Salary Negotiation Skills
Whether you're getting a new job or simply considering asking for a raise from your current employer, salary negotiation skills are a must. In fact, according to a survey completed by the Society for Human Resource Management, 80 percent of employers are willing to negotiate salaries with prospective employees, but only 33 percent of those hired actually engage in salary negotiations.
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Negotiating for an Existing Job
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The first step in effective salary negotiation is to identify your strengths to your employer. Many employees don't feel comfortable talking about themselves or their accomplishments, but it's absolutely necessary in salary negotiation. One easy way to help your boss understand the value you bring to the company is to copy him on emails that show your successes. This should be done regularly, not just before a performance review. For example, say you found a way to save the company money or completed a project that promises to increase business prospects. Be sure to copy your direct supervisor, as well as other management who may have input on your salary.
Negotiating for a New Job
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If you're negotiating with a potential new employer, avoid discussing salary until you're actually offered the job, and then allow the employer to speak first. This way, you'll avoid asking for too little. If you learn that the salary is not flexible, consider negotiating for better benefits like profit sharing, tuition reimbursement or even a few extra vacation days. Be sure to get the offer in writing, and take a day or two to look it over to ensure that you're getting what you want and need. If you're already employed, be aware of your company's compensation policy and use it to your full advantage. Remember that even if a raise in salary is denied, other possibilities might still be available. For example, you could ask to be included in an existing bonus program.
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Do Your Research
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Understanding your job description is another important component in salary negotiation skills. Knowing your level of responsibility can help you be aware of the average salary range for your type of job. One of the most accurate and reliable sources for salary ranges is the United States Bureau of Labor Statistics. Other considerations for salary range include your level of experience, education and geographic location. Companies in areas with a higher cost of living may offer higher salaries than their lower-cost-of-living counterparts.
Considerations
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If you're negotiating with a current employer for a raise in salary, consider your history with the employer. If your job performance has been lackluster or you're just doing enough to "get by," chances are you shouldn't expect a significant raise. Instead of salary negotiation, consider sitting down with your boss and asking what you can do to increase your income potential. Often, your supervisor will be able to help you pinpoint the areas where you need to focus. Then, take immediate action to make the necessary adjustments. Employees who go above and beyond the call of duty always have an advantage in salary negotiations.
Dress the Part
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Remember to dress for the job you want---not the job you have. Existing as well as potential employers judge you partially on your appearance. Those who dress professionally at all times and maintain proper decorum in the workplace are typically perceived as hard-working and worthy of promotions (as well as raises). "Well-dressed people are often perceived as being smarter, funnier and more enjoyable to be around," says Antonio Centeno, president of A Tailored Suit, a high-quality clothing company. So, even on casual Fridays, dress to impress. It just might help to increase your paycheck.
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Resources
- Photo Credit Image Credit: Robbie Owen-Wahl/sxc.hu
