3 Salary Negotiation Tips
Whether you’re currently job searching or hoping to snag a raise during your next annual performance evaluation, you must develop a strategy to effectively negotiate your salary. You never want to walk into a performance review or interview without a plan of action for making sure you’re compensated fairly. Here are 3 simple salary negotiation tips for jobseekers and employees alike:
- Compile Evidence of Your Professional Value
As you prepare for salary negotiations, be sure to collect evidence of your professional value. You must provide concrete examples to demonstrate that you’re worth the money you’re asking for. Whether you’re vying for a new job or negotiating a salary increase during a performance review, think about what matters most to the employer—making money, saving money, improving processes, etc. Can you provide specific examples of how you’ve helped achieved those types of goals? If you can’t prove that you’ll be a return on an employer’s investment, you’ll lose leverage during salary negotiations.
- Research the Going Rate
Before heading into salary negotiations, it’s imperative to know an appropriate range so that you’re not under-valuing or over-valuing yourself. Websites like salary.com, payscale.com, indeed.com, or glassdoor.com can all help you with competitive research and analysis. It’s important to take into account your industry, geographical location, and professional level when determining the going rate for a particular job. Gathering this intelligence can help give you the confidence and knowledge to negotiate a fair salary; in fact, you’ll be able to back up your requests with actual evidence.
- Don’t Forget Compensation Beyond Salary
Finally, remember that there’s more to compensation than just salary. Consider profit sharing, vacation time, stock options, and health insurance as components of the whole compensation package. For some people, negotiating an extra week of vacation can be just as valuable as negotiating a slightly higher salary.
It can be tricky navigating conversations about raises and compensation packages, and many people feel uncomfortable asking for what they’re truly worth. But if you develop a clear plan and gather evidence to support your strategy, you’ll boost your confidence and give yourself an edge over other employees and candidates who simply don’t prepare at all.