Yahoo Finance Secrets From the HR Department: How to Negotiate Your Salary
How many of you feel like you're getting paid exactly the right amount for the work you do? There probably aren't many of you (and if you're one of the fortunate ones, more power to you). The truth is, we've probably all felt a bit underpaid at one point in our careers -- and that's not a great feeling.
But arguably an even worse feeling is the prospect of negotiating your salary. Maybe you hate confrontation, your new boss is intimidating as anything or you're worried you don't deserve it. It's natural to want to avoid the conversation entirely.
[See: 25 Hot Jobs That Pay More Than $100K.]
The thing is, though, negotiating your salary is not only an option these days but a necessity. Increasing your salary -- especially early on -- can change the trajectory of your future compensation, and if you don't do it, someone else will scoop up the rest of the budget you could've claimed. You never know how much more you could be making if you don't ask.
Like many things, good salary negotiation comes with practice and courage. But to get you started, here's what to look for when heading into a salary negotiation -- and what human resources wishes you don't do.
Know what you're actually worth -- not just what you think.
In the past, you were essentially flying blind when asking for more money -- Salary.com and Glassdoor didn't exist back then. Instead of being armed with the facts, you had to present your contributions and hope for the best. But you have a tremendous amount of data on your side today, so dig into not only what other companies pay your role but what your peers and superiors are making. Understanding the entire landscape gives you a better benchmark of data. Because arbitrarily asking for $5,000 more is pretty transparent. If you don't have multiple facts to back it up, it'll probably be a no.
Luckily for you, people talk about salary a lot more than they used to. There are just fewer barriers in today's workplaces -- so use that to your advantage. Set up a meeting with your co-worker to ask how her experience was with negotiation, or ask a colleague at another company to coffee and get him to spill HR's reaction to asking for more money. Obviously don't pressure them, but if you explain what you're hoping to achieve and why, it becomes more symbiotic.
[See: 12 Steps to Asking for a Raise -- and Getting It.]
You're not great at everything, so quit saying you are.
We all want to think we're special snowflakes -- but when it comes to negotiating for salary, people have a tendency to present a massive list of their achievements. They say, "I'm great at everything" -- but let's be realistic. We all have our strengths and weaknesses.
So instead of making a giant list of all of your achievements, attributes and skills, focus on a handful of specifics you want to push on, and leave the others behind. Your superiors probably already know about last year's sales quota you met. Stick to what you truly deserve to be rewarded for and what's most important to the company or role -- and what you hope to grow and expand on in the future. That kind of honest assessment, foresight and ambition is really what's attractive to HR.
It's a marathon, not a sprint.
Once you've finally worked up the courage to have the salary conversation with your manager or HR, you probably just want to get it over with, right? Unfortunately, the best negotiations aren't usually one-and-done -- you'll have to be prepared to hang in there if you want to see it through.
So first things first -- start early. There's no better time to negotiate than at the first conversation with a recruiter about your expectations. Don't wait until the 11th hour to drop the money bomb, or you risk jeopardizing your future chances at salary growth. Then, get ready for the long haul. It's unlikely your boss will give in on the first ask -- the longer the conversations go on, the more you know you're getting somewhere. When it's hard, keep hanging in there -- you're probably closer than you realize.
[See: 10 Things They Don't Tell You About Your First Job.]
Don't make it personal.
Life is tough. You probably already knew that. Landlords raise the rent, the kids need braces, the car gets a flat tire -- anything could happen tomorrow that would cost you more money than you want to spend. But whatever you do, never take salary negotiations personally. Yes, that's difficult because your hard work, time and energy are personal sacrifices. A good HR person cares about his or her employees, of course, but it's not their responsibility to raise your salary if you are trying to buy a house. If that's your impetus, fine. But business is business.
So instead of bringing in your personal needs, stick to doing your research, focusing on your actual contributions and staying in it for the long haul. Your HR team (and your wallet) will thank you.
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