How to Prepare for Successful Salary Negotiations
Posted October 12th, 2015
Preparing for a salary negotiation is both an exciting and anxious process. Prepare yourself well and you could negotiate an offer that is a lot more generous than you expected. Prepare yourself poorly and you might end up settling for a lot less, or even find that your job offer has been rescinded. Enter your next negotiation ready to get what you’re worth by following these strategies:
Study the Job Description
Most job descriptions include lists of both required and desired skills. It only makes sense that the more of these skills you possess, the more value you will bring to the company. Study the posted job description (and any supplemental documents) closely and try to objectively evaluate just how good a fit you are for the position. Look for a stated salary range too. If one is listed, start your negotiation close to the high end and don’t let it dip below the low end.
Use Quality Statistics
There are a number of quality sources you can use to find out what similar professionals in the same part of the country are earning on average – The Bureau of Labor Statistics, Glassdoor, Indeed, professional associations, etc. Use these resources to help you get an honest evaluation of your worth. If you ask for more than everyone else is making, you will come off as unrealistic and unreasonable.
Asses the Company
Using any source you can find, try to asses how well your future employer is doing and how big a role you will play in their future. If they are a growing company with a highly vested interest in your unique skills and experiences, you can feel comfortable holding out for a little more. Conversely, if the company is shrinking or holding place and you are being brought in to fill an inessential role, you shouldn’t expect to get a competitive offer.
Focus on Total Value
Salary is not the only element of your compensation package. You will also likely receive benefits, bonuses, perks, and other assets that are valuable to you personally and professionally. Decide what is most important to you – more money, better benefits, etc. – and adjust your negotiation accordingly. Many companies are willing to offer you perks like tuition reimbursement or flexible scheduling even when they won’t give you more money.
Finally, and most importantly, remember to conduct yourself professionally. You should never enter a salary negotiation hoping to be combative, and cockiness doesn’t help your case either. When you’re ready to learn more about securing a higher salary, contact the team at Bayside Solutions.
