Negotiating your salary is often intimidating, with 68% of mid to senior level marketing professionals consistently engaging in this pivotal conversation, and over 32% avoiding it entirely. Staggeringly 60% of early career professionals would rather move jobs than address a salary negotiation with their line manager.
Fear, a significant deterrent, hinders the process. Alternatives salary survey revealed that 40% of women are not comfortable negotiating salary while only 25% of men would be deterred from the same.
Essential Steps for Successful Salary Negotiation:
Understand Your Worth: Research industry-specific salaries using platforms like Payscale and or check out the latest Salary survey link to Alternatives
Consult Recruiters: Leverage recruiters' insights into market values for your expertise.
Prepare a Summary: Create a one-pager showcasing your achievements for discussion.
Aim High: Request a salary toward the top of the market value range.
Establish a Walk-Away Point: Determine the minimum offer you would decline based on your needs.
Assess Readiness: Consider factors like tenure, accomplishments, and exceeding expectations.
Optimal Timing: Initiate discussions three to four months before performance reviews to align with budget decisions.
Navigating the Conversation:
Confidence Matters: Enter negotiations with a positive and confident demeanour.
Start with Questions: Understand the other party's needs through diagnostic questions.
Showcase Achievements: Highlight past successes and future contributions before discussing numbers.
Focus on the Future: Emphasise potential and future value instead of dwelling on the past.
Initiating the Conversation:
Think About the Other Person: Consider the negotiation from the opponent's perspective.
Consider Others: People tend to negotiate better when advocating for someone else.
Stay Positive: Maintain a positive tone during negotiations.
Making the Ask:
Set the Anchor: Be the first to suggest a number to control the negotiation.
Ask for More: Request more than what you want, allowing room for negotiation.
Avoid Ranges: Present a specific number rather than a range.
Focus on Market Value: Keep the conversation centred on your market value.
Prioritise Requests: Rank your requests to facilitate mutually beneficial tradeoffs.
Omit Personal Needs: Concentrate on performance and achievements rather than personal needs.
Embrace "No": Understand that "no" is part of the negotiation process.
Getting an Answer:
Counter Gracefully: If met with rejection, doesn’t mean the conversations over, and assert the value you bring.
Avoid Threats: Keep the conversation positive, refraining from threats or ultimatums.
Explore Alternatives: If the salary is non-negotiable, consider negotiating for other benefits or perks.
Keep Negotiating: Negotiation is a skill that improves with practice; persevere for better outcomes.
Remember, negotiating may be challenging, but mastering this skill can significantly impact your financial future.
