Here are tips to negotiate salary. New job market – new job opportunities, time to talk salary negotiation….Let’s start with some stats…(based on reporting by Forbes):
- Forty-six percent of men negotiated their salaries compared to 34 percent of women.
- Workers ages 18-34 (45 percent) were more likely to negotiate salary than those ages 35-54 (40 percent) and 55 or older (30 percent).
- African-American job candidates are more likely to receive lower salaries in hiring negotiations when racially biased evaluators believe they have negotiated too much — according to research published by the American Psychological Association.
3 Steps to Negotiate Salary
It is imperative that you advocate for yourself; own your power; understand your value; and compete in the market alongside the powerful and privileged.
Step #1 – The Right Mindset
Understand the value you bring to the table. Your value can be something as complex as your contribution to your company in the course of your duties, or as simple as you being a loyal and trustworthy customer of a business for years.
Write down a list of items that you know bring positive contributions to the company/position, and then own them!
Step #2 – Research
Things to Research:
- Job Title Average Salary
- Market Average (Location)
- Company Specific Average
- Current Performance Metrics (If Applicable)
- Great tools are LinkedIn and glassdoor….use those online resources.
Step #3 – Don’t be afraid – Have “The” Conversation
- Be agreeable throughout the discussion. Don’t posture or get defensive if things aren’t going your way. Always respond with expressions like “I’m sure we can find a number that is mutually beneficial!”
- Pick your number. Know it prior to the conversation start. Then, ask for $10,000 more.
- Be prepared with a backup plan if you don’t get your number
- Salary adjustment meetings — discuss a path to a higher salary
- Bonus based on performance
- Other perks or benefits
When you need coaching or specific tips based on your situation, please do not hesitate to contact us…we’re the masters at negotiating!