Salary Negotiation Tactics for Today's Market
Introduction: What Is Salary Negotiation?
Salary negotiation is the process of discussing and negotiating the amount of money you will receive for a given job. It is important to understand and acquire negotiation skills to maximize your chances of receiving the salary you desire. In today's job market, there are a wide range of tactics and strategies to consider when negotiating a salary; but each situation is unique and the best strategy depends on an individual's circumstances.
Understanding Your Negotiations Power
The amount of leverage individuals have in negotiations largely depends on their market value and qualifications. Research and understand how much money people with your skills are making in similar positions to strengthen your bargaining power. Consider gathering evidence of your abilities through references, awards, certifications, and letters of recommendation.
Brush Up On The Lingo
When discussing salaries, professionals have a variety of industry-specific terms they should be familiar with. Review common phrases like “base salary”, “benefits package”, “signing bonus”, and “eligibility for promotions”. Understanding the negotiation terminology will help you to properly communicate your needs and to avoid being taken advantage of.
Know What Questions To Ask
You should also be prepared to ask employers specific questions about the job prospects. Ask questions such as: “What is the salary range for this job?”, “What non-monetary benefits are available?”, or “Can I receive an increase after two years?” By asking these questions, you can increase your ability to advocate for yourself and ensure you are safe-guarding your future in the company.
Be Prepared To Negotiate
Before you enter the negotiation process, it is important to understand what aspects of the salary you are able to bargain over. For example, if you don’t want to move to a new city, this does not need to be brought up in negotiations. Additionally, be willing to discuss extras like vacation packages, signing bonuses, and other perks. Remember to be prepared to walk away; having a backup job or staying in school are tactics to give you the upper hand.
Be Assertive And Specific
When negotiating salaries, individuals should maintain a professional attitude and be mindful of the language they use. Sacrifice politeness for accuracy and assertiveness when appropriate. Be direct in your conversation and make bold, specific requests. Do not be afraid to negotiate for more money, and specify exactly what it is you are asking for.
Study Other Negotiations
To best prepare yourself for negotiating salaries, review what other successful negotiations look like. Speak to friends, family, and peers in similar positions for advice. Review facts and figures, and if you don’t think the offer is fair, explain why and propose a different solution.
Conclusion
Make sure to negotiate for a salary that fairly reflects your qualifications, experience and potential. You want to make sure you are compensated fairly, and with a little bit of research, assertiveness and strategy, you can achieve success in the negotiation process.