Salary Negotiation 101

Are you negotiating salary for the first time or asking for a raise? Here is some help…

Negotiating a salary for a new job or asking for a raise at your current job can be an intimidating process. If the thought of talking money with your employer scares you, you are not alone. According to an article posted by The Muse, “A survey by Salary.com revealed that only 37% of people always negotiate their salaries—while an astonishing 18% never do. Even worse, 44% of respondents claim to have never brought up the subject of a raise during their performance reviews. The biggest reason for not asking for more? Fear.”

So what can you do to overcome that fear and ask for the money you feel you deserve? Below are some tips to help you when negotiating a salary or a raise to your current salary.

  1. Research: Take time to research industry salaries for similar job function to those you are performing or will be performing. Using sites such as O*Net , Indeed , Glassdoor , Salary.com , or speaking to others that work in similar jobs can help you determine your worth in the marketplace.
  2. Prepare: Once you have researched industry standards, take time to organize your thoughts and how you will actually ask for your desired salary. Take into consideration trends in your industry, other parts of your compensation package, determine your exact number, your merits, length of employment, etc Write down all the points that want to bring up to your boss and practice how you will ask.
  3. Timing: When you are ready to discuss your salary make sure you are in a good frame of mind. Pick a good day and time to have the conversation; a time when your boss can focus on your request. If you are negotiation salary for a new job offer make sure you ask for at least 24 hours to think about their offer.
  4. Don’t make it personal: Don’t bring up your personal financial situation to try to justify your requested salary or raise (debt, medical costs, etc). Focus on industry standards and your value.
  5. Never give a number first: When offered a job and asked your salary requirements always mention that they are negotiable rather than give a number. You want your employer to give you a range.

Overcoming the fear of negotiating a salary shouldn’t scare you. Just remember to do your homework and be confident.

Salary Negotiation 101