Do research before negotiating salary increase
Whether you’re applying for a new position or trying to score a raise at your current job, knowing how to negotiate a salary bump is a crucial part of being in the workforce. Unfortunately, many employees make the mistake of accepting a wage that’s lower than they should — or, worse, neglecting to negotiate their salaries at all.
“Salary negotiation is about the value you bring to an organization — your talent, skills and contributions — not what’s ‘fair,’ ” said Lisa Skeete Tatum, CEO and co-founder of Landit, a career resource for women. “Aim high and be rewarded for what you’re worth.”
Before you begin negotiating, it’s important to know what the median salary is for your field.
“Accurate information will bolster your confidence as the negotiations warm up,” said Carla Dearing, CEO of SUM180, an online financial planning service.
First, recognize that your pay will hinge greatly on your degree and the field in which you’re employed. The average starting salary for a 2016 college graduate with an engineering degree was projected to be $64,891, whereas the average starting salary for a 2016 graduate with an education degree was $34,891, according to the National Association of Colleges and Employers.
If you’re just getting started in the field, consider talking to your college professors or career counselors to see if they know the salaries of recent graduates, she suggested. Whatever your career level, you can check free websites such as Salary. com, Glassdoor.com and PayScale.com for a general idea of what the pay is for particular jobs. Be aware that some sites rely on selfreported data, Dearing said.
If you get an interview at a company where you want to work, ask to speak with employees in the same or similar roles as the one you want, said Evan G. Pellett, author of the book “Cracking the Code to a Successful Interview.”
“If you build a connection with these top performers, even take them to lunch, then they might peel back the curtain when you ask them: ‘ What do you think I should request for my starting salary?’ ” he said. “The $50 you spend on lunch might equate to another $5,000 to $10,000 in your first year’s salary.”
It’s acceptable to ask early in the interview process what the pay range is for the position you’re seeking, said Henry Goldbeck, president of Goldbeck Recruiting. But don’t rush into revealing how much you want to be paid, added Dearing. For example, if you’re asked to list your salary requirements on a job application, answer “not applicable” on the form.
“Or, if you are asked the question in person, respond with something like, ‘ I’m sure we can find a number that will be fair, but first, I want to see whether this job is a fit on both sides,’ ” she said. This will put you in a better negotiating position after the hiring manager has decided that you are a strong fit for the job.
If you share early on what you’re willing to be paid, you won’t have room to negotiate a higher salary later in the interview process, Tatum said.
By delaying a discussion of money, you can focus on selling yourself to potential employers or reminding current ones why they need to keep you on staff.
“If you get them super excited and emotional about hiring you, then they will dip deeper into their pockets to land you,” Pellett said. “You want to blow them away as a stand-out candidate.”