Five Tips for Negotiating Your Salary and Compensation
Salary negotiation, compensation, and money can be taboo topics, especially for women in Corporate America. Here are some tips for making those necessary conversations easier to handle.
Hello Lovelies,
Money seems to be a subject that we all tip-toe around. Whether it’s how much we make or how much is in our bank account. We are, rightfully so, very private about our money.
There are plenty of “sub-topics” to cover when talking about money. I’m going to touch on the one you all found most interesting, based on how you all interacted on Instagram. My goal is that you’ll step away from this post with a new perspective and confidence.
Negotiating your salary
This is the big dog, and we’re facing it head-on! Let me tell you something: you should never feel uncomfortable asking for what you KNOW you deserve. Ever. The saying “closed mouths don’t get fed” comes to mind when I think about salary negotiations. You don’t know what a company is willing to give you unless you ask. The worst they can do is say no.
I know salary negotiations can be even more nerve-racking when you’re trying to get a new job. You don’t know the recruiter, the interviewer, or the best approach for asking. Here are a few tips for negotiating salary at a new company.
Research market salaries
you can get a pretty good idea of the salary range by researching. Some websites will show an estimate of the low and high ends of the pay spectrum for your desired position.
Consider your experience
Do you have years of experience in your industry? Have you gotten a few certifications under your belt? These can be used as bargaining chips when discussing salary. You know what skill set you bring to the table and their value.
“Know your worth, then add tax”
When thinking about what you can bring to your new company, consider a solid (and reasonable) pay range you’d be happy with. Don’t sell yourself short. Leverage your experience to show the company you know what you’re worth. Ask for the higher end of your desired salary bracket, and if needed negotiate to meet in the middle.
Be upfront
This is a tip from an HR friend. She pointed out that men rarely have an issue asking for exactly what they want. Women, on the other hand, tend to be more timid. Be upfront and vocal about your salary expectations to ensure you get what you want.
Inquire about other means of compensation
If a company isn’t willing to pay you the higher salary you want, ask about other means of compensation. Do they offer tuition reimbursement? A signing bonus? Relocation expenses paid? Business travel? There are plenty of options to round out your total compensation.
Don’t be afraid to walk away
Sometimes you have to respectfully decline. If a company is seriously lowballing you and unwilling to work with you on salary/compensation, don’t be afraid to walk away. Remember, what is meant for you will be yours and you won’t have to settle for less than you deserve. Chances are, if they aren’t willing to negotiate when you’re coming in, they won’t be a company that will provide much growth for you later down the line.
Many of these same tips can be applied when you’re negotiating a promotion. A couple of things I would add are:
Keep track of your projects
having this information on hand is going to help showcase your work in action. You can show how you’ve progressed from start to finish with tangible examples. This is especially helpful if the person interviewing you for your promotion isn’t familiar with your work. If possible, create a concise physical or digital portfolio that you can walk them through that solidifies your credentials.
Know how you plan to grow
What impact do you want to make? What processes do you want to create or improve upon? How do you want to develop others around you? Consider some of these questions and outline a plan to show that you’re forward-thinking. It’ll be hard for them to turn down your asks if they can see your value-added.
Of course, a key confidence booster is dressing to impress. When you look good, you feel good. Put your best foot forward and stand up in the fact that you are a capable, intelligent, hardworking woman who knows what she deserves. How you dress for an interview, quarterly review, or meeting with your superiors may seem superficial but it can affect how they perceive you.
Do you have any tips for salary negotiations? Share them with us (and other readers) below!
