How Do I Negotiate a Higher Salary With My Employer?
The salary negotiation process is one that is far from enjoyable, but you may be surprised to learn that recruiters and even executives expect the best candidates will negotiate when it comes time for a job offer or a raise. You will be surprised to learn that 84% of employers expect job applicants to negotiatea salary during the interviewing phase, and that 87% of these employers have never rescinded their job offers because of the salary discussion. Based on these facts, you should never be scared to be prepared to discuss money. After all, failing to negotiate with your employer could lose you hundreds of thousands of dollars throughout your career. If you are nervous to ask for more money than you are receiving or being offered, here are some tips that can help you get what you are worth.
Consider Your Actual Value and Not the Generic Facts
If you and a friend are comparing compensation packages, you can easily become discouraged to find that dear friend is earning much more than you with less responsibility. If you are not in the same industry or the same field, be aware that the comparison is really not relevant. But if you are in the same field, comparing could be a waste of time because employers all pay differently, and you may have different levels of experience.
When you are approaching salary negotiations, you must consider your own value. Knowing what you are worth can be difficult, but doing research can help you put an accurate dollar amount to your worth. Make sure that you set aside time to research the salary ranges for professionals in your area, with your level of experience, and also with your other qualifications. By doing this, you can walk into your meeting with the cold, hard facts.
Talk About What You Deserve and Not What You Need
A salary negotiation meeting is all about being confident without sounding like you are demanding a specific figure. When you have the facts by researching average salaries reported, it can be confidence-boosting, but do not let your confidence come off too harsh. You should never talk about how much money you need when you are starting the negotiation process.
Your boss or future boss does not need to know why you need more money because your bills are not relevant to him or her. Your boss would be much more open to talking about how you will be an asset to the employer and how giving you a higher salary will help cut costs or earn more revenues. Talking about how you will earn the salary you have requested will get you further than explaining why you need such a large figure.
It is important to walk into a negotiation meeting with an open mind. You should get past the jitters and be confident so that you can communicate your real value and persuade the gatekeeper to raise your rate of pay. If you are flexible with your boss and you are willing to compromise, you can expect a much better outcome then being firm like a car dealer. Focus on your worth first and translate this into communicating your value to the employer in terms that matter. By taking this route, you can improve the chances of having a good outcome after your salary negotiation meeting. If you aren’t quite sure how you want to proceed, feel free to check out our resource that breaks down choosing the right graduate degree.
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