Sunday, Feb 15 2015

Know Your Worth: How to Prepare for Salary Negotiations

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Know Your Worth How to Prepare Yourself for Salary Negotiations

 

Whether you’ve been with a company for years or are just accepting a new position, negotiating salary is a tricky prospect. But with a little preparation and the right mindset, you can make the experience far less nerve-wracking — and far more lucrative. Below are a few tips to prepare you to negotiate your salary.

Do your research.

Before starting negotiations, you should know the average salary range for the position. This will give you a solid starting point and show that you have the industry knowledge to back up your income requirement. Always take into account your experience, education, and skill level. If you’re fresh out of college with no experience in the workforce, you’ll likely be on the lower end of that salary range. If you’ve held a similar position for several years or are requesting a raise in your existing job, try to aim for the higher end.

Adjust your mindset.

Many people go into salary negotiations under the mistaken impression that they’re being greedy by requesting a higher salary. While it’s true that you should always be friendly and respectful during these discussions, you should also be assertive. Hiring managers expect you to negotiate, so know your worth and ask for it. You should never be so tied to the outcome of your negotiations that you’re unwilling to take risks. Go into the interview with the knowledge that negotiating your salary is a mutually beneficial partnership with the hiring manager. You aren’t asking for something you don’t deserve.

Practice your tactics.

Always have a strategy in place before you start negotiating. Many recommend that you never give the first number. If the hiring manager pressures you to name a number, try to deflect whenever possible. You can say things like, “What do you think the position is worth?” or refer to your research into the average salary range. Try to get the interviewer to give the first number (it may even be higher than what you were inclined to offer). If they are unwilling to budge on salary, you have other tools at your disposal. You can ask for more vacation days, a flexible bonus structure, relocation fees, or other benefits to compensate for an initially lower salary.

Regardless of the amount, you shouldn’t accept the first offer, especially if it’s lower than what you need or deserve. If necessary, ask for time to think over the offer. If the number is well below your market value, don't be afraid to turn it down. But chances are, if you do your research and determine what your skills and experience are worth, you can come out of the negotiations with a comfortable salary and a strong relationship with your employer.