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How to Have a Successful Salary Negotiation (Simple and Powerful Tips)
6 Simple and Powerful Tips for Successful Salary Negotiation
by Yuri KrumanCEO@MasterTheTalk.com |Startup Instructor |Forbes Contributor |Helping You Plan & Switch Careers + Find Your Dream JobFollow
Introduction
As the year's end approaches, so does your review. If you're like most, you're dreading having "the talk" with your boss.
You know you're underpaid (especially if you're a woman). You feel the cards are stacked against you, even though you're good at what you do. The job market looks so-so. You're not in the role for long enough. You have no stomach for these things. You have a family to feed and bills to pay. It's not your personality to bargain.
All of a sudden, you are sweating just from thinking. Worry not. All that you need is... PREPARATION (and a glass of wine).
Negotiation isn't some black magic. There's an established process and a language and demeanor that it takes. All can be learned without extraordinary effort.
Negotiation takes good acting. If you're convincing, then you get the thing(s) you're asking for - the role, a raise, then maybe glory. So practice, practice, practice with a friend - or better, with a coach. If needed, fake it 'til you make it.
- Step n°1 |
Know what you're worth.
Research Glassdoor.com, Salary.com, industry databases, premium job listings on LinkedIN and other places for how much your position gets paid within your company and by its competitors. Know the industry averages for the same years of experience, education and accomplishments.
Come armed with figures and specifics of what you've delivered since the last review. Know how this compares with the others on the team and in the company. Research what salary, bonus, benefits, etc. you could command in another similar company, perhaps a competitor. Speak to recruiters about similar positions elsewhere to get this information. This process will give you the confidence to ask for what you are really worth. If you're underpaid, you will know what you need to ask for to catch up to where you should be.
Always ask for a specific number ($10K, $20K, whatever it may be that you expect), not just "a raise."
- Step n°2 |
Understand the full impact of NOT negotiating. Then start negotiating EVERYTHING.
Missing out on a raise of $10K in your first job out of college can mean missing out on $500K over a lifetime of working just as hard. Conversely, a $10K raise in that first job out can mean earning a whole house-worth, 10 cars-worth, 100 trips abroad-worth or even more, when you compound the interest.
Understand clearly - it's ALWAYS a big deal when you negotiate. It's important the first time and EVERY time.
Practice a Negotiation Mindset with no - or low - stakes.
Bargain for cheaper apples in bulk at the farmer's market. Negotiate a 10% discount at your favorite coffee shop. Go to a Middle Eastern market and bargain hard for every item you buy (it's expected and encouraged there).
With every win, your confidence will only rise to do the same at work.
by Yuri KrumanCEO@MasterTheTalk.com |Startup Instructor |Forbes Contributor |Helping You Plan & Switch Careers + Find Your Dream JobFollow
