Negotiating a more suitable salary has put pressure on potential candidates over the years. Remember, we all go through the process of salary negotiation sooner or later. Keep these ten tips in mind when it's your turn to ask for a sweeter deal.
1. Be Persuasive
It's hard to encourage your boss to increase your compensation package and trying to do so can potentially damage your working relationship. Think about the process as trying to convince him/her that it might benefit the organization to pay you more.
2. Aim High & Be Realistic
Many researchers have found a strong relationship between people's aspirations and the results they achieve in the negotiation process. At the same time, you may want to suggest ideas that your boss can realistically agree with based on your working relationship.
3. Start Off With The Right Tone
You want to start off and let your boss know that you will listen and try to understand his/her views. At the same time, you expect your boss to do the same for you so you can work together to address this issue. Avoid ultimatums, threats and other coercive behaviors.
4. Clarify Your Interests
Your compensation should satisfy a range of needs, not just the salary itself. Make sure you have thought about other points of value to you as well like profit sharing, stock options, bonuses, additional work responsibilities, a promotion schedule, increased vacation or flexible working hours.
5. Anticipate Your Boss's Interests
Just like you, your boss has needs and concerns. To persuade him/her to say yes, your ideas will have to address those key things that are important.
6. Create Several Avenues
A collaborative brainstorming session is the most effective way to find ideas that satisfy everyone's interests. It works best when you separate it from commitment, so first off you should create possible solutions and then decide which ones are ideal.
7. Focus On Objective Criteria
It is easier to persuade someone to agree with your proposal if they see how that proposal is firmly grounded on objective criteria, such as what similar companies pay people for experience or what others within your own company make.
8. Think Through Your Alternatives
In case you cannot persuade your boss to say yes on the first go around, you will then need to have a backup plan. Part of preparing is creating a specific action plan so you know what you'll do if you have to walk away from the table.
9. Prepare Thoughtfully In Order To Achieve Your Goals
This is the only aspect of your negotiations that you can completely control. To take advantage of this advice, you have to invest a significant amount of your time and energy.
10. Reviewing To Learn
The only way you can improve your ability to negotiate is to explicitly learn from your experiences. After you finish negotiations, reflect on what worked well and what you might want to do differently in the future.