While there are plenty of people who genuinely love their jobs, there’s no denying the main reason why most of us are currently in the workforce: to make money. Negotiating is a skill, and many people don’t have much experience with it.
However, negotiating can earn or save you more money in less time than just about any other method. Most job candidates do a poor job of negotiating for a higher salary, and some don’t even realise that salary negotiation is an expected part of the interview process.
If you don’t try to negotiate for a higher salary, you could be leaving money on the table, so during your next interview (or annual review), try some of these tricks to increase your perceived value as well as your take-home pay:
Do plenty of research
Before you come up with a figure, make some calculations based on objective research. There are a number of reasons to do this. First, you’ll come up with a much more appropriate figure than if you just try to guess based on your own experience. Second, you’ll be able to back up your salary request with facts and evidence, and it will show that you’ve extensively prepared. Finally, you’ll be able to walk in with much more confidence than if you just made up a figure on the drive over. Among other factors, be sure to research the average salary for your target position, the average salary at this specific company, and the average salary in your area.
Know your value for the company
Your value to the company goes far beyond the position you’re applying for. A "senior marketing manager” with 10 years of experience, an entrepreneurial background, and proficiency in both graphic design and basic programming is going to be worth more than a "senior marketing manager” with five years of experience and not much else on the table. All those peripheral skills you’ve been developing over time do have an objective value, so don’t neglect to include them in your calculations. Also consider the fact that your value to the company should be based on more than one year of contributions--how would you improve this company in the future?
Think beyond salary base
Negotiation is a numbers game, but be ready to negotiate for more than just a base salary. Many of these peripheral benefits are negotiable, and you can even get creative, for example, you could request extra vacation days or flexible work-from-home time. Think about what’s really important to you in a job, beyond just money, and don’t be afraid to negotiate for it.
Prepare for rejection
Don’t be afraid to ask, and try to do so before your potential employer makes you an initial offer. When you do so, you should have a salary range you’re looking for, so ask on the high end of that range, with a little extra padding in anticipation of a back-and-forth negotiation. There’s a chance your high offer will be accepted, which is great news for you, but adjust your expectations by preparing for a rejection. The worst that can happen is you get a "no” and have to negotiate.