Negotiating a better salary is something that everyone should be focused on.
No matter when the last time you negotiated for a better salary was, the time will come again when the value of work you do is not reflected in the compensation you receive for that work.
When this time comes, it’s important to approach the issue objectively, build an evidence-based case for your desired salary and negotiate for this salary.
This guide will cover the basics of salary negotiations, how to find out your objective value from job market data, best practices for salary negotiations, how to negotiate a raise and what you should do after a salary negotiation.
- What are Salary Negotiations?
- Why It’s Important to Negotiate your Salary
- How to Find Out What You’re Worth
- Salary Negotiation Tips
- How to Negotiate a Raise
- What to Do After a Salary Negotiation
- Learn More!
What are Salary Negotiations?
Salary negotiations are discussions between yourself and a representative of your current or prospective company that aim to help you secure a higher salary.
It doesn’t matter if you’re a long-time employee or a new hire: if you feel that your salary isn’t enough, you should feel empowered to negotiate in order to get what you deserve.
When you decide that you want to negotiate for a better salary, be prepared to:
- Build your case: You will need to prove that you are worth investing in, with specific examples of value you’ve given to employers in your career.
- Face some resistance: Even air-tight cases for a salary increase can face resistance, so be prepared to answer questions, especially, “Why do you deserve this salary?”
- Strike a Balance Between Firm and Flexible: Your salary negotiations won’t go well if you refuse to give any ground or say “yes” to a minimal salary increase. Be prepared to go back-and-forth during negotiations and be sure that any compromise reached is acceptable.
Why It’s Important to Negotiate your Salary
It’s important to understand that negotiating your salary is a perfectly normal part of the employment process and that getting the salary you deserve is part of advancing in your career.
Your salary is more than a deposit to your bank account: it’s how your company shows you that they appreciate your work and value you and your skills.
Negotiating for some of these perks will help you to get the complete salary and benefits package you need:
- University Tuition Reimbursement: College tuition is only getting more expensive, and negotiating for tuition reimbursement is highly appealing for people who want to continue their education.
- Training, Professional Development + Certifications: Not every company offers effective professional development and/or certification programs, and career-minded professionals should be sure to negotiate for professional development resources.
- Mentoring + Coaching: This perk is nearly priceless because it can lead to both professional growth and growth of interpersonal relationships with talented leaders in the company.
- Childcare: The costs and time requirements of childcare add up quickly, and negotiating for childcare is a great way for parents to secure a better working arrangement.
- Health + Fitness: Other than medical and/or dental insurance, negotiating for health and fitness benefits (such as fitness stipends, healthcare/dental coverage, etc.) can add value to your bottom line.
- Flexibility: Being able to work from home, work while traveling or work on a different schedule can be more attractive to some people than a higher salary.