Setting the Record Straight on Negotiating Your Salary (2024)

FAQs

Setting the Record Straight on Negotiating Your Salary? ›

Focus on the value of the entire deal: responsibilities, location, travel, flexibility in work hours, opportunities for growth and promotion, perks, support for continued education, and so forth,” writes Malhotra. To figure out what specific aspects you want to negotiate, first think about what you want.

In the intricate dance of career progression, salary negotiation stands as a pivotal moment, shaping your financial future and professional trajectory. Amidst the myriad of advice circulating the web, one rule emerges as the lodestar guiding successful negotiations: Know Your Worth and Articulate It Confidently.

Turns out, when employees use a more precise number in their initial negotiation request, they are more likely to get a final offer closer to what they were hoping for. This is because the employer will assume you've done more extensive research into your market value to reach that specific number.

The tip here is provide a specific number, not a salary range. Since employers will default to the bottom number of your range anyway, stick with providing just one number that you're targeting. In reality, this number should be 8% to 15% higher than your ideal number that you're keeping to yourself.

So, can you lose a job offer by negotiating salary? Technically yes, though it's highly unlikely if you do it right. One thing is for certain: you won't get what you want if you don't ask for it!

During the salary negotiation process, be sure to present the research you've done, such as industry benchmarks, as well as any attractive competing offers you may be considering. It's also smart to justify your request based on any unique skills or experience you possess relative to other candidates for the job.

Countering a job offer multiple times may not be the best approach. Instead, prepare your salary expectations based on the value of your skillset and experience in the current market. Don't drag on the salary negotiation too long. Depending on the situation, two times is the most I would recommend.

Feel free to adjust it to your liking: “Thank you so much for the offer. I'm really excited about the company and the role. I want to be upfront with you that the salary is lower than I was expecting based on my skills and experience.

How to negotiate salary for dummies? ›

Try to upgrade the job. Point out how the job requires more than the standard duties suggested by the job title — how it fits in a job description that merits a higher pay bracket. Clarify how you plan to minimize company costs through your performance. Explain how you'll pay for yourself.

Don't take that job! … at least, not until you've scrutinized your pay rate and every detail of your offer. Many students fall into the trap of accepting their first entry-level job offer without realizing what a bit of research can do to drastically change the concessions in their favor.

Key Takeaways. Avoid bringing up salary negotiations in the hiring process until you have a firm offer. Don't try to get one company to match another company's offer. You can turn to a salary website for information, but don't rely only on the estimates for salary negotiations.

“Thank you so much for the offer, I'm really interested in joining the team. I do have a concern regarding the starting salary, however. Based on my understanding of the market value for the position, and my skill set I would expect my compensation to be in the range of $xx to $xx.

Overall, we recommend that you start with a figure that's no more than 10-20% above the initial salary. If the pay is in-line with average pay, but you believe you can negotiate based on your skills and experience, consider a range between 5-7% above.