When entering a new company and a new position, you're offered a perfect occasion for negotiating your salary. Still, many professionals don't have a clear idea about how to successfully negotiate it and are too self-conscious to even make an attempt at it. Negotiation is in fact a simple process – use these six tips to prepare for the conversation and you're bound to get exactly what you want.
1. Understand your role in the company
Before making any suggestions regarding your salary, make sure to have a full understanding of the job – what your main responsibilities will be, what the crucial requirements of the position are and what managers or employers expect from professionals who are offered this opportunity.
Organizations are generally more willing to negotiate salaries if the role in question directly impacts the bottom line. If you already have an excellent track record of bringing net profits to other companies, you can leverage this point in your salary negotiations.
2. Research salary information
There's never too much knowledge when it comes to salary negotiations. Inform yourself thoroughly on what the job pays in similar organization close to your area.
Knowing what the average salaries for the position are will help you assess the possible salary range offered by hiring managers and convince them that the worth of your expertise is located at the higher end of the spectrum.
You can find this information on websites like glassdoor.com, jobsearchintelligence.com, payscale.com, indeed.com or salary.com.
3. Know what makes you special
Analyze your professional profile to distinguish those qualities that make you different from other candidates for the job. Your skills, experiences and strengths are crucial weapons in salary negotiations – by referring to specific examples of your past successes, you're operating with information that can be used as a leverage in negotiating a higher starting salary.
4. Establish a salary range
Combine the insights from your salary research with a careful analysis of your past salaries. This is a good start to determine the target salary you'd like to make. Your figure should fall within the potential salary range that you establish on the basis of all your research about how much professionals similar to you make in your region.
Define the minimum salary you're willing to accept and state your reasons for that. Consider the reasons why you'd be unable to accept a lower salary too. Write all of them down – they might become useful during the negotiations.
5. Polish your negotiation skills
In order to prepare yourself for the negotiations, it’s a great idea to ask someone to play the hiring manager who is determined to offer you a lower salary than you want. Practice what you'd like to say in order to persuade the manager to increase the salary offer. Rehearsing your answers and reasons is more important than you'd suspect – voicing your claims out loud, you'll find it easier to recall them all later and deliver a persuasive speech.
6. Be flexible
If the organization cannot offer you the salary you're after, consider other forms of compensation. Think extra week of vacation, a private office, a more flexible schedule, better health insurance, performance bonuses, education reimbursement or transit passes.
Salary negotiations are a regular feature in the life of every professional. By preparing yourself – researching the subject and writing down crucial points in our favor – you'll be ready to carry successful salary negotiations at any moment in your career.
Mary Frenson is a Marketing Assistant at Checkdirector.co.uk, a new source of information on UK companies. Mary is always happy to share her marketing ideas and thoughts on business issues. In her free time she enjoys handicrafts.