Salary Negotiation Strategies to Use Today
The ability to negotiate a competitive salary is a critical skill to have during the interview process; it is also a talent that will benefit you throughout your career. If you are like many employees taking on additional responsibility, working longer hours, and not seeing any improvement in your salary – it may be time to request a salary increase. So, how can you improve your chances of a successful negotiation? Follow these 4 steps to make a good case:
Step No. 1 – Do your homework. Begin this action by talking with professional recruiters and checking comparable roles listed online to help you determine which salary range you will fit into. A few sites to check for competitive salary information include: Glassdoor, Careerbliss, Salary and Indeed.
Step No. 2 – Track your successes. Make a solid list of your contributions and have it handy during the salary negotiation. Consider where you have delivered return on investment for your company. For example: Have you saved your employer money or streamlined processes to be more efficient? Captured additional clients or expanded an account that was outside of the sales plan? Or have you delivered a new initiative on time and on budget? Also, you can capture specific comments from colleagues as well as other leaders that detail what types of accomplishments you have made that added to the bottom line. By tracking and sharing these examples you will be making a stronger case for a salary increase.
Step No. 3 – Be flexible and practice. Before you approach your leadership about a raise, know exactly what you want. Another critical action is to practice your discussion and key messages in advance of your meeting. Who can help you prepare? Schedule a practice session or role play discussion with a trusted family member or mentor. Also be ready to be flexible. As an example: if you ask for a 10 percent salary increase and you are told that there is no money in the budget; perhaps you can negotiate a non-cash benefit that would include an extra week of vacation, flex time, or stock options. If all else fails, this is the time to ask your leader if you can discuss a raise in salary 6 months from now, when the company is in better financial shape or when the organizations budget discussions have been finalized.
Step No. 4 – Time it right. Take note on how your company is doing financially and within industry. Do this by answering the following questions: have recent budget cuts taken place? Were layoffs or reductions in force recently announced? If any of these or related negative actions have taken place – it is not the right time to ask for a raise in salary. Although it is a good time to continue tracking your successes and update your resume with recent accomplishments.
By following these steps you will be better positioned and prepared to ask for the salary you deserve. Do you have comments or additional tips regarding salary negotiations? Continue the conversation in the comments section following this article.