Salary negotiation tips and techniques – The best ways to start a salary negotiation, with pay raise tips and advice
Why is salary negotiation important?
Whether you are a new hire, or a senior employee, negotiating your salary enables you to understand your worth–at least from a financial standpoint. Before a salary negotiation, it’s important that you research standard pay rates for your position. Industry magazines, newsletters and Internet job databases offer tons of information for those seeking information about salaries. Staying updated on hiring and salary trends will keep you ahead of the game.
How do I negotiate my salary if I’m a new hire?
If you are right out of college, it might be difficult to negotiate your salary–entry-level workers are deemed less experienced than their seasoned counterparts and are often unable to negotiate. Depending on your field and talents, however, salary discussions might be very open. Keep in mind that each company sets its own rules for employee evaluations. While some new hires are eligible for raises within three months, other employees might have to wait up to a year.
All companies naturally protect the bottom line. One of the ways they’ll do this is by “low-balling”. Low-balling occurs when the hiring manager offers a dirt cheap, standard salary. It’s your job to get the hiring manager to push this rate up.
For entry-level employees with more schooling than experience, your resume should position you as a “the candidate to get”. Your grades, volunteer experience, and certifications should jump out at the recruiter and make her think that you are the best candidate for the job.
Should the recruiter offer a price you think too low, congenially explain that your talents and position are worth more. Then quote your price. With a smile. If you’re skill-set and resume are up to snuff and the recruiter is impressed by you, negotiating your salary should be a simple process.
How do I negotiate my salary if I’m a seasoned pro?
Many seasoned industry pros can set their own prices with no problem. Your history, experience and reputation could be your ticket to the salary of your dreams.
If the company you’re negotiating with is giving you difficulty about price, though, you may have to dig in to get the salary you want. Stressing your successes, your experience and your impeccable references are ways to get a stingy recruiter’s attention. State your price and give relevant reasons that explain why you deserve it.
Pros with great resumes, references and credentials have immeasurable bargaining power. Compromise is always great but you don’t ever have to back down. Continue your salary negotiation until you reach a satisfactory conclusion.
How do I negotiate my salary if I’m a veteran employee?
Veteran employees may have even more power than job-shopping industry pros. Why? You’re a known commodity. You’ve been with your company for a significant period of time. If you are a valued team player, negotiating your salary couldn’t be simpler.
Your steadfast, organized work has helped to grow your company. You come in to work on time. You often work overtime to meet deadlines. You take on responsibilities that are not in your job description. In short, your stock in the company is high. Your salary should be in alignment with your efforts.
Have you recently completed a degree program or certification in your field? Have you been given a supervisory position, but “in name only”? Both of these are excellent reasons for veterans to have salary negotiations.
Remember: salary is commensurate with experience. Whether you are an entry-level worker, a pro in your field, or a trusted veteran, your experience, knowledge of your industry and faith in your worth can get you the salary you deserve.