How to Negotiate a Higher Salary

As you consider a salary offer, consider all aspects of its compensation package. Sometimes it can be more cost effective to forego some of the money you want in exchange for additional benefits like tuition assistance, work from home opportunities or flexible schedules.

Your greatest negotiating leverage occurs between being offered and accepting a job offer and signing the official offer letter. Here's how you can use this time window to secure a higher salary offer.

Do Your Research

Find out what salary people with similar skillset and experience are receiving by checking websites like Glassdoor, PayScale and LinkedIn Salary. This data may also be available via apps like Snagajob! and Career Builder.

Consider listing some perks you are willing to negotiate in case the company makes an unfavorable offer, such as vacation time, relocation stipends, work from home opportunities, bonuses, health insurance packages and education reimbursement.

As part of your negotiations, it's wise to avoid words such as "wiggle room" and "compromise." Instead, attempt to reframe any numbers offered by your negotiation partner into market value; this will help maintain your confidence as an employee and maintain your status as an asset to the company.

Set a Minimum

As part of your negotiations, it's essential that you set your minimum salary requirements. In case your employer can't accommodate them, having an alternative solution in mind could prove invaluable.

If you have a firm grasp on your company's salary range, aim to begin negotiations at slightly above average. For example, if they offer $107,000 as their starting offer, be prepared to ask for at least an increase to $110,000 or beyond.

Prepare a list of non-monetary benefits you hope are negotiable in case your employer refuses to grant you the raise that you want, such as flexible work hours or locations, stock options, educational reimbursement, sign-on bonuses and extra vacation days. This will keep the focus of the conversation on your value as an employee rather than on any numbers involved in negotiations.

Be Prepared

Once you have identified a minimum and range that makes you comfortable asking for, prepare your talking points well in advance of any negotiations. If possible, practice with someone trusted who can give feedback on how well you come across and offer advice for handling any questions that arise during negotiation sessions.

Start the conversation off right by providing details from your research about what your worth should be, for instance: "Based on my research, I believe I am worth X amount." This gives your employer the impression you have done your homework rather than simply seeking more money out of need or greed.

Keep in mind that even if an employer cannot meet your salary request, they may still offer you an attractive compensation package that includes flexible working hours, more vacation days or professional development opportunities.

Be Flexible

While it's essential to research your own salary and understand what others in your position are making, be flexible when you come time for negotiation. Instead of asking directly for what you would like as your desired figure, try starting at a higher figure to allow some room for maneuvering - this also shows your employer that you understand their worth and have done their research!

Be open to discussing benefits beyond just salary when seeking employment. Employers may offer extra compensation as part of a deal. When asked for your price, use nonverbal cues such as pausing and nodding slightly as nonverbal signals that the terms must meet in order to steer the conversation toward your desired outcomes.

Be Honest

Integrity during negotiation is of utmost importance. If you don't come across as being genuine in your desire for more pay or any other concerns you might have.

Your value to the business should also be clearly demonstrated through quantitative evidence of past jobs you've held, such as sales growth, revenue increases or cost savings. This could include data such as sales increases or revenue gains or even savings through cost reduction measures.

Salary negotiations may be uncomfortable, but they're essential. According to research from PayScale, those who fail to negotiate can leave up to $1.5 million of unearned income behind in their careers if they do not attempt to negotiate. Don't hesitate to ask for what is rightfully yours!

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