Everyone you turn to seems to have salary negotiation tips. Don’t be fooled. Negotiating your salary can be tricky. You risk leaving money on the table or pricing yourself out of the job. This reminds me of the Bud Light commercials currently playing on television. Too light – “Uh, whatever wage you want to offer is fine with me.” Too heavy – “I’m not settling for anything less than six figures, the country club membership and access to the corporate jet.” There is a happy medium and it requires skill to get there.
Are there clear cut salary negotiation tips? This is a business deal and standard business transactions require negotiation. So, it is best to prepare yourself by learning some of these tips before you begin to negotiate your next compensation package:
One of the first salary negotiation tips I learned is that you have to know your value. This means researching what your intended position typically pays and understanding how your skills, experience, education, etc. compare to the average person performing the duties of this position. Having this information helps you set a target figure.
One of the next salary negotiation tips I learned is that you have to understand the posture of your audience. Do they have a reputation for fair compensation? Do they have a reputation for high turnover because of disgruntled employees? Understanding the posture of your audience will help you determine how to approach them and what buttons to push during the negotiation.
Of all the salary negotiation tips, this one has proven most valuable. Prioritize your wants. Salary is just one component of the entire benefits package. What is essential to you, and what is open to discussion? In one of the positions I interviewed for, I was not concerned about health benefits. My wife has excellent insurance through her company and I offered to waive the medical for a higher starting salary. This proved to be a win/win as the cost of insurance is expensive. Maybe they offer a car allowance, more stock options, a higher bonus package, a flex schedule, onsite daycare, etc. Identify what is important to you and know that going in to the negotiation.
Effective negotiation is a skill. Like any other skill, it comes through repetition and practice. Role playing or making written lists to practice there salary negotiation tips is key.
Be confident in what you have to offer. Be prepared with data to substantiate your position. Yet, be flexible and consider the position of your potential employer. A good negotiation is where everyone shakes hands at the end and each side comes away feeling good about the transaction.
