How to Negotiate Salary for Your Next Career Move
A salary negotiation is an extremely difficult process, since it involves balancing what you consider your worth and what an employer thinks they can afford. If it’s done right, it can be positive for both sides that results in a higher pay for the employee and greater satisfaction for the employees in their work. Here’s how you can bargain your salary in confidence.
The most important takeaways
- Before you negotiate your salary, research market rates and industry standards to make sure that your salary request is realistic.
- Gather information through socializing with colleagues, using online resources such as LinkedIn Salary and Glassdoor, and also reaching out to professional networks.
- Plan your talk points ahead of time, including education & certification in the form of years of relevant work knowledge, accomplishments and achievements with a unique set of skills and qualities, industry knowledge, and the potential for further training.
- In the course of negotiations, you should be assured and confident but remain flexible and open-minded. Highlight tangible results that you achieved in your previous roles.
- Keep a positive and upbeat tone throughout the conversation, and be active in your listening.
Do your research
Prior to entering any pay negotiation, it’s crucial to conduct a thorough investigation of current market rates and industry standards to make sure your salary offer is reasonable. The factors that could affect the amount you are offered could be experience levels, the size of your company and the location of the company. (?). One great way to gather information is through networking with your colleagues or those within your area of work.
Research Online
With the aid of internet-based resources like [LinkedIn SalaryUtilizing some of the online resources, such as [LinkedIn Salary (https http://www. linkedin. com/salary) and [Glassdoor] (https http://www. glassdoor. com/Salaries/index. htm) You can find a more substantial approach towards the benchmarking range of salaries businesses pay for the same job. This will give you an idea of current market rate plus few other aspects related to the job.
Your Network is Vital
Learn more by talking to people who have had similar positions, or contacting them through professionals networks and brainstorming with members within professional organizations.
Prepare Talk points
Preparing for a negotiation is always well spent. You’ll feel much more confident when making your case if you have a clear list of points to discuss prior to the time.
Here are a few suggestions of what you might want to think about to include in your salary negotiation:
- Training and certification
- Experience gained through years of relevant work
- The results and accomplishments
- A unique set of skills and characteristics (e.g., bilingualism)
- Industry knowledge
- Potential for training
The idea of keeping a notepad and/or notes handy could be helpful during conversations so that you don’t miss any important information.
Be confident & concise
During a salary negotiation it is essential to be confident and clear. Make sure you are clear about your past experiences, achievements and job expectations. It’s important to maintain a positive tone throughout this discussion so that the employer feels like you’re not appearing to be insecure.
Show tangible results
Simply stating that one is driven, hardworking, and aspire-driven person may not be enough to create an appealing appeal. It is important to present clear and precise data about how your previous positions made a distinction in businesses or the value of specific capabilities that benefit the organization.
Be flexible
If the employer isn’t able to your requested salary or compensation plan in full Being flexible and open can allow room for discussion. It is possible to inquire about alternative incentives like performance-based bonus arrangements instead of the Base salary(? ).
You must remain professional during the negotiation process - regardless of how successfully or poorly it’s going: being too combative or imposing unreasonable demands will likely result in an unfavourable outcome for all parties that is.
Practice active listening
Listening is equally as important as communicating during these types of conversations. Pay attention to another party while you negotiate, listening to the requests carefully and clarifying doubts as much as you can while remaining in the spirit of your their original request. Both parties should ultimately come out with acceptable results.
Consider the lessons you’ve learned away from these conversations and incorporate it into the next talks you’re likely to participate in. Following the tips above goes in the right direction to increase your chances of reaching positive outcomes that are mutually beneficial.
| Your Network is Important | Contact friends and acquaintances who have had similar experiences or reaching out through the professional network as well doing brainstorming members within professional organizations. |
| Plan talking points | Qualifications and training, Years of relevant experience and accomplishments, unique ability and traits (e.g. bi-lingualism) and industry knowledge. Potential for training |
| Be confident & concise | Be clear about your experience your accomplishments and expectations for the job. Use tangible results to highlight your achievements. |
| Be flexible | Find out about other incentives, such as performance-based bonus structures instead of Base salary (?). Keep your professional conduct during the negotiation. |
| Practice active listening | Listening is equally important as communicating during these types of conversations. Learn away from these conversations and incorporate it into any future discussions you’ll likely be involved in. |
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Frequently Asked Questions
What is the concept of salary negotiation?
The process involves discussing and finalizing the compensation package for a particular job. Through this process you are able to discuss more than only the base salary, but also additional benefits such as retirement plans, health insurance as well as other benefits.
Why is it necessary to negotiate a salary?
Negotiating your salary will give you a better financial outlook as well as show that you know your worth. This can help you keep money off the table.
What is the best time to negotiate the salary?
It is ideal to begin negotiations following the acceptance of an offer to ensure everyone is conscious of what’s being negotiated. Then, the discussions are focused on negotiating optimal terms and avoid unpleasant surprises.
What happens if I am satisfied with the package I was offered without any negotiation?
If you accept an offer and you are satisfied with the offer, then there may be no need to negotiate. However, it’s still essential to have transparent communication about what your employer’s expectations in the form of the performance-based bonus or career-training reimbursements.
Can I negotiate salary when changing careers?
Salary negotiation when changing careers may require more planning because your prior experience might not directly translate or encapsulate new responsibilities. Research what similar roles in similar fields pay in order to get a solid knowledge of the realistic expectations you can set for you, based on the specific circumstances.
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