What are the origins of this fun-filled festive custom?
Before ever sitting down with your manager to negotiate, take time to research your employer’s financial health, recent funding rounds, and average salaries for someone in your position.
Prior to the negotiation, it’s important to determine your minimum acceptable salary, including desired benefits and even career aspirations.
Even with all the information out there, it can be challenging to know your worth for certain. However, assessing your skills, education, experience, certifications, and accomplishments can help you articulate your value proposition.
To present a well-rounded number, make sure you also gather salary data for similar roles in your industry and location. This will give you more leverage in the negotiation.
You have an advantageous view as a current employee. Take a look at what projects are happening and what roles the company is hiring for. Then, see how your unique skill set could fulfill their needs.
Practice makes perfect. Take some time and rehearse articulating your value proposition and desired compensation package confidently. Pay attention to your non-verbal communication, too.
Predicting potential objections from the employer will help you be ahead of the curve. Take it a step further and prepare strong counterarguments based on your skills and how you could positively impact the team (or company).
In advance of the negotiation, craft one to two compelling narratives detailing how you've overcome challenges or delivered exceptional results while with your current company. It’s all about the value you bring!
Write down a list prioritizing the benefits that are most important to you. Examples include: additional paid time off, flexible work arrangements, and more. Knowing what you actually want is half the journey.
Continued education can help sharpen old skills and prepare you for new options, too. Explore ongoing training, conferences, or educational stipends that the company could potentially pay for in lieu of a salary increase.
Your employer will likely refute your offer initially, but listening attentively to the employer's response and clarifying any questions or rationale you don’t understand will show you’re committed to furthering the discussion.
When negotiating with your current employer, make sure you are confident and enthusiastic throughout, but also be sure to maintain a respectful and professional tone.
After presenting the information and reasoning for reconsidering compensation, thank them for their time and confidently state your final number or compensation package that you’re requesting be considered.
Reaffirm the unique value you bring to the company and how you contribute to their bottom line. Pro-tip: don’t be afraid to also mention your positive impact on things like team morale.
Have you been wanting to move either to a different company location, or work remote from the beach perhaps? Consider asking to be relocated on the company’s dime.
Negotiations should ideally be a collaborative effort to find a mutually beneficial agreement (think win-win). Using "we" language conveys you’re a team, not adversaries.
If absolutely necessary (and with caution) you can mention that recruiters from other companies have been reaching out to you lately with very competitive offers.
Present all your ‘asks’ together versus discussing one in entirety then moving on to another. Eventually, if you keep saying, “and another thing is,” people will become tired and potentially frustrated at the seemingly never-ending list.
Evaluate exactly how flexible you are and, without explicitly stating that you have some ‘wiggle room,’ keep an open mind to finding a middle ground that satisfies both parties.
Threatening to quit, leave, or otherwise can lead to feelings of animosity and a lack of desire to listen to you further, let alone negotiate.
If something is truly important to you then that's fine. But focusing on tiny things that you don't actually care about in order to prove a point can rub a manager the wrong way.
While a formal suit might not be needed, your attire should aim to reflect professionalism and confidence during the negotiation.
Regardless of the negotiation outcome, be mindful of your online presence and absolutely avoid negative posts about the company.
When you finally come to an agreement, request a written offer outlining the final salary, benefits, and total compensation. This ensures the terms are solid and no confusion exists.
A smile welcomes others to do the same. Also, a positive and confident attitude can go a long way in reaching a successful outcome with your manager.
Should you be successful in your attempts, send a simple thank you email reiterating your excitement and gratitude about the newly agreed upon terms and appreciation for their time and help.
Sources: (Harvard Business Review) (The Salary Negotiator) (LinkedIn) (TopResume)
Focus on the measurable impact you've made in previous roles (predominantly within your time at the company), using metrics and data to showcase achievements.
Has your LinkedIn been receiving extra attention lately? Have recruiters and hiring managers been messaging you about roles at their companies and promising higher salaries and better benefits? In today’s ultra-competitive career landscape, this occurrence is more common than most realize. If you’re currently employed, it can be very tempting to at least hear what these other companies have to say in order to compare what you’re currently earning versus the potential if you were to switch. These conversations often lead to compensation negotiations with current employers, but the question at hand is: how do you tackle such a negotiation?
From before the negotiation ever begins to final touches that make you positively stand out, this guide will cover salary conversations with a current employer. Click through to learn more.
What is the best strategy to negotiate a higher salary?
Confidence and flexibility are key
LIFESTYLE Advice
Has your LinkedIn been receiving extra attention lately? Have recruiters and hiring managers been messaging you about roles at their companies and promising higher salaries and better benefits? In today’s ultra-competitive career landscape, this occurrence is more common than most realize. If you’re currently employed, it can be very tempting to at least hear what these other companies have to say in order to compare what you’re currently earning versus the potential if you were to switch. These conversations often lead to compensation negotiations with current employers, but the question at hand is: how do you tackle such a negotiation?
From before the negotiation ever begins to final touches that make you positively stand out, this guide will cover salary conversations with a current employer. Click through to learn more.