5 Step Salary Negotiation Guide
Negotiating a new salary can be intimidating, whether you are
asking for a raise or accepting a new job offer. The better prepared you are for the conversation, the more likely it is that you will get the salary you deserve. Arm yourself with an arsenal of information and read on for 5 tips for an easier salary negotiation.
1. Know Your Worth
out exactly what you’re worth in the job market based on your job title,
location, years of experience, education, etc. You can get your free, personal
salary report here. Once you have your salary report, be sure you understand it. Read our handy guide and soon you’ll be armed with all the information you need about your salary.
2. Do Your Research
Are wages for your job in your industry and location falling, or
are they on the rise? What are the external factors impacting wages? The PayScale Index can shed some light on your wage
prospects. It is also a good idea to check the job growth outlook for your profession. The Bureau of Labor Statistics is full of helpful data. We especially like the Occupation Outlook Handbook as a resource.
3. Know the Company
Pay close attention to
the internal temperature at your company. Are profits dropping or climbing? You
want to ensure the timing is optimal if you are planning to ask for a raise. If
you are negotiating a job offer, do research on your prospective company.
Consider using PayScale’s Employer Q&A feature to help you answer questions about a specific employer.
4. Focus on Your Contributions
No employer is going
to give you a raise because you need to start saving for your child’s college
fund or because you are feeling strapped. Employers want to reward top
contributors who impact the company’s success. So, make sure you write down
your recent wins that have contributed to the company’s business goals and keep
the discussion away from your personal finances. If you are negotiating the
salary in a job offer, make a list of specific deliverables you will bring to
your new company and why those deserve higher compensation.
5. Give Your Boss Notice
you are asking for a raise, keep in mind that the topic of your salary is
sensitive. Springing a random pop-in to discuss your salary won’t get your boss
on your side. Allow for some thought and consideration by scheduling the
meeting a few days in advance. This gives your boss a heads-up that you’d like
to discuss your salary, so you can both be as prepared as possible for the
Tell Us What You Think
We want to hear from you. Do you have any surefire salary negotiation tips? Join in the discussion in the comments.
(Photo Credit: 401(K) 2012/Flickr)