Taking the uncertainty out of salary negotiations
Photo by Valdemars Magone on Unsplash
In my years as a career coach, I have seen both men and women squirm at the idea of asking for a raise or requesting a higher starting salary with a new job offer. To help take some of the mystery and fear out of salary negotiations, arm yourself with a few helpful guidelines:
The Do’s of Salary Negotiations
Show confidence. Before asking for any amount of money, you need to believe you’re worth it. You are. Your years of education, experience and expertise tell you that you’re worth it, but that inner critic continues to cause you to second guess yourself. If you need help summoning the confidence you need for a salary negotiation, practice with a friend or repeat a mantra to yourself like “I am a valuable employee and I deserve to be paid competitively for the results I am delivering.”
Arm yourself with knowledge. Do your homework and know the typical salary range for your job. Have a competitive salary range in mind before entering into any discussion about compensation and when you are conducting a job search.
Exercise patience. During a job search, allow the prospective employer to bring up salary first. Delaying the conversation allows you time to fully understand the requirements of the position, which gives you solid footing for asking for the right amount.
Ask for more. If you want the job, but the initial salary offer comes in too low, counteroffer. This step gives people the most heartburn, but it comes back to confidence and knowing your own worth. It never hurts to ask, and it shows the employer that you know the value you will deliver on the job.
Consider the complete package. If the salary offer is lower than you would like, consider whether the remainder of the compensation package is competitive. Bonuses, paid time off, health care coverage, retirement savings, stock grants and more could make a lackluster offer more palatable. Also take into account quality-of-life and job satisfaction factors like your commute that could help sway you one way or the other.
Be prepared to walk away. If your attempts at getting a competitive counteroffer fall on deaf ears, feel confident that you will find a better job and pay elsewhere. While you might feel tempted to take any job offer, consider how you will feel months down the road when your salary doesn’t match the value you are delivering and the competitive pay rates in your local area.
The Don’ts of Salary Negotiations
Oversharing is your enemy. By January 2021, employers in Colorado will no longer be allowed to ask candidates for salary history. With that in mind, remember to keep your current salary to yourself. As employers prepare for the new law to take effect, many will phase out this question from their negotiations. However, if you are asked, never lie. Instead ask them what the pay ranges is for the job you have applied for.
Keep personal details to yourself. While you might legitimately want a higher salary to account for an increase to your rent or mounting medical bills, a salary negotiation should focus on business only. The employer has a need for your talent, and you have a need for competitive compensation in return. Stick to facts about what you offer the company as an experienced employee and save the personal small talk for work social events once you’re happily employed.
Remember the context. Save your killer haggling skills for the flea market. In other words, a salary negotiation requires a different set of rules than other price discussions. You don’t want to ask for an unreasonably high amount hoping the employer will counteroffer with the salary you really want. Ask for a salary in the mid-to-high range, based on your research.
If you have consistently earned less than what you’re worth, it’s time to brush up on your salary negotiation and career development skills. Contact me for a free strategy call and learn what career and salary negotiation coaching can do for you.