How to Negotiate Your Salary - Resumonk Blog

How to Negotiate Your Salary - Resumonk BlogHow to Negotiate Your Salary So. Youve aced the interviews and been offered a job. Youre almost ready to advance your career in a new position. But before you sign an employment agreement, you still need to talk about your salary. Whether youre having a review, getting a promotion or youre entering into a completely new position with a new company, your salary is probably one of your biggest motivators. When you feel like youre properly compensated for your work, you probably feel happier on the job.Unfortunately, not everyone tries to negotiate a salary that works best for them. Asking for mora money can be scary, but undervaluing yourself and your work can be even worse.Knowing how to negotiate your salary is the best way to ensure you get the compensation you deserve. To prepare for your next salary negotiation, here are a few steps you can take.1. Do Your ResearchIf youre about to ask for a larger salary, you need to know whether or not youre being realistic. While you may believe youre worth the amount youre searching for, you need to know that its within the industry standards for a similar job.Look online for expected ranges for the position youre considering. If you cant find information online, pick up the phone and talk to some recruiters. Develop a salary range that you would be comfortable considering.2. Select a Specific NumberDont go into a negotiation with only a salary range. If you dont appear confident in the salary youre asking for, the employer may not believe youre worth that amount.Choose an actual number somewhere towards the top of your determined salary range. If you select an exact number rather than a rounded number, youll show the hiring manager that youve truly thought about how much youd like to get paid.3. Have a Walk Away PointYour walk away point should be the lowest salary that youd be willing to take. By thinking about this number before you walk into a negotiation, you wont need to take the time to think about it while your potential employer is waiting for you.Your walk away point may be determined based on your cost of living, financial need or just because you know that your work is worth more than that. While it wont be easy to turn down a job offer, taking a salary well below what you know you need will only hurt you in the long run.4. Write Down Talking Points When asking for a bump in your salary, youre going to need to have a few reasons that explain why you deserve it. But when you get nervous, you may be likely to forget the points you want to make.Save yourself the stress by creating a one-page sheet that outlines all the reasons you deserve a raise or a higher salary. If you already work at the company, you may want to include some points about specific projects youve assisted on and how your performance helped. If youre interviewing with a new company, talking points about accomplishments, awards or certifications will do.5. Get ComfortableThe mor e you practice what you want to say, the more comfortable you will be when the time comes to actually talk with your anfhrer or hiring manager. Spend some time getting familiar with the points you want to make and the conversation youd like to have.Writing down your talking points is a great place to begin. You will also want to rehearse the conversation aloud a few times. If you have a friend or family member willing to sit with you, talking with another individual through the main points can be very helpful.6. Carry Yourself With Confidence Confidence is key when youre asking for a higher salary. Immediately before going into your meeting, youll want to take a few moments to breathe deeply and practice your power stance, which exudes confidence.When youre ready to walk into your anfhrers office or your meeting, keep your head held high and a smile on your face. Stay positive and approachable, but also be determined.7. Lead With Your Accomplishments Instead of jumping headfirst int o the conversation and asking for more money, build up the conversation by talking about your accomplishments. Move the conversation forward by talking about what you would be able to do for the company if you were compensated better.When your employer decides to boost your salary, theyre doing so to get a return. If they cant landsee the value in giving you more money, theyre not likely to agree to your terms. Instead of assuming they can see the value, dont be afraid to spell it out for them.8. Dont Be DemandingWhile you want to be confident in asking for a higher salary, you dont want to come across as demanding. Instead of only stating that you believe you need a raise, open the room for conversation about why your boss may feel like you do or dont deserve more money.This is especially true if you are negotiating a starting salary. While most employers expect you to negotiate a little during the interview process, seeming too pushy can actually prevent you from closing the deal. If you come across like you may be a difficult employee, they may retract their offer and give it to someone else.9. Get a Number on the Table First When negotiating a salary, you want to be the one to start the negotiation. The first number discussed will act as the jumping-off point for the entire conversation, so if it begins too low, you may not be able to raise it to the salary youre hoping for.This being said, always use the top number in your range as your opening salvo. Because you and the employer will probably settle somewhere below the initial offer, you wont be able to raise your request after the negotiation begins.10. Keep Your Personal Needs Out of itIf youre looking for a higher salary, it probably has something to do with higher living expenses or wanting more financial freedom. While these are valid reasons for wanting a raise, they probably wont tempt your boss into giving you a higher salary. Dont use personal financial needs to negotiate. Rather than talking ab out how you need more money, explain why you deserve more money. Stick to things like your achievements or advancements within the company, or things youve accomplished during your career.11. Rank Your Requests If youre negotiating more than just your salary, youll want to focus primarily on the one thats most important to you. In most cases, this will be your salary, but you may also want to negotiate the terms of your benefits or vacation time.When listing your counter offer, do so by including the most important items first and the least important items last. This will give your boss or the hiring manager a clear indication of where your priorities lie and will be able to better negotiate terms youre happy with.12. Give Yourself Time to Think If you lay a number on the table and your boss gives you a counter, dont feel like you need to jump at the offer before it disappears. While you may be scared that the number will drop as time ticks away, the negotiation process is meant to take time. You dont want to accept an offer youre unhappy with just because you felt pressured to answer.Whether or not you agree with the number provided, take at least a few seconds to think it through. Hesitation can ensure you know what youre agreeing to, but may also make the other individual a little nervous, putting you at an advantage if you want to counter.13. Listen Before You SpeakWhen youre talking about needing a raise or a higher salary, you may become wrapped up in what youre saying without really listening to what your employer is telling you. Before you jump to further explain why you believe you deserve a salary boost, look for clues as to why your boss may be hesitant.In some situations, the company simply doesnt have the money to give you a salary bump. If it isnt in the budget, negotiating for more money will probably get you nowhere. However, if you listen to what your employer is saying, you may be able to negotiate for other benefits, such as more vacation ti me or remote working opportunities.14. Avoid Threats You may feel tempted to tell your employer that youre leaving if you dont get the raise. But while you may think this will scare them into giving you the money youre after, it actually may reflect badly on you.Companies want to invest in people that want to work for them. If you demonstrate that money is your sole priority, theyre not likely to ever give you a boost in salary. Because many recruiters, interviewers and managers have networks of similar individuals, it may also get around that youre a difficult employee.15. Dont Give UpNegotiating a salary is something that you will probably do many times during your career. Until you get used to the process, youll always be nervous about talking numbers.Instead of panicking over the thought of a negotiation, accept it with open arms. Continue to practice negotiating whenever you can, and soon youll be a master at the skill.Dont let the fear of negotiating keep you from getting the salary you think you deserve. With these tips, youll be well on your way toward becoming a negotiation master. Remember do your research, practice and carry yourself with confidence.p.s. Resumonk helps you create a beautiful rsum cover letter in minutes. Stand out from the crowd and multiply yourchances of landing your dream job. Check it out now.