Salary Negotiation Tips
Strategies for Securing Your Ideal Salary and Benefits
Salary negotiation techniques will change slightly as the economy fluctuates. However, regardless of the economy, industry or position, there are a few techniques that will help you secure fair compensation and benefits.
- Do your homework. Never enter into salary negotiations unprepared. Use salary databases to find the salary range for the position, industry and city for which you’re applying. Leverage your contacts to find out what competitive companies are paying for the same job.
- Find your selling point and use it. Try and ascertain how your skills, experience and education compare to similar positions at the company. Be sure to highlight additional training or education.
- Be specific with your experience. Show how much you’re worth by providing exact examples of what you expertise accomplished. Be specific.
- Let the employer offer the first number. When possible, wait until the hiring manager offers a salary. If asked for your salary requirements, giving a range will provide more flexibility in negotiations down the road.
- Put non-monetary benefits to work. If a company is unable to meet your salary expectations or requirements, utilizing non-monetary benefits is a key salary negotiation strategy. Extra vacation time, tele-working or flexible hours, profit sharing, stock options and signing bonuses are all options.
- Think ahead. If the initial salary is lower than requested, negotiate a 6-month salary review. Use this time to prove your worth to the company down the road.