Let’s dive into the art of negotiation, particularly focusing on how to negotiate a salary that truly mirrors your worth and contributions. Whether you’re interviewing for a position OR already in a position that you feel should be paying you more, this process works.
Understanding Your Value and the Market before entering the negotiation arena is imperative because you’re basically selling yourself. Know your strengths and how they translate into tangible benefits for your employer. Your value is a combination of your skills, experiences, and unique contributions to your current or prospective role.
Market research provides a realistic benchmark for salary expectations. Resources like industry-specific salary surveys and platforms like Glassdoor offer insights into what others in similar positions earn.
Overcoming Negotiation Anxiety might be tricky at first but negotiation is a skill you master over time and through practice. Role-playing scenarios, seeking advice from mentors, and reading books can build your confidence. Negotiation is not just an expected part of your professional journey so learn as much as you can now.
The Pitch
- Introduction and Appreciation
- Begin with a positive tone.
- Express your gratitude for the current opportunity or offer.
- Example: “Thank you for the opportunity to discuss my role and compensation. I’m truly excited about the work we’re doing and I’m committed to contributing as much as I can.”
- Highlight Your Value and Contributions
- Briefly summarize your key achievements and contributions.
- Focus on results and impact, using quantifiable metrics where possible.
- Example: “In the past year, I’ve successfully led 3 major projects, resulting in a 20% increase in sales and a significant reduction in costs.”
- If you have numbers in dollars, use that instead. For example: “…Resulting in a 20% increase in sales which yielded $50,000 dollars for the company in quarter one”
- Market Research and Standards
- Present your research on industry salary standards for your position and experience.
- Example: “Based on my research and understanding of the current market standards, the typical salary range for someone in my position with similar experience and impact is around [X to Y].”
- State Your Salary Expectation
- Clearly state your desired salary.
- Be specific but leave some room for negotiation.
- Example: “Considering my contributions and the market standards, I believe a salary of [Your Target Amount] would be more reflective of the value I bring to the team.”
- Supporting Reasons for the Request
- Provide reasons for your request.
- Reference any additional responsibilities you’ve taken on.
- Example: “Additionally, I’ve taken on more responsibilities over the past year, such as [mention specific tasks or roles], which I believe further justifies this adjustment.”
- Open the Floor for Discussion
- Encourage a dialogue.
- Show willingness to listen and negotiate.
- Example: “I’d like to hear your thoughts on my proposal as I value your opinion”
- Closing
- Reiterate your commitment and enthusiasm for the role.
- Thank the employer for considering your request.
- Ask for a time frame to follow up if they don’t have an answer on the spot
- Example: “Thank you for considering my request. I’m committed to contributing positively to the team and am excited about our future projects. I look forward to hearing what you can do. When do you think you’ll have an answer?”
Questions to Ask During a Salary Negotiation
- Understanding the Salary Structure
- “Can you provide more insight into how the salary levels are structured here and what factors contribute to changes in compensation?”
- Performance Metrics
- “What specific performance metrics or goals should I meet or exceed to justify a higher salary or a raise?”
- Future Opportunities
- “What opportunities for financial growth does the company offer in terms of raises, bonuses, or promotions?”
- Professional Development Support
- “Does the company offer support for professional development that could lead to salary increases?”
- Review Process
- “How frequently does the company review salaries, and what is the process for initiating a salary review or negotiation?”
- Total Compensation Package
- “Aside from the base salary, what other components of the compensation package are negotiable, such as bonuses, stock options, or additional benefits?”
- Long-Term Career Path
- “What does the long-term career and salary progression typically look like for someone in my role?”
By preparing a structured pitch and asking relevant questions, you can position yourself as a knowledgeable and professional individual, making it more likely to achieve a positive outcome in your salary negotiation. The more you practice this task, the more you should believe in what you have to offer and deserve. Speak from a place of abundance, rather than lack.
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* The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Investing includes risks, including fluctuating prices and loss of principal. No strategy assures success or protects against loss.*
