Acquiring Salary Negotiation Skills Can Change Your Career

Struggling with your current salary and wondering when to make your move? Here are four do’s and don’ts from employees who have learned the hard way before hitting the jackpot. What has worked for you in the past?

1. Don’t ask for an arbitrary new salary figure; instead, do your research.

You might be tempted to throw out a new salary figure based on what you’d like to be earning. But a random salary request is a recipe for disaster. Instead, do your research. Contact local recruiters in your area to ask about common salaries for your profession, ask your peers at your company and local firms about what they’re earning, and scan job boards that list salaries for your position. After you’ve done your research, be sure to substantiate these numbers so you can confidently list examples in your renegotiation.

2. Don’t simply ask for a higher salary figure based on the industry; instead, prove your worth.

You might be able to prove what others in your field are earning, but that doesn’t mean that your boss will automatically match that figure. To prove your case, you need to prove why you deserve a higher salary. Demonstrate how your contributions to the company exceed the salary you’re earning by describing the problems you’ve solved, the contracts you’ve landed, and the relationships you’ve built.

3. Don’t only renegotiate your salary; instead, renegotiate a new salary and benefits plan.

You may not only be dissatisfied with your salary, but also with your work-life situation. So, in your renegotiation, consider what benefits would make your current salary or a renegotiated salary more attractive, like additional flex time, vacation time, or work-from-home time. If your boss can’t meet your salary request on the nose, too, these requests can help you make a mutually-beneficial new plan.

4. Don’t monopolize your boss’ time; instead, give him or her time to consider your request.

Before you start the negotiation, request a time with your boss. This way, your boss will feel that you respect her and value her time. Additionally, she will be more likely to give you her undivided attention if you don’t just drop by. After you’ve made your new salary request, it doesn’t do you any good to pressure your boss into deciding as soon as possible. Give your boss time – likely around a week – to consider your proposition and all the factors at play.

Fifty-seven percent of workers interviewed by career website PayScale never negotiated for a higher salary. But if you’re unhappy with your salary and benefits package, you don’t have to settle. Career Moves LLC has nearly two decades of experience consulting with finance professionals on all sorts of issues. If you’re nervous about renegotiating your salary, we can help you make a plan to take your career satisfaction into your own hands.