Looking to negotiate your salary? Maybe you’ve received a job offer, or maybe you are simply looking to get a raise at your current company. Either way, salary negotiation can be a gut-wrenching process. Of course you want more money or more benefits, but will it affect the way your manager views you? Could the new company withdraw their offer in favor of a candidate looking for less?
Many people are afraid of asking for more – particularly women, with a shocking 7% of women attempting to negotiate their first salary. And, for those that are unemployed, working in a toxic environment, or switching career fields, you may be hesitant to negotiate your starting salary. But think again. When you negotiate, you are advocating for yourself and showing your employer that you have done the research to understand your worth in the labor market – showing them you know your value.
In most cases, those who negotiate are able to increase their salary by over 7%. And, over time, the aggregate loss on incremental gains can be huge; hypothetically, starting a job at $50,000 a year instead of $55,000 a year can result in a loss of anywhere between $500,000 to a million dollars over a lifetime.
So, are you ready to start your negotiation? Looking for some tips? Check out eight of our favorite negotiation articles to prepare yourself for the big moment:
Employers may not be willing to make adjustments in base pay, but you may be able to negotiate some benefits to help make up the difference. This blog will give you six tips for salary negotiation, so that you end up with the salary and benefits that you want and need.
You may have heard that you shouldn’t negotiate – or else the company will be offended. Myth! Don’t let these 10 common mistakes cost you when negotiating a job offer. Read on to discern salary negotiation ‘fact from fiction.
Did you accidentally disclose your current pay to your new hiring manager? Think you’ve lost the upper hand and can’t negotiate their offer? All hope is not lost! Learn how Karen earned an $8,000 increase in pay through the power of negotiation.
Getting out of your element is an element of negotiating success, and it isn’t necessarily a bad thing. At an event called the “Women Motivating Women Power Panel” at Impact Hub, Salary.com interviewed 3-4 women CEOs and collected their “not-so-traditional” negotiation advice. Check out their tips in the article linked above.
Some employers simply won’t budge on base pay, but have you tried looking at your entire compensation package when negotiating? Benefits like a better title, wardrobe allowances, and a housing subsidy are only three of the possible asks you can make during the negotiation process.
Are you not using your company’s medical benefits? You may be able to negotiate other perks, like a higher salary, instead. Read this blog to see if this is something that might be applicable to you during your negotiation process.
This one is for the executives who are hoping to study the sophisticated art of negotiating executive compensation. Only executives are eligible for certain perks and benefits – like access to the company jet or golden parachute provisions. Learn more about the types of benefits offered to executives and determine which benefits you think make sense to negotiate, to help you get the total rewards package that you deserve.
Did you know there are four levels of negotiation power when countering a job offer? Your success all depends on how much leverage you have. Of course, having another official offer holds a bit more credence, but there are other ways to position yourself for a higher salary, based on market-specific research for instance.
Looking for more negotiation advice? Check out all of Salary.com’s negotiation articles here: https://www.salary.com/articles/negotiation/.