Think back to when you accepted your most recent position or your last promotion. Did you negotiate your salary? If not, you may be missing out on realizing your full compensation potential. To get what you want, have valid reasons why you deserve the compensation and evidence to back up your reasons.
But, before you start negotiating just for the sake of it, you should understand when it’s appropriate to discuss pay. And, when you’re offered a satisfactory salary, most experts suggest not pushing the envelope. When offered a new job or promotion, the following tips will help you negotiate your new salary or raise:
- Research the salary range for the position. But don’t limit yourself. Many candidates have a goal salary in mind and only state this number. This often ruins their chances of even getting an interview because they tell the recruiter they won’t accept any less. Instead, give a comfortable salary range. Just be sure you can accept the lowest amount you state. To get an idea of the pay range for your skill set, check out websites like CNNMoney, Salary.com and Vault. Salary.com has a great salary wizard tool that provides customized results based on your education and experience.
- Utilize social media. Find professionals with your skill set through your contacts on LinkedIn, Facebook, Twitter, Google+ and any other social media sites you use. They may be able to lend insight into the salary range for the position for which you’re interviewing. While it may be uncomfortable to ask a person how much they make in a similar position, ask them, “How much do you think this role should pay with this type of skill set?”
- Negotiate more than just salary. Don’t be afraid to negotiate other terms. For example, take growth opportunity into consideration. Perhaps there’s a chance to shadow an individual who has the job you aspire to have in five years. Is the company interested in furthering the education of its employees? Perhaps the company will foot the bill for you to attend conferences or seminars. Other terms to consider negotiating are stocks or becoming a shareholder, and a company car, 401(k) company matching contributions and the option to work from home either part-time or full-time.
Come to the negotiating table ready to win, armed with the knowledge of your worth and the value of the position to the company. There are two ways to end negotiations: win-lose or win-win. Be sure you end up on the win-win side, where both you and the company are confident in the decision you’ve made.
**Editing Special Thanks to Meghan Ford **
Filed under: Hiring, Human Resources, Jobs, Recruiting
