So—you finished the interview process and have been offered the job. Congratulations!
Now is the time to focus on your compensation package to ensure that you will be set up for professional and financial success. Are you feeling a little apprehensive at the thought of salary negotiation? That’s normal!
Studies show that many people—for various reasons—feel hesitant to negotiate their salaries.
According to salary.com, “Many experts agree most companies expect a job candidate to negotiate, so it can’t hurt to respectfully and wisely try to get a higher number.
After all, if you don’t argue your worth, who will?” So, now that you know a salary negotiation is likely expected of you, how do you proceed? We’ve got you covered with a few tips to ensure a successful negotiation process.
Determine and Prioritize Your Values
What matters to you, and what matters most? Remember to consider all the elements of your compensation package—not just the salary. Healthcare, vacation time, a retirement savings plan, signing bonuses, flexible hours, and more are on the table. Beyond that, perhaps you hope to work with a selected team, in a specific location, or with a particular technology. Whatever your desires, now is the time to decide what is most important to you.
Research Compensation Trends in Your Field
Time to do your homework! Before negotiating your salary, you absolutely have to familiarize yourself with salary trends in your industry or line of work.
What is the “going rate” for someone at your level with your amount of experience?
Is your position in high demand? Make sure to factor in your geographic location, education level, leadership experience, specific skills, and any licenses/certifications you hold.
Do a Run-Through
Prepare your talking points, then find a friend or colleague to help you with a mock negotiation. If you practice beforehand, you’ll feel more confident when the time comes to have the negotiation conversation with your potential future employer.
Make Your Case and Ask for What You Want
The big moment is here—time to put your preparation into play!
Take a deep breath; you’ve got this!
You know what you value, and you know what you deserve. You have rehearsed with a friend and now feel more confident.
When you receive your salary offer, make sure you do not immediately counter with a higher salary.
NOW is the time to explain to your potential boss why you deserve more.
Speak about your value, your qualifications, and industry compensation trends. Discuss why you feel that you would help improve the company’s bottom line. THEN, make your move and respectfully ask for a higher number. Ask for more than what you want so that you have some wiggle room when negotiating.
Remember to be flexible and know when to walk away.
Most importantly—no matter what happens—make sure to show gratitude and appreciation for the offer, the conversation, and (hopefully) the higher salary.
Good luck! We believe in you!