The Three P's of Salary Negotiation
Salary negotiations aren't easy for most people. If you're going
after a new job, you don't want to price yourself out of the
market. If you're attempting salary negotiations at a job you
already have, then you may be afraid of bringing up the subject
at all or be concerned you won't be taken seriously, or worse,
that you will make your current boss angry. Fortunately in
either case, if you do your homework, approach the matter of
salary negotiations in a professional way, you will likely be
surprised to hear your employer say yes to your salary
requests--and always present them as requests, not demands.
The very first step in salary negotiation, though, is to know
your own value. This is particularly true when negotiating for a
salary increase in a job you already have. To determine your
worth, consider these things:
* Your skills * Your experience * Your education level
All of these things are important when evaluating what you are
worth as an employee. After you determine your own worth, you
want to research how much others are making for the same job
you're doing. Again, your experience, education and skills must
be comparable. Someone with the same job title you have may,
indeed, be making thousands of dollars more than you are, but
when you investigate, you'll probably learn that the person has
10 years' more experience than you do, lives in an area where
salaries are higher overall or has a higher education level than
you do.
Once you know your worth and what your position or the position
you're seeking is worth, then you are ready to present your
salary or salary increase request to your employer. This is
where the research you do will pay off most because, as in
anything else, presentation is everything. The better prepared
you are with facts and figures, the more likely an employer is
to listen.
When involved in salary negotiations you, above all, want to
have your facts and figures ready. You will want to be prepared
to calmly and rationally explain why you feel you deserve the
raise or salary you're asking for. Having the facts and figures
ready to back up your salary request will ensure you have the
confidence to answer any questions that may be thrown at you
during salary negotiations. Being unprepared is what normally
causes people to fail when negotiating for the salaries they
want--and deserve.
Don't let this happen to you. Be prepared. Know your worth,
position's worth, what similar companies are paying in your
area, and don't make the discussion personal. Never bring
personal matters such as child support payments or new car needs
into salary negotiation discussions. Salary negotiations should
always be conducted in a professional, businesslike manner--and
the more professional and prepared you are, the more likely you
are to get that raise or salary you deserve.