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10 useful tips for negotiating pay

10 useful tips for negotiating pay

How many people are you familiar with whom love their job so much that they would do it for free? Unless you know quite a number of independently wealthy people, chances are the answer is “not many.”

For ordinary people, pay is always a very basic requirement for working life. In this case, negotiating your starting pay and asking for a raise are crucial decisive factors when you have made your mind to take a new job. The following are ten tips you could learn to polish your negotiating skills and get the pay you deserve.

1. Be aware of your expectation.

When you start with salary negotiation, you should be bear in mind two thresholds: the first is your ‘slam dunk’ offer, that means you would immediately accept, and the second is your ‘basement’ offer, [which is] the bare minimum of what you need to work for the company. Therefore everything that exists between your ‘slam dunk’ and your ‘basement’ is negotiable. However, you should better understand that a successful negotiation means you do not compromise beyond the point of a win-win.

2. Do some homework.

Every gig has a fee range.So you should spend the time to find  it, then don’t be afraid to ask for more than the top. If an employer is asking for your help, that means they think you’re worth it. Asking for top dollar confirms that you’re a top player.

3. Be honest about your salary needs

Be upfront with your interviewer. A firm that is looking for the best person for the job is wants to know better about what you are capable of. In any kind of relationship scenario, if expectations do not measure up, both sides end up regretting the better opportunities that passed them by. So it’s better to state what you need salary-wise and let the chips fall where they may.

4. Show how you can contribute to the bottom line

Illustrate your value through contributions you’ve made throughout your career, especially in your current position. You should focus on your working experiences and results you achieved in the areas of driving revenue, savings, efficiency and productivity, better with examples relevant to the organization or role.

5. Speak up

Generally speaking, when it comes to pay raises, if you don’t ask, you don’t get. Some companies are great at recognizing outstanding employees and dole out raises whenever they can, but solid employees who may be flying under the radar should be asking for one, too. Be ready to ask for a specific number, and quantify it in some way. When you do it, you had better  stick to the facts rather than showing emotion out of it.

6. Make the first offer

You should remember not to wait for an employer to mention a figure. It is suggested with traditional advice that you should  never be the first to mention a salary target, in case your employer is planning to offer you more than you expect. However, nowadays, you should be more realistic, because your employer would throw a low number out to see if you’ll take it, and once that small figure is on the table, it may be not comfortable to go after anything substantially larger.

7. But don’t make demands

When you are going to ask for a raise, you should never present it as an ultimatum. Perhaps you could get the extra money, but the opportunity cost could be steep if you jeopardize any or all of the goodwill you have accumulated. So you should set the stage for your request by expressing gratitude, then highlight your key accomplishments and contributions. When you’ve established that your boss agrees with you, then—and only then—do you tell him what you want.

8. Play the long game

You would not always get the salary you want. When it occurs , you had better politely and respectfully ask your potential new boss—rather than the HR person—if you can sit down together to determine what specifically you need to do to earn the raise in the future. Work out deliverables that are as specific as possible, and pin down a time frame. Take notes, let your new boss see that you’re taking notes and work up something in writing you can both agree to. Then report your progress regularly. Once you’ve met those goals, it will be very difficult for your boss not to grant your raise, or at least to fight for it on your behalf.

9. Don’t leave empty handed

In most cases, people just think about salary. However, you have more items up for negotiation, such as a preferred work schedule, vacation accrual, external and internal training opportunities and tuition reimbursement. If the company fails to meet your salary requirements, ask them what is needed to earn that salary. If it’s a financial issue on their end, you can still negotiate the other above-mentioned items. If it’s an experience issue, or something else you can change in the short or long term, discuss what you will do to grow in these areas, and you could also give good examples of how you’ve overcome challenging situations in your previous jobs and how that applies to this company/role.”

10. Honor your worth

Remember not to undersell yourself. You are your own best ambassador, so strive for a competitive deal with which you would be satisfied.Your employers will respect this, in particular when you are looking at a leadership role.