Tips for Salary Negotiation
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The document outlines key strategies for effective salary negotiation, emphasizing the importance of demonstrating relevant experience, being persuasive, and waiting for the employer to make the first offer. It highlights the need to understand one's value, clarify interests beyond just salary, and prepare thoroughly by researching the position and creating alternatives. Additionally, it encourages reflecting on past negotiations to improve future performance.
Tips for Salary Negotiation
- 2. 1. Show your experience & know- how Put your past experiences on the table and let the employer see exactly why you're fit for the position. Hands-on experience is a very efficient salary-negotiating tool.
- 3. 2. Be Persuasive It's hard to force your boss to increase your compensation, and trying to do so can potentially damage your working relationship. Think about the process as trying to convince him that it might benefit the organization to pay you more.
- 4. 3. Don't ask about salary Let employers make a first offer, as it is primordial to push off any actual salary talk until after you've secured the position. At that point, it'll be much easier to negotiate since you'll know that the company wants you on board.
- 5. 4. Start Off with the Right Tone You want to let your boss know you will listen and try to understand his views. At the same time, you expect your boss to do the same for you so you can work together to address this issue. Avoid ultimatums, threats and other coercive behavior.
- 6. 5. Understand your value Consider whether you are in a position of power. If you're in high demand elsewhere, you have leverage. Draw attention to it, but be careful not to emphasize it too much. Avoid acting overly confident or cocky. It's OK to mention that you have interviews at other companies, but don't try to force a favorable decision.
- 7. 6. Aim High, and Be Realistic Many researchers have found a strong correlation between people's aspirations and the results they achieve in negotiation. At the same time, you want to suggest ideas to which your boss can realistically say yes.
- 8. 7. Clarify Your Interests Your compensation should satisfy a range of needs, not just salary. Make sure you have thought about other points of value to you as well -- like profit sharing, stock options that vest immediately, a bonus, greater work responsibilities, a quicker promotion schedule, increased vacation or flexible hours.
- 9. 8. Anticipate Your Boss's Interests Just like you, your boss has needs and concerns. To persuade him to say yes, your ideas will have to address those things that are important to him.
- 10. 9. Think Through Your Alternatives In case you cannot persuade your boss to say yes, you need to have a backup plan. Part of preparation is creating a specific action plan so you know what you'll do if you have to walk away from the table.
- 11. 10. Create Several Options Joint brainstorming is the most effective way to find ideas that satisfy everyone's interests. It works best when you separate it from commitment -- first create possible solutions, and then decide among them.
- 12. 11. Do your research about the position When you walk into the room, you should know -- from A to Z -what the position entails, the skills required, the industry average salary, and the market demand. Use all these hidden assets to your advantage and be prepared for any curve ball the employer might throw at you.
- 13. 12. Prepare Thoughtfully to Achieve Your Goals This is the only aspect of your negotiations you can completely control. To take advantage of all of the above advice, you have to invest a significant amount of your time and energy.
- 14. 13. Review to Learn The only way you can really improve your ability to negotiate is to explicitly learn from your experiences. After you finish negotiations, reflect on what you did that worked well and what you might want to do differently next time.
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