Salary negotiation is an essential part of the job search process, but it can be intimidating to bring up the topic of money. It's important to know your worth and to be prepared to advocate for fair compensation.
Without further ado, here are 10 tips for negotiating a higher salary:
1) Research the job market and know your worth
Before engaging in salary negotiations, gain an understanding of the current market rates for similar positions.
Utilize online salary calculators and consult with industry professionals to determine an appropriate salary range. Notable salary calculators include:
2) Know your value to the company
In addition to understanding the competitive salary range for your position, you should also be able to clearly communicate the value you bring to the company.
Prepare a list of accomplishments showcasing positive impacts on revenue generation, cost savings, or process optimization. Demonstrating your achievements allows prospective employers to anticipate your performance.
Examples of achievements you'd typically include on a resume:
Developed and implemented a new filing system that increased efficiency and saved 20 hours of labour per week.
Managed a team of 5 employees through the completion of a $3 million dollar infrastructure program.
Created and presented a digital ad campaign that generated a 15% increase in sales for a Fortune 500 client in the pharmaceutical space .
3) Don't disclose your current salary
If you're asked about your current salary during a job search, it's best to avoid disclosing this information. Your current salary may not be relevant to the position you're applying for, and disclosing it could limit your negotiating power.
4) Use open-ended questions
Rather than simply stating a salary requirement, try using open-ended questions to encourage the other party to make the first offer.
For example, you might ask, "What is the salary range for this position?" or "Can you tell me more about the compensation package for this role?"
5) Be prepared to negotiate other benefits
If the company is unwilling or unable to meet your salary requirements, you may be able to negotiate other benefits such as additional vacation time, flexible scheduling, or professional development opportunities.
6) Be willing to walk away
It's important to know your bottom line and be willing to walk away from a job or raise if the offer is not fair. Don't sell yourself short, and remember that there may be other opportunities available.
7) Consider the timing of your request
Asking for a raise or negotiating salary during a performance review or at the beginning of the fiscal year may be more effective than requesting a higher salary in the middle of a project or at a time when the company is facing financial challenges.
8) Practice your negotiation skills
Discussing salaries can be an uncomfortable topic. If negotiation is something that makes you squirm, role-playing with a friend or colleague can help you feel more comfortable and confident when it comes time to negotiate salary.
9) Seek guidance from a professional
If you're feeling uncertain about the negotiation process, consider seeking guidance from a resume writer or HR professional. They can provide valuable insights and support as you advocate for fair compensation.
To Sum Up...
Salary negotiation is a critical aspect of the job search process. By researching the job market, understanding your value to the company, and being prepared to negotiate, you can increase your chances of securing a fair and competitive salary. Remember to know your worth and don't be afraid to advocate for yourself.
About the Author
James Cooper is a Certified Professional Resume Writer and has been in the recruiting, career coaching, and writing business for 15 years. He began his career recruiting for AECOM, a Canadian engineering firm, and he's gone on to work with and help professionals land roles at top Fortune 500 companies.
Have questions about resume writing? Reach out at jc@finaldraftresumes.com.
Haven't been getting the results you want with your current resume? Check out the Resume Writer's Handbook, an A to Z guide to writing a compelling resume.
Liked this blog? Subscribe to James weekly newsletter.