Salary Negotiation: Prep Time
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Asking for what you want can be difficult, especially when that thing is money in the face of a new opportunity. If you’re made an offer below your market value after a job interview, it could make you question your skills, worth, and career path trajectory. The feelings are mirrored and even compounded when a raise isn’t brought up after an evaluation.
Talks about money often fall to the wayside. However, with the right preparation and mindset, negotiating for your desired pay isn’t only ideal, but in some cases, expected.
Demystifying pay negotiations
44% of people claimed that they never discussed a raise in performance reviews, while only 37% negotiate their salary consistently.
Salary.com
You can negotiate salary with your employer, either current or potential. Maybe you’re in a position where your responsibilities have increased and you’ve been excelling at every turn of the tide. If you feel like your role has developed, your compensation will need to match to keep you motivated and hungry for more.
Also, let’s challenge the idea that pay and salary negotiation should be kept “hush hush.” Let’s get more comfortable discussing wages and more confident expressing how it impacts all other aspects of personal and professional growth. While the hesitation to open the dialogue begins with us, it’s important to remember that the solution does as well.
It’s one thing to have a desired salary that reflects your value, and it’s another to actually make a case for why.
A salary increase isn’t one-sided
It may be easier to think about negotiating pay when the ask is a win for the company as much as it is for yourself. A salary increase should not only confirm the skills you’ve developed, but those you continue to put into action to achieve the company’s goals.
There’s no one-size-fits-all when negotiating a salary, and for some companies, up isn’t the only direction when looking for a pay raise. Think about what you bring to the table, and when negotiating, determine what it would cost the company to either adjust your compensation package or limit your workload. Whether you’re ready to take on a new challenge, a new job title, or even a change of scenery altogether, pay negotiations will have to serve the best interest of everyone involved.
Sharpen those negotiation skills
If you’ve been asking yourself how to negotiate wages, the answer is in your preparation:
- Don’t hold back.
- Do the market research.
- Take counter offers into consideration.
- Factor in benefits packages and productivity bonuses.
- And then craft your pitch!
How would you expect this conversation to play out if the shoe were on the other foot? Just taking an educated guess, your answer will most likely fall in line with: respectful, constructive, honest, convincing, and maybe even adaptable.
Prepare yourself to walk into the room with a plan, well-thought-out questions (as well as answers to questions), and an openness to all possible scenarios. Practice explanations and responses that are direct, short, and authentic. Be confident and composed rather than pushy and demanding.
After all, salary negotiations aren’t about burning bridges or starting a grudge match, but about reinforcing growth for both you and the company.
Defining salary requirements
If you’re asking for a raise or a higher starting salary, your experience, skill set, and proven quality of work should reflect what you’ve achieved and what you’re capable of. With this in mind it should be easy to pinpoint an average salary before negotiations. That way, more time can be spent framing potential rather than pay.
A study in the Journal of Experimental Social Psychology found that someone who mentions an exact number rather than an approximate is better prepared.
Be knowledgeable about all things that translate to compensation to help narrow down your desired salary. For instance, will you be allotted moving expenses if the position is in a new location, home office, and childcare perks if you’re expected to work from home, and even if there’s a signing bonus or referral program you can look forward to.
Practice salary negotiations through a recruiter
If even after your research and prep there’s still some hesitation when negotiating pay, reach out to a gpac recruiter. As industry insiders and with a direct line to hiring managers, there is more than one way to benefit from the services gpac recruiters provide. Leverage their job market expertise, get insight on salary ranges, and get help landing your dream job.
There’s more info coming your way on how to nail negotiating salaries. Keep an eye out for the next part of this series, “The Three Magic Numbers.”
Contributed by Mary Dominguez and Ana Martinez
