple of reasons for this. First, giving away this information means you will lose any leverage you may have during the negotiation. Secondly, your new position has nothing to do with your current position so your current salary is completely irrelevant. Rather than provide your current salary information, ask your employer what their salary range is for the position and determine whether it meets your expectations. Having this conversation early in the negotiation process prevents both parties from wasting any time, so try to have this discussion early on.
Get Everything In Writing
Before formally agreeing to any negotiation, get everything in writing. This includes anything that may have been promised to you both now and in the future. Getting everything in writing prevents both parties from forgetting or going back on what was agreed upon during the negotiation. Many companies will include details in a formal offer letter, which is something you should look out for.
Many of the professionals we work with hold resentment related to their current salary. In order to avoid this type of situation, make a conscious decision to be ok with the salary that was negotiated. It was your decision to accept the final agreement, so the best thing to do is accept it and enjoy your new position!
Do you have any salary negotiation stories or tips to share? If so, leave a comment below.