You’ve heard time and time again that if you want something in life, you have to ask for it; go after it. It’s no different at work. If you want extra responsibility and experience, ask to work on specific projects. If you want a raise, show your boss how you’re an asset to your team and organization, and let them see how much they need you. Venturing out as an entrepreneur? Ask for the sale. It doesn’t just happen on its own.
What should you do when you receive a job offer? Rather than settle, negotiate a higher salary and benefits. Most people are uncomfortable and awkward with any discussion about money. While having strong interview skills is important to landing a job offer, mastering the steps of salary negotiation can help you boost your initial earnings at a new job, as well as come in handy with annual performance evaluations and pay raise discussions.
Our friends at The Levo League shared a very helpful infographic with us showing the key steps to a successful salary negotiation. This salary negotiation advice comes from Kate White, former editor-in-chief of Cosmopolitan and New York Times bestselling author.
Infographic source: LevoLeauge.com
Women tend to shy away from salary negotiation, which leads to overall lower salaries and a loss in potential earnings. With a little preparation and the right techniques, you’ll be armed to get the best possible offer.
Learn the secrets of not having to settle!
1. Play Detective. Go to sites like Salary.com, ask around, and get a true sense of what the job might pay.
2. Determine the ZOPA: Zone of Possible Agreement. The ZOPA is where the range of salary they might offer interescts with the range that will make you happy.
3. Don’t name a number! Wait for them to first bring up the salary.
4. When they offer you the job and announce the salary, graciously tell them how pleased you are to have the offer and how much you’d like to work there.
5. …then add, “But I was really hoping for X*.” Now’s the time to negotiate! If you don’t negotiate now, the gap will get bigger over time. (*the highest mark in the ZOPA)
6. Now shut up… and wait.
7. When they counter offer with Y, assess the mood. If you think there’s room to negotiate further, say “I appreciate your flexibility. Could we meet in the middle at Z?”
8. Don’t stop! This is a time to nail down the extra: signing bonus, car, moving expenses, cell phone, gym membership, flexible schedule, etc.
9. If the first offer is firm, ask if there is anything else they can do. Additional benefits can include more vacation time, better title, bonus, etc.
What salary negotiation techniques have you had success with after receiving a job offer? Share with us below.