8 Must-Do’s to Nail the Art of Salary Negotiation

Fast Company reports that a staggering 49% of job candidates never try negotiating an initial job offer.The most common reason they don’t fear.The article also quoted researchers Michelle Marks and Crystal Harold’s findings that“employees who negotiated their salary boosted their annual pay on average of $5000”.

Women Don’t Ask —a famous study by Linda Babcock—documents the reasons for women’s general reticence in asking for higher pay. The study revealed that only 7% of women negotiated their first salary, in contrast to a staggering 57% of men who did.

It’s an uncomfortable subject to broach, but if you don’t ask, you won’t get. Let’s look at it this way:the worst possible thing that could happen is that they say no. Not the end of the world. At least you tried. That said, how do you overcome your fear of negotiating and increase your chances of success?

Here are 8 must-do’s to help you nail the art of salary negotiation:

1. Know What You’re Worth

Do your research. Search online for salary trends and reports, or check out online forums. You could also ask peers in your field to get a sense of where you stand on the general payscale for your job and responsibilities. Unless you have a figure in mind, the outcome of your negotiation will likely be dictated by your manager.

2. Talk to Recruitment Professionals

The next time you get a call from a recruiter, find out how much the employer is offering for someone of your experience and skills. It doesn’t matter if you don’t get a specific number; a range would be helpful enough. You could also register at recruitment agencies to see what kind of offers come through. It’s always good to know what options are available, if nothing else.

3. Make Sure You’ve Earned It

It would be embarrassing to ask for a pay rise only to be told you’ve not been there long enough, or that you haven’t performed up to expectation. Save yourself the awkwardness and do a self review beforehand.

Ask yourself the following:
a) Have you held the position for over a year?
b) Have you taken on new responsibilities since you started?
c) Have you consistently exceeded expectations?
If the answer to any of these are “no”, be patient and work on it until the answer to all is “yes”.

4. Plan in Advance

Don’t wait until your performance review to ask for a pay rise. Most companies work ahead to set the upcoming year’s budget. Bring up the subject a good three to four months in advance to ensure you have sufficient time to get it approved.

5. Have a Brag Sheet

Having proof of your achievements makes it easier for your boss to justify your pay rise (note: you want to make the process as smooth and effortless as possible). All you need is a brief one pager highlighting your achievements, awards, and testimonials from both customers and colleagues since your last pay review. It’s also a good reminder of your value and contributions to the team.

6. Get It Word-perfect

This will be an important pitch. Nothing less than word-perfect is going to cut it. Write down what you plan to say, then practice it in front of a mirror or with a friend until you learn it by heart. Rehearse, rehearse, rehearse!

7. Have the Meeting on a Thursday or Friday

Psychology Today cites claims by Debbie Moskowitz, Ph.D., (psychologist at McGill University) that“Thursdays and Fridays find us most open to negotiation and compromise because we want to finish our work before the week is out.”Certainly sounds logical. Doesn’t hurt to try anyway!

8. Believe in Yourself

Confidence is everything. If you don’t believe you deserve more money, then why should your manager believe it? You might not be aware of it, but your body language says a lot about your confidence or lack thereof. Here’s a simple fix. Stand in front of the mirror and take a good look at your posture. Are you slouching? Shoulders sagging? Pull your shoulders back and stand up straight and tall. You’ll instantly look ten times more confident and feel more energetic too.

Stop denying yourself the pay you deserve and go for it. You’re the only one who can.

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