Start high. Don’t give in. Take what they give you. Add $5,000.
Every business blog, magazine and a periodical claims its method of negotiation is the magic bullet for soaring salaries. The truth is, there is no formula to negotiate a higher salary. Too many variables can effect the process, and often times you’re better off keeping your head down and working hard. That doesn’t mean a few negotiation principles can’t boost your salary in the right circumstances, however. Get the most out of your salary negotiation when the time is right.
They Are Trying to Hire You
This is, perhaps, the most important negotiation because it sets you salary range for the foreseeable future. The first step is simple, but imperative: Start the negotiation. A Salary.com survey revealed that nearly 20 percent of prospects never negotiate salaries. Whether it’s out of fear or lack of confidence, it’s never a good strategy. Even if your negotiation doesn’t get you anywhere, bringing it up proves courage and professionalism.
As you navigate this initial negotiation, cite your experience, previous salary and the role you up to play in this new position. If you’re currently employed, communicate that you expect a raise in exchange for your service. If they can’t oblige, you can always come down to their offer. It’s not about a number amount or formula. It’s about a confident attitude.
You’re Up For Review
Now that you’ve done some actual work, it’s time to assess your performance and renegotiate your salary. Don’t go into a review empty handed. Bring a list of responsibilities and accomplishments (the more quantifiable the better). If possible, translate your work into money made for the company. If your address standardization project led to a 30 percent increase in leads, translate how many of those leads converted to customers. Your boss will be more open to raising your salary if you’ve raised her income. If she doesn’t bring up salary, don’t leave the room without asking, but wait until the end. You probably only get a chance to negotiate salary once a year. Be assertive and don’t squander the chance.
You’ve Got Another Offer
If you’re currently employed and you have another job offer, consider yourself in the driver’s seat. If you’re open to remaining with your current employee, have a face-to-face meeting with your superior in which you explain that you’d like to stay with the company, but another opportunity has presented itself. Ask how your superior sees your role in the business progressing. Then ask if the business has the ability to raise your compensation. If you’re valuable to the operation, they’ll make you an offer that you can accept or take back to the employer recruiting you. Don’t complete this cycle more than once. There’s nothing wrong with using leverage to do what’s best for your career, but neither employer will appreciate being used in a bidding war.
Guest Article contributed by Nathan Barton
Nate is a business adviser for a medium-sized tech company. He has traveled all around the world speaking at various business conferences, but he believes that freelancing is the best way to spread his knowledge.