How to negotiate your salary: 5 tips

Discussing money with a superior can be a nerve wracking experience for many people, whether it is sending back a counter offer for the salary that has been offered to you for a new job, or when it comes to rediscussing your wage at the same position you might have been working at for years.

If you have specialized skills and an impressive resume, you could be leaving money on the table if you don’t negotiate a salary offer. Well – money helps – it raises your confidence and allows you to give the company you work for the idea. With an increased salary comes an increased sense of self-worth and can motivate you to commit to your company and to move forward with it.

1. Get familiar with the market trends

Do your homework. A realistic request is rooted in data and information, the more back up info you’re able to provide the better! There are plenty of websites, such as Linkedin and Glassdoor, and online forums where professionals from all countries and from all backgrounds share their salary ranges. Pay attention to your colleagues and friends as well, communicating with the people around you and being open and transparent will help you make up your mind when it comes to “choosing” a salary range.

By talking to your manager or to a hiring manager who might have reached out to you without being sure about the numbers, you’re putting yourself at the mercy of an experienced professional who might end up controlling the situation.

2. Know your worth

This point goes hand in hand with point one. Your skills and expertise are worth the right salary. Don’t underestimate your contributions to your current company or the innovations and future inputs you’ll be able to bring to the table. Part of knowing your worth is also knowing when to walk away. Set your “walk-away number”. A good HR manager who values you and your work will march or exceed your number, and if they don’t, you already know what your next step should be.

Try to keep in mind that companies need you as much as you need them. Walking into that room with a confident walk, starting the meeting with a smile and a firm handshake helps the whole process start with a positive vibe. If you are afraid anxiety will ruin the process you might want to write a script and rehearse it. Having the main point of your proposal written down will help you take the pressure off.

3. Build your case

Offering a list of “reasons” is a great way to set your case in the eyes of the hiring manager or your supervisor. Take your time to analyze your work achievements and any skills you might have learned in the last 12 months. You might want to mention a big achievement such as a successful campaign that was launched during your time at the company or a big sale you supervised. Back up your request with data – try not to let your request speak for itself.

4. Be honest and stay positive

I’ve heard multiple people, usually younger and more inexperienced employees, who are afraid that asking for a raise will harm their career or make them look “needy” in the eyes of their employers, who might then decide to get rid of them to hire someone else. Don’t be afraid of rejection, and if you’re afraid to advocate for yourself in your current position it might be time for a change.

This being said, keep in mind that managers and HR representatives don’t love negotiating either. Being polite and friendly will reflect positively on the whole process, as in the end most bosses just want you to be happy in your position. And if an increased salary is not an option for the moment being due to budgeting issues, you might want to consider alternative or additional incentives such as flexible working hours, additional paid leave, and professional development opportunities such as courses, etc.

5. Pick the right time

Whether you’re discussing your salary with a current or future employer, be sure to pick the right time to do it. If you are a current employer, try to emphasize your work after a big successful project ends. Try to avoid asking for a raise around the performance review season, as most decisions regarding the budget will already have been discussed by then. Bring your proposal to the table a couple of months before the review season.

Of course, you should also take into account the company’s general fiscal situation. It goes without saying that if the company is not doing great, it might not be the best moment to ask for a raise.

Conclusion

Asking for a rise and negotiating a salary is a cycle that will keep on happening throughout your career. You apply for a new position, negotiate your pay, get hired, and then discuss your wage a couple of times during your time of employment at the company, move on to another position and the cycle starts again. It might feel uncomfortable but it’s just part of the game. You might as well become a pro at it.