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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 aresenal of information and read on for 5 tips for an easier salary negotiation. 

1. Know Your Worth

 Find 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 Handook 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

If 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 discussion. 

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. 

More from PayScale

Not Getting the Salary You Deserve? Here's Why.

Top 5 Salary Negotiation Mistakes

Strange Salary Negotiation Strategies

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(Photo credit: 401(K) 2012/flickr)

 

1 Comment

  1. 1 Emmett 29 Jul
    useful info

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