Salary Negotiation Resource Guide
One of the most stressful parts of the interview process is negotiating salary. This should be an exciting time, because if you have reached the negotiation stage it usually means that you are in line to get the job. But you still need to discuss salary, and that discussion will determine how much money you make at your new career, and whether you are fairly compensated for your work.
Tips for Negotiating Salary
- Come Prepared – Research what others make for the same work in your location. Make sure you compare not only what people make for the same job title, but also what people make for the same tasks.
- Consider the Growth/Perks – Money isn’t everything. Companies that offer great growth potential, excellent benefits, or a variety of other perks should consider those as part of the negotiation. You can still ask for more, but know that some companies use those in place of pay.
- Research the Company – What type of company is it? How much do they typically pay their employees? Are they a startup or a Fortune 500 company? There are many different factors that go into both what you can ask for and what you can expect.
- Know Yourself – You should always try to get the most possible. But be honest with yourself about what you deserve for both the type of employee you are, what your history is, what you’ve done before, and more. Also, know what your absolute minimum is to be happy with the job, as this should play a role in determining what you ask for.
Resources for Salary Negotiation
- Glassdoor.com – Glassdoor contains salary information about each individual company, including what they have paid people in the past for similar work. This will help you determine what the company is likely willing to pay.
- Payscale.com – PayScale provides an estimated salary range for both current and prospective employees to help them determine what they deserve for their given area. You can use these for salary benchmarking so that you know what a fair market value is.
- Women for Hire Negotiating Tactics – Women for Hire is a job information site for women in the workplace. This page provides salary negotiation tips for women that have made it to the interview process, as well as mistakes and other helpful information.
- Harvard Business School’s 15 Rules – Harvard Business School has mapped out their 15 rules for negotiating a job offer, complete with interesting stories and scenarios and a complete list of useful information.
- Salary.com – Similar to PayScale.com, Salary.com has a large database of salaries and information. Always look at multiple websites to give you more of a background of the salary range, as different websites may have different data.
- Job Search Intelligence Calculator – Another calculator that you can use to gather data on job seekers. This calculator uses a database form Indeed, one of the largest job posting sites online, to determine what you deserve to make with your experience.
- Non-Profit Professionals Tips – Salary negotiation in a non-profit can be challenging. This article seeks to tackle some of the strategies you can use to negotiate salary as a non-profit worker.
Salary Negotiation Helps Both You and the Company
Negotiating a better salary is an important step towards furthering your professional career. But what you may not realize is that negotiating a higher salary is important for the company as well. Companies lose thousands of dollars in production when an employee leaves the company. If you get a salary that you’re happy with, you’ll be less likely to leave, and the company will benefit as well.
Don’t be afraid to negotiate a salary with the employer. When you use data to support your asking value, it’s highly unlikely you will be turned down for the job unless they are unwilling to pay what you want to make. Salary negotiation benefits both you and the employer, and is an important part of the job seeking process.