5 Tips for Negotiating Salary
Posted on December 17, 2022 by Amanda McCroskey, One of Thousands of Career Coaches on Noomii.
Your portfolio of work experience should be rewarded accordingly. Here are 5 ways to secure the salary you deserve.
It’s a fact that regardless of whether or not we love our job or the company we work for, we still seek payment for the work we do. The money we make enables us to pay our bills such as electricity and water, rent or mortgage, and provide the necessities like clothes, schooling, food, etc. It’s also indicative of our value and worth as an employee to the employer. The money we earn needs to align with similar roles in the area and needs to consider education and/or experience as factors when determining appropriate pay.
Negotiating your salary when a job offer is made can be nerve wracking but it’s all a part of the process. It’s ok to respond with a counteroffer. This speaks to your understanding of what you bring to the table and how you would like to be compensated accordingly. Some may hesitate at this and simply accept what is offered but I encourage you to barter a bit and see if you don’t receive what you truly deserve.
The same goes for being in a role for awhile and achieving a great deal which ultimately enables the company to be successful. This too can be unnerving as you seek to find a good time to discuss a raise. I generally suggest having this conversation during your annual performance review as everything you have accomplished over the past year is being discussed in detail. Usually during these meetings a cost of living and/or merit increase is presented. You would approach it in the same way you would during a job offer. Counter with a dollar amount and leverage your experience along with what you have achieved thus far at the company and ideas you have for future improvement to processes or procedures.
Here are 5 tips for an effective salary negotiation:
1. Know your worth and value as it relates to the work you will be doing and the responsibilities you will have. List out what you have accomplished so that you can physically see what you have done and will be able to communicate this effectively.
2. Research the job within your area and on a national level to see what the rate of pay is on average. This gives you a little insight into what’s reasonable. Great sites for this are: Salary.com Payscale.com or Glassdoor.com.
3. Aim for 10%-20% above the initial offer or from where you are currently in pay if seeking a salary increase. It’s better to go higher and work your way down to a reasonable amount then start too low.
4. Suggest benefits and possible perks in lieu of an increase should the budget not allow any more dollars to be added. It could be extra time off or an additional day working from home. Consider all your options and counter accordingly.
5. Don’t rush it. Thank them for the offer and opportunity and utilize the time allowed to think through what your next move will be. When countering, be diplomatic versus aggressive and be open to conversations about alternatives.
