Negotiating a salary for a new job or asking for a raise at your current job can be an intimidating process. If the thought of talking about money with your employer scares you, you are not alone. According to an article posted by The Muse, "A survey by Salary.com revealed that only 37 percent of people always negotiate their salaries—while an astonishing 18 percent never do. Even worse, 44 percent of respondents claim to have never brought up the subject of a raise during their performance reviews. The biggest reason for not asking for more? Fear.”
So what can you do to overcome that fear and ask for the money you feel you deserve? Below are some tips to help you when negotiating a salary or asking for a raise to your current salary:
- Research: Take time to research industry salaries for similar job functions to those you are performing or will be performing. Using sites such as O*Net, Indeed, Glassdoor, Salary.com, or speaking to others that work in similar jobs can help you determine your worth in the marketplace.
- Prepare: Once you have researched the industry standards, take time to organize your thoughts and how you will actually ask for your desired salary. Take into consideration the trends in your industry and the other parts of your compensation package, also consider your exact “magic"" number, your merits and level of experience, etc. Write down all the points that you want to bring up to your boss and practice just how you will ask.
- Timing: When you are ready to discuss your salary make sure you are in a good frame of mind. Pick a good day and time to have the conversation, like a time when your boss can focus on your request. If you are negotiating the salary as part of a new job offer make sure you ask for at least 24 hours to consider their offer.
- Don't make it personal: Don’t bring up your personal financial situation (i.e. debt, medical costs, etc.) to try to justify your requested salary or raise. Focus on industry standards and your value.
- Never give a number first: When offered a job and asked your salary requirements always mention that they are negotiable rather than give a number. You want your employer to give you a range.
Overcoming the fear of negotiating a salary shouldn’t scare you. Just remember to do your homework and be confident.