Preparing to Negotiate Your Salary
Are you gearing up to ask for a raise or negotiate your starting salary with a new employer? It’s a daunting task, but being prepared is key to success. To present a clear and confident argument, you need to gather as much information as possible before the discussion begins. Here are five questions you should be able to answer before you start negotiating:
Why are you worth it?
Highlight the value you bring to the company, noting your accomplishments and quantifying them with time and money. If you’re just starting out, emphasize your enthusiasm and work ethic.
How is the company doing?
Understand the company’s financial performance, including whether they’ve posted record profits or had layoffs in the past year. This will help you gauge whether they’re likely to pay above, below, or at market rate for your role.
How much do similar roles pay?
Research the market and find out what other employees with similar skills and experience are paid. Use this information to make a clear and confident argument for your desired salary.
What are general market conditions like?
Consider industry trends, such as whether there’s a shortage of candidates with your skill set or whether salaries are rising or falling. This will help you understand what salary level to request and what’s realistic.
Are there any trade-offs?
Be aware of any potential trade-offs that come with a higher salary, such as losing out on certain benefits or having longer working hours. Consider whether other benefits or perks could make up for a lower salary.
With these questions answered, you’ll be well-equipped to negotiate your salary with confidence and clarity.