Salary Negotiation: A Guide to Success
Negotiating your salary can be easier when you have data and numbers to support your request. Even highly skilled individuals often find it challenging to ask for a raise, negotiate a higher salary for a new job, or seek more compensation in their current position due to fear of upsetting their superiors.
Salary negotiation is not a simple task; initiating the conversation can be daunting. However, knowing how to structure your request effectively is crucial for success.
Basic Salary Negotiation Preparation
1. Always Negotiate
Even if the initial offer exceeds your expectations, you should still negotiate! Research shows that only 57% of men attempt to negotiate their salaries, while the figure drops to just 7% for women. When you receive an offer, consider it a starting point for discussion. The employer wants you, and you owe it to yourself to ask for what you deserve. Additionally, if you are being promoted within your current company, remember that they have invested in your training and development; they don’t want to lose you!
2. Know Your Worth
Utilize resources such as Glassdoor.com, Payscale.com, Salary.com, and BLS.gov to research your market rate. Even if you’re compensated fairly for your title, assess the full scope of your responsibilities. Are you a key liaison between departments? Do you manage a team? Do you hold equity? Each of these factors is vital in determining your worth.
3. Use Strong Action Words
Instead of saying, “I believe I can contribute to the company goals,” say, “My experience in [specific areas] enables me to increase profits, enhance communication, and accelerate feature iterations, which directly aligns with the company goal of [specific goal].”
4. Negotiate Effectively
When you ask for a raise, don’t simply express a desire for higher compensation. Present a specific number alongside justified reasons, relevant data, and compelling action statements. Women, in particular, find greater success when they can cite past projects and measurable outcomes. A recruiter at a multinational corporation noted that she often hired women at salaries ranging from 65% to 75% of what men earned for the same role. The company’s initial offer was usually the same for all candidates, but the negotiation tactics employed led to significant salary disparities. Men tended to provide a concrete number that was over 50% higher than the initial offer, which the recruiter then negotiated down. In contrast, many women did not specify a number and often accepted the next offer, mistakenly believing they had achieved a victory.
5. Ask Early and Often
This principle is particularly important for women, who often wait for others to recognize their value. If you perform well, you are a valuable asset. While the likelihood of receiving a “no” is present when you ask, the answer will definitely be “no” if you don’t ask at all.
It’s essential to understand that your initial offer will likely remain on the table during salary negotiations. It is not inappropriate to seek higher compensation, especially if you have done your research and assessed your contributions. If an employer rescinds your offer because of your negotiation request, you should reconsider whether you truly want to work for that company.
