YOU’RE WORTH IT
13 TIPS FOR NEGOTIATING A BETTER SALARY
The road to financial success can sometimes seem overwhelming. In the process of evaluating our ability to save money, we are oftentimes hit with the reality that there is nowhere to pull additional money from for savings or investments. We often overlook our most valuable resource… ourselves and what we have to offer.
Your skills, talents and abilities are worth something and you should be compensated accordingly. Whether you have worked at one job for a very long time, interviewing for a new position or entering a new career it may be time for you to analyze your value. Negotiating your salary can be a great way to increase your current income.
No Need To Fear
Negotiations are typically a private event and many are afraid because of all of the unknowns. There is no need to fear! We'll give you some simple tips on how to get started and what to avoid when negotiating a salary and/ or a benefits package.
- KNOW YOUR VALUE
You are valuable! The first step is to understand and recognize your value. You were hired for a reason. Your employer has need of who you are and what you have to offer.
- DO YOUR RESEARCH
You have to know the value of the skills that you have to offer. Do an online search to find out the going salary for your position or career. Research not only your industry but also search out your salary range by location.
- HAVE CONFIDENCE
Ever heard the saying, “Your first impression is your only impression”? Be positive, smile, look people straight in the eye when talking. Your preparation will play a key role in your confidence level.
- TALK TO RECRUITERS
Reach out to recruiters. It is their job to know the skill-sets and experience it takes for the job you want. They also know the worth of what you have to offer in the marketplace. Use their knowledge to your advantage.
- PREPARE A “BRAG SHEET” OR PORTFOLIO
Accomplishments, awards, testimonials, etc. can all work in your favor during a salary negotiation. Brag on yourself. Put it all on paper. Showcase your work.
- KNOW YOUR EXACT NUMBER
Research by the Columbia Business School says that you should be very specific about “your number”. The more specific you are with your number the better chance you have of the final offer being close to your initial offer. So, be specific instead of giving a range.
- FOCUS ON MARKET VALUE
Keep the focus on the current market for your skills and credentials. Don’t just ask for a raise solely based on your current salary. This is why it is important to know your market value.
- STAY POSITIVE
Do not go into the negotiations with a resentful attitude. Do not focus on the past, but look to a better more productive future. Although negotiations can be a little scary, make sure that you are not too pushy and that you remain pleasant from beginning to end.
- DO NOT MENTION YOUR PERSONAL NEEDS
Keep the focus on your job performance and the skillset that you have to offer. Yes, the cost of living has risen and you do have financial goals, but this information is not the focus of negotiations. Rather, allow who you are and what you do guide the decision to increase your salary.
- MAKE SURE YOU LISTEN
Although you know what your bottom line is, it is important that you listen to the other party. Perspective can change everything. Understanding the point of view of your current or future employer can give you more information to base your request upon.
- DO NOT FEAR THE WORD “NO”
When negotiating, the word “no” is just a part of the process. Negotiating is a discussion between two parties in order to reach an agreement. This implies that the parties probably do not agree, otherwise there would be no need to negotiate.
- DO NOT BE AFRAID TO MAKE A COUNTER OFFER
If your employer says no, this is really just the beginning of the conversation. Make another offer or this is where you strongly present the reasons that they should honor your request.
- KEEP YOUR OPTIONS OPEN
There is always more to negotiate besides money. Think about your life and what benefits or non-monetary compensations can be made to you that will assist you in reaching your financial goals. These can be…
- Vacation Time
- Tuition Reimbursement
- A Better Title
- Flex Time
- Working Remotely etc.
What Not To Say
Negotiating a salary can be stressful but you always want to present yourself in the best light possible. Never be insulting or present yourself as being owed something. Stay away from the following:
- I work harder than everyone else
- I’m worth more than you are offering
- I was in the top of my graduating class
- Your offer is an insult
- I have many expenses
- There are other companies try to recruit me
- I will work whenever y need me to
Essentially, you do not want to sound arrogant or rude when negotiating. Find tactful ways to argue your case so that professionalism stays present in the room. Staying firm but polite is necessary to leave an impressive impact on your negotiator and reach your salary expectation.
It can be easy to shy away from negotiating because it seems scary or too hard. But there is a 100% chance you won’t get the number you want if you don't ask for it. Negotiating will build respect between you and your new company and shows that you are an assertive, confident worker. A good negotiation will leave a lasting impact and build a powerful reputation among your management and coworkers for the future.
The road to meeting your financial goals may seem long and hard. It is our goal at Timothy Roberts & Associates, LLC to give you the tools you need to assist you. Share this information with your family and friends. You may have relatives who are graduating and in the process of negotiating a salary now. We encourage you to check out our website at www.timothyrobertslls.com. Follow us on Facebook and LinkedIn. Make sure to stay tuned for the next blog post on Wednesday.
Your Interest is our Only Interest!