What’s Trending: Salary Negotiations
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Being able to negotiate your salary is essential to make sure that your career path takes you to the highest heights you can reach. According to Salary.com, 44% of people don’t negotiate for fear or a lack of skills, but skipping this step can bring crucial losses down the line compared to those who do negotiate.
So, if you’re thinking of starting the New Year with a new job, you should know the tips, skills, and avoid the common downfalls on how to negotiate, according to top publications.
Harvard Business Review
Deepak Malhotra wrote a piece in 2014 for Harvard Business Review about how tricky it can be to negotiate a higher salary. Every situation can be different, and there’s no one-size-fits-all advice in the real world.
Not every negotiation happens over an interview, which is something that you should have clear. Sometimes, you can negotiate a higher salary at your current job, or maybe you’ve had a job offer, but it’s not quite the number you were expecting.
“After all, negotiation matters most when there is a broad range of possible outcomes.”
The author compiles a set of rules for negotiation:
- Likability is king
- Know what you deserve and ask for it
- Make it clear that they can get you
- Put yourself in their shoes
- Understand their constraints
- Be prepared
- Focus on the intent, not the question
- Look at the whole picture
- Negotiate multiple issues at once
- Know when to negotiate
- Think through the timing
- Avoid giving ultimatums
- Play a willing part
- Stay at the table
- Have perspective
Using these rules can give you a greater scope of perspective, and you can mix and match them as it suits you to get the desired result. You’ll have to be really strategic when negotiating and have clear what you want from the first moment, but also learn how to adapt if your initial goal is not achievable to pivot to a different one instead of giving up.
Indeed
In a piece for Indeed, Jennifer Herrity argues that there are many ways to be compensated for your work after you’re presented with a job offer. Maybe you’re not fully unconvinced by the extended offer, so you should consider all the different ways you can negotiate to get the best offer you can.
“It’s important you know exactly how much value you can offer an employer before you begin the process of negotiating a salary.”
An important tip, beyond preparation, that Herrity shares is always asking for the top of your range. That way, if the negotiation goes down, you don’t lose or have the salary dip into uncomfortable territory.
If things go south, you should know when to walk away–think of what’s feasible for you to change jobs. Are you relocating, are there extra costs, is the salary right considering market value? All of that has to be calculated whenever they ask you why you want a higher salary, even after they’ve proposed an offer.
gpac
According to our Knowledge Center, the key to acing salary negotiations lies in being prepared. Our writers, Mary Dominguez and Ana Martinez, suggest knowing what you’re asking for and justifying it through hard facts, such as new skills or tasks, a precise number, and factoring in the big picture.
The truth is that they get to is that salary negotiations can be tricky because a wrong step can hurt your career, not only in the immediate aftermath. Still, money isn’t everything, and you should always look at the whole scope of benefits whenever you’re considering asking for a raise or leaving for a better offer.
“After all, salary negotiations aren’t about burning bridges or starting a grudge match, but about reinforcing growth for both you and the company.”
To have a successful salary negotiation, you should know what you’re asking for since the beginning, but you should avoid at all costs being unreasonable or inflexible. Be prepared for anything, from being asked tough questions to knowing how to ask them and justifying all the possible whys you ask for a higher salary.
An important advice they give is that you can practice with a professional before going with a hiring authority by contacting a recruiter first who will be able to guide you
The takeaway
Knowing what you are asking for is the most important part of salary negotiations. Be prepared by the time you get to the table with a hiring authority by researching the market, expectations, and tough questions you might face. Have your mind open to being changed for the right price (or benefits!), and try to put yourself in their shoes to avoid being overtly pushy or inflexible on things that can’t be changed–if that happens, maybe it’s time to walk away. It’s always okay to ask for help or feedback, so practicing with a trusted friend or, better yet, a professional who knows your field can be a game-changer.
