Salary negotiation is nerve-wracking enough, but receiving any type of pushback during the process can take that stress to new heights. Whether you’ve just accepted a job offer and have started negotiating your starting salary, or you’ve been with the company for a while and think you deserve a raise, salary negotiation can be challenging. The best strategy is to go in as prepared as possible, having done thorough research, and remain confident in your worth. To ease the pressure, below are some tips for successful salary negotiation strategies.
Bringing credible research to the table such as what competitors are paying employees with your skillset in the same geographic location and amount of years in the industry can be used as leverage in the salary negotiation process. Using this information as back-up will solidify your role as a valued employee who knows their worth.
Decide Your Cutoff Number
You should have a cutoff number going into the salary negotiation meeting, or have the lowest salary you’re willing to accept in mind before walking away. If your employer can’t meet your lowest possible salary request, it might be a sign that it’s time to walk away. They might not see the value you’re bringing to the company, and in that case, it’s probably not a good fit for your career anyway.
Negotiate Non-Monetary Perks
Don’t neglect to negotiate key non-monetary perks like healthcare, paid vacations, working remotely on certain days and other work perks. If there’s simply not enough room in the budget for the salary raise you’re asking for and you wish to stay loyal to the company, negotiate non-monetary perks in the interim and ask to revisit the salary negotiation at a later date, when the company becomes more financially stable.
Bring Specific Examples of Value
Surely, the question of “Why do you deserve a raise?” or “Why do you deserve this competitive salary?” will come up, and you will need to be prepared to offer specific examples of accomplishments that support your request. The more specific you can get, the more successful your case will be. For example, if you’ve been with the company for several years and you’re negotiating a raise, remind your manager of the amount of revenue you’ve brought in over the past year or cite an example of a successful project you recently lead.
Life is all about timing and that rings true for salary negotiations as well. It’s best to request a meeting about a raise upon completion of a successful project. This way, you’re negotiating at your most confident and your value is fresh in your boss’ minds. The trick is to ask for a salary increase when your odds are on your side, instead of when you need the money the most.
JW Michaels & Co. is an executive search firm dedicated to serving the specialized recruiting needs of top-tier financial services, legal, technology, and business institutions. Since our founding in 2010, we have grown to over a 120+ employees across six offices nationwide. We continue to grow because we stay true to our mission, employing the best people to find the best people. Fill out our form and one of our specialists will contact you as soon as possible.
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