5 Tips to Negotiating Salary
5 Tips to Negotiating Salary
- Be Qualified (Confident)
- Do Research
- Less Talk (is More)
- Have Options
- Stick With It
Being Qualified. If you were terrible at Math and Science (my least favorite subjects) and you were on an interview for an engineering position, how would you feel negotiating salary? Do you think you’d accept anything they offer because you know you don’t deserve a penny? I know I would. If you are qualified however, you’d be more apt to stand your ground and feel comfortable in negotiating salary because you know your worth. Essentially, being qualified boosts confidence. You know you’re valuable so you know you deserve a salary that matches your worth. You walk the walk, so you can talk the talk.
Do Research. You must complete your background research in advance. If you are meeting with a potential client, have you checked what your competitors are charging? What are others charging for the same services your client is seeking? If you don’t have background knowledge, you may price yourself out of the game because someone can get the same services, same quality for a lesser amount. On the flip side, you don’t want to low-ball yourself. Will the client or employer choose you because you have a lot to offer for cheap? Make sure your homework is complete!
Less Talk (is More). Don’t talk yourself out of a great deal! Many people prefer to avoid social awkwardness. This includes silence. If an employer states your offer (50k) and becomes silent, do you feel you must speak at this moment to avoid that awkward pause on the phone? If you must speak, you should repeat the amount and then ask for time to think on the offer (48 hours is reasonable). What if it’s reverse? You have stated the amount you prefer or are looking for when accepting a job offer or contract and the person on the other phone goes silent. Do you come back and say, well if not 50k, I will take 48k? Mistake. Many people will talk themselves out of a salary. Instead, be silent. Wait for them to make a statement, once you’ve made your statement, let them follow up.
Have Options. Options equate leverage. If you have other offers or clients and can walk away from this potential deal, the ball is in your court. You have the upperhand to negotiate because if it doesn’t work out you’d be just fine. Do you have another offer on the table? If so, it’s okay to say, “I am currently being offered, 50k, are you able to beat this salary or at the least match it.” This puts pressure on the employer, because they decided you’d be valuable and want you to be apart of their team. Now, I don’t suggest noting, “I have another client paying me, X amount of dollars.” But, if you can say it tactfully, do so (I have)! However, it’s a lot easier to list the current clients you have to give perspective. But what if you don’t have other offers/clients or a job already? Well you can still have options. Options A-C. Your first option would be your ideal amount you’d accept 50k (A). Your second option will be your “I’ll accept this amount.” Let’s just say that 46k (B). Finally, your third option is your, I am sorry, I won’t accept anything lower and that may be 45k (C). If you have options, you’re one up on negotiation.
Stick With It. This is when the neologism, Sticktoitiveness (stick-to-it-iv-ness), is acceptable. You must remain steadfast. In terms of salary, the employer wants to save money and the client for sure wants to save costs and they both want to maximize profit. So you must find your number (numbers- because you have options) and stand your ground. There’s not much to discuss here, besides- stick to your guns!
All 5 tips are correlated. If you’re qualified, you’ll be confident. Keeping in mind, a confident person has done their research leading to their self-assurance. If you’ve mastered the art of talking less, you’ve gained ground on the person you’re negotiating with. Now, all of these things, especially doing your homework, has allowed you to have options which all play into your ability to stick with it! Now, you’re that much closer to obtaining the salary you deserve- Go For It!
This is a follow up to the recent, Blab.IM airing, January 6th. YP Empire will be represented on #MotorCityWednesday with @MotorCityWoman, Robin Kinnie, every 1st Wednesday of the month. Be sure to download Blab.IM on your Android or Apple mobile device for FREE in the app store so you can catch us live on February 3, 8:30pm.