Negotiating your salary may be unfamiliar territory — but we have tips for you to make the most out of your meeting with a superior. Take a look at these top salary negotiation tips for those starting out in the working world. Whether you’re in an initial interview setting or you have been working at the organization for some time, it may be time to ask for a bump in your pay.
Salary Negotiation Tips For First Timers
Lead with your performance, potential and qualifications.
Start the conversation by highlighting these three areas. Before doling out a pay raise, your employer will want to know why you deserve it. Do you have some specific proof of excellent performance and potential to grow at the company? Bring examples to the table before bringing up money.
Make your interests clear, and anticipate those of your employer. Be flexible.
Make sure you have mulled over other points of value to you in addition to an actual monetary raise — such as profit sharing, stock options, bonuses, expanded work responsibilities, a faster promotion schedule, longer vacation time or even flexible work hours.
Your boss also has needs and concerns when it comes to salary negotiation. To convince him or her to agree to a pay raise, your ideas must address those all-important points.
Be flexible with your employer’s potential counter offer; do not express even the slightest disappointment if you don’t quite reach your asking price.
Don’t mention personal reasons why you need a higher salary.
This reeks of begging. Furthermore, discussing your personal issues with your boss is simply unprofessional. Whether you have a newborn at home or your car needs repairing, never lead a salary discussion with anecdotes from your personal life. This is one of the top salary negotiation tips for first timers in the working world.
Be realistic and come prepared.
Understand the market range before negotiating. Surveys such as Mercer, Hay and AIM collect data from organizations, rather than individuals who might submit unverified salary data online. If you cannot gain access to these surveys, conduct research online and talk to your network in order to build up a better picture of the pay range. Present your counter offer with a well-researched response. Your counter-offer must be based on what you know about yourself, the market, as well as the company. This is why one of the most vital salary negotiation tips is to carry out research prior to the interview, so that you know a reasonable salary range for your role.
Avoid executing the salary pitch too soon.
Typically, the longer you wait to negotiate, the more power you have. However, there are still many job seekers who start salary negotiations too early in the process. The best time is when you are the final candidate standing and you’re offered the job (or you have been working there awhile and feel your work deserves higher pay). Asking too soon in the process can be seen as being too money-focused, rather than focused on the role itself.