How to Negotiate Your Salary
By Elijah Thomas
A new job can provide many things, including career advancement and an improved work/life balance. It can also mean more money, but you might have to hammer out those details before you accept their offer. Here’s how to negotiate your salary.
WHY IT’S IMPORTANT
Once your salary is set, you can expect to get a raise of about three percent per year, based on national averages. You want to start from the highest possible number, because you will be building from that point. Just remember that there’s risk involved with any salary negotiation. You may have to be willing to walk away from this job opportunity if the two sides can’t agree.
DO YOUR RESEARCH
Companies typically have a pay range for specific jobs, based on your experience as well as historic norms for their industry and locale. Take advantage of online resources to find out more about what they’ve traditionally offered as a salary for someone with your qualifications. You might also discuss comparable salary scales with others in your field. Once you’ve done this research, you’ll be able to more confidently pick a target number.
HAVING THE TALK
A smart negotiating tip in salary discussions is to allow your prospective employer to make an offer, rather than immediately naming your price. Ask the hiring manager what they’ve traditionally paid, and then you’ll have a baseline for discussion. Be confident in your worth, rather than nervous about asking. Explain your reasoning, noting highlights of your resume, unique qualifying details like education or experience, and the value you’ve brought to previous employers.
Remember, however, that there is a fine line between being self assured and coming off as arrogant. Make your pitch in the most personable manner possible.
FACTOR IN PERKS OF THE JOB
In some cases, potential employers may be more amenable to giving you flexible hours, extra vacation days, matching 401K contributions or a hybrid work schedule rather than a larger salary bump. Negotiating perks really comes down to what’s most important to you. Don’t overlook opportunities for professional development, since that can lead to higher pay down the road. If you’re considering more than one offer, remember to also factor in health insurance and retirement savings plans in order to make the most information decision.
