Salary negotiations can be a major pain point for most employees and even managers. There’s a way to do it and garner results and a way to do it ineffectively. The different rests in these few dos and don’ts.
While you should ask for a fair salary, be sure to avoid naming a figure that’s absurdly high in the hopes it will just be negotiated down. Few things can halt a salary negotiation quite like an unreasonable request, don’t start off on the wrong foot.
Take on Free Work
It’s important to agree to take on more responsibility to warrant your salary increase, but not without proper compensation. Any new responsibility should be reflected in your pay.
As frustrating as it may be, you’re not alone in financial hardships. So leave the tales of how you’re struggling to pay the mortgage and put 3 kids through college at home; it won’t play into your potential salary increase.
Assume the Offer is Final
Salary and benefits are usually negotiable, even in this economy. Most organizations leave themselves some room for movement when placing and offer on the table. Don’t sell yourself short.
Threatening to quit your job won’t have the desired effect in a salary negotiation. It’s unprofessional and will work against you in your quest.
Agree to Work Harder
Let it be known that you can fill important company needs and will eagerly jump at new project opportunities. Be sure your new responsibility is reflected in your pay but if you show a willingness to grow and contribute to the team, your negotiations should sway more your way.
This is especially helpful if you’re applying for a new position that isn’t identical to the one you already hold. Prior to your interview, gather as much information as you can about what the going rate is for the position at hand and how that stacks up next to your education, experience and skills. Ask relevant questions about the duties you will be asked to perform and have an understanding of the high, median and low salaries for the job.
Talk Bottom Line
Discuss how you’ve contributed to your current organization’s bottom line. Offer statistics and concrete ways you helped the company profit and are, therefore, worth a salary increase.
There are other ways to be compensated beyond straight pay. Educational reimbursements, vacation time and travel allowances can be added to your negotiation. Being flexible in your requests could work to your benefit.
Staying patient and steadfast in your quest will work in your favor, even if time appears not to be. These are two great qualities in an employee; understanding it might not be the right time for the salary you want and remaining patient and steadfast will get you to the goal eventually.
Negotiating your salary for a new or current job can be an intimidating feat. But you can be wildly successful if you apply the right strategy with the right attitude. Stay patient and professional, hopeful and factual and better compensation will be yours in no time.
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