Career Series - Salary Negotiation Strategies

After you've successfully achieved your dream position, you are going to have to begin salary negotiation at some point, likely during your first review at the company. This process can be as tricky as finding a job, and it is important to approach this meeting with careful consideration and thought, as you only get one chance.

Here are some strategies for successfully negotiating your next salary:

• Do Your Research: As with most important decisions, it is usually wise to do your research and prepare for any important meetings. In this case, you should complete as much research on the company as possible, as it will give you the opportunity to get a better understanding of exactly how much room you have to negotiate. Try to find out the typical salary range for someone in a similar position, and if possible, try to get advice from your colleagues about what the standard policy is in these cases. This can be extremely helpful knowledge to have before you walk into that meeting. For instance, if you hear that your company is planning to cut back on expenses (which could mean employees) then you might want to adjust your expectations.
• Understand True Market Value: You will need to complete additional research in order to gain a true understanding of what it is that you bring to the table each day. Make sure to use legitimate sources when you are reviewing various compensation guides. Begin with a well-informed (and fair) request for a starting salary and leave room for future negotiations. You will likely be met with respect and hopefully the number you're looking for.
• Always Remain Calm: These conversations are stressful enough; there is no reason to add any additional negative emotion into the mix. Keep in mind that the business world is extremely small, and you could easily find yourself face-to-face with this person again in your career. For that reason, you will want to be careful not to say anything you will regret in the future.
• Get Your Offer in Writing: This should go without saying. In fact, you should get everything in writing if possible. This will help to prevent any "misunderstandings" later on.
• Remember the Big Picture: Consider every aspect of the company and what they have to offer you. Many companies today are able to provide significant perks to their employees, which might be worth incorporating into your negotiations. Depending on your personal life, it might be more beneficial for you to be able to work from home a few days during the week or have the option to take an endless amount of vacation (providing that you are still completing all of your work, of course). These things might be worth more than a simple dollar increase in salary, so consider your options carefully before proposing anything. It is difficult to take things back once they are said.
• Start Higher to Leave Room for Negotiations: After all, this is a negotiation, which inherently means that there should be some wiggle room. Your boss will be hard-pressed to simply accept whatever number you propose without coming back with something lower. Keep this in mind, and you are far more likely to end up with exactly what you wanted in the first place.
• Be Fair: At the end of the day, you really should try your best to be fair. These conversations are never easy for anyone, and it will definitely help your cause if you suggest a fair number after you have carefully considered the value that you bring to your company each and every day. Furthermore, it will be much easier for you to ask for something that you truly believe you deserve, and your boss will respect you all the more for resisting the urge to be greedy.

Bottom Line: Eventually, you will find yourself face-to-face with a salary negotiation. In order to succeed, it is important to carefully consider the strategies listed above and secure a salary that makes your dream job a financial reality.

Career Series: Top Earning Degrees | Living The Dream | Dream Job Checklist | Salary Negotiation Strategies