The question of how to be effective at salary negotiation is a common one for us, so we wanted to cover it for all of you who have been asking the same question. As we discuss salary negotiations, there are three main topics I want to cover. Although they might sound simple at first glance, most people don’t do them. Following their lead could cost you, so here are three things you should know heading into salary negotiations:
1. Know how much compensation you are currently taking home on an annual basis. Consider your base salary in addition to any bonuses, incentives, stock benefits, or other monetary value you take home. When you understand that critically, you can make a decision on what your bottom line number is and what your ideal number is.
2. Look at the new opportunity you are interviewing for. You have to make the decision of if this is the right career choice for you. In the end, you want to be able to ask yourself if the job has enough challenge, opportunity, and experience. If you can see yourself making the same amount of money while also enjoying the new job more, you’re on the right track.
3. Actually, negotiate the salary. There are two methods that are common in the marketplace and I like them both. The first is to present a hiring manager with what you are making now and what you would like to make in the future. Give them a mid-range and a high-range number. The other option you have is to not present any numbers at all. Just tell the person that you are very interested in the role and are confident in receiving a fair offer. This gives the hiring manager the opportunity to give you their best offer.
I hope this information has helped you out. If you have any other questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.