1: Know Your Worth to get the Salary You Deserve
The salary negotiation process comes after doing your research. Knowing the going rate for your position is an imperative first step to successful salary negotiation. There’s a plethora of information and tools available to help you with this. Here are just a few resources to start you on succeeding in your future salary negotiations.
2: Aim High and Almost Always Ask for Higher Salary Than Their First Offer
After you’ve thoroughly researched the going rate of the position you are negotiating for, you’ll end up with a range of salaries. We recommend you start with a number at the high-end of this range. Doing this shows your confidence. It shows how you value yourself as an employee while at the same time, leaving room for further negotiation.
3: Be Precise to Be Successful
Avoid using round numbers when negotiating a salary. It is easy to miss this important step in salary negotiation. According to researchers at Columbia Business School:
- People are in the habit of using round numbers as first offers in negotiations; but this comes across sounding like an estimate and is being taken less seriously.
- Precise first offers act as more potent anchors than round first offers.
- Recipients of precise, specific offers made more conciliatory counter-offers.
- This effect carried through to final settlements.
- Precise first offers were seen as more informed and intentional, prompting smaller adjustments.
For example, rather than asking for $90,000 us a more exact number such as $93,750
4: Know When It’s Time To End the Salary Negotiation
Before you begin salary negotiations, set your walk away values. It is important to do this before you begin negotiations as the process can be stressful and, at times, overwhelming. That is why it is so important to identify, in advance, when you need to end negotiations and walk away. This could be a dollar amount, benefits package, or company culture.
5: Know Who You’re Negotiating With
The person you will be negotiating with plays an integral role in the negotiation process. This is the person who will, ultimately, say yes or no. Knowing who you will be negotiating with gives you an advantage. But, keep in mind, whoever you negotiate with will have restraints when it comes to making final decisions. Do your best on building rapport with this person, be respectful, and show him or her you are fully engaging in the process.
6: Be Patient to be Successful
Negotiations can be an exciting time. It is easy to get carried away and impatient. However, it is critical that you take your time and not rush the process. Being patient also shows your potential employer how you handle stress as a professional. Be calm, take your time, and remain level headed throughout the entire negotiation process.
7: Hire a Coach to Help With Salary Negotiation
Every negotiation is unique. There are varying factors to take into consideration and that’s where a personal career coach can be extremely valuable. One-on-one coaching will not only better prepare you but also dramatically improves your confidence and overall presence.
Check out our award-winning coaches at the Ignite Your Potential Centers who offer complimentary 25-minute phone sessions to help you with salary negotiations.
We are the #1 career coaches in San Francisco and Los Angeles, let us show you how we earned that praise.