Tips for Negotiating Salary
Did you know a survey by Salary.com revealed that only 37% of people always negotiate their salaries, while 18% never do? Even more shocking, 44% of respondents claim to have never brought up the subject of a raise during their performance reviews.
Negotiating a salary can be a very important step in your career. Whether you are considering an offer for a new job or want to negotiate a raise for your current position, make sure you are prepared and knowledgeable on the subject when the time comes. Here are our tips for negotiating your salary:
Start with Research
When the time comes for a salary negotiation it is always best to start the process with some research. Determine what the industry averages are for someone in your type of position, education level and in your geographical area. That will give you a base point to start with and the facts you need when you begin to negotiate. You can search salaries by job title and area on websites like Glassdoor and Indeed.
When the time comes for a salary negotiation it is always best to start the process with some research. Determine what the industry averages are for someone in your type of position, education level and in your geographical area. That will give you a base point to start with and the facts you need when you begin to negotiate. You can search salaries by job title and area on websites like Glassdoor and Indeed.
Know your worth
It is important to remember that just because X amount is the industry average, that does not mean that is the number for you. Know your worth, consider your level of experience and what other knowledge you might be bringing to the table. With a new role, don’t forget to take benefits into account when looking at total compensation. If you are negotiating with your current employer consider any additional responsibilities you have taken on since starting in your role and any successes you have had in the last year.
It is important to remember that just because X amount is the industry average, that does not mean that is the number for you. Know your worth, consider your level of experience and what other knowledge you might be bringing to the table. With a new role, don’t forget to take benefits into account when looking at total compensation. If you are negotiating with your current employer consider any additional responsibilities you have taken on since starting in your role and any successes you have had in the last year.
Picking numbers
When asked, make sure you have some actual numbers to give. It is recommended that you come up with a salary range such as $60,000-70,000, rather than a very specific number. However, it is actually best to resist throwing out the first number if possible and wait to see what the company is willing to offer you. This prevents accidentally low-balling yourself if they are willing to offer more than you anticipated and gives the opportunity for negotiation if the number isn’t quite where you wanted to be.
When asked, make sure you have some actual numbers to give. It is recommended that you come up with a salary range such as $60,000-70,000, rather than a very specific number. However, it is actually best to resist throwing out the first number if possible and wait to see what the company is willing to offer you. This prevents accidentally low-balling yourself if they are willing to offer more than you anticipated and gives the opportunity for negotiation if the number isn’t quite where you wanted to be.
Talk to recruiters
If you are working with a recruiter, they can be a great resource to help you determine market averages for the position you are applying for. You can have an open discussion with them about your desired range and if they think that is in line with what they have seen to be standard. If you are interested in speaking with a PharmaOut recruiter please emailinfo@pharmaout.com and visit our Job Seekers page.
If you are working with a recruiter, they can be a great resource to help you determine market averages for the position you are applying for. You can have an open discussion with them about your desired range and if they think that is in line with what they have seen to be standard. If you are interested in speaking with a PharmaOut recruiter please emailinfo@pharmaout.com and visit our Job Seekers page.
Know your walk away number
If you have been offered a new job, you need to know what the lowest number you are willing to accept if your negotiation attempts do not pan out. Go in knowing that if you do not get this number or above you will walk away from the offer. This is where you need to consider what salary is necessary to make you leave your current role and make a change. This would also be the time to negotiate benefits that could be worth a lower salary number. Benefits that could be negotiated are: extra time off, stock options, sign on bonuses, end of year bonuses, flexible schedule, education reimbursement, etc.
If you have been offered a new job, you need to know what the lowest number you are willing to accept if your negotiation attempts do not pan out. Go in knowing that if you do not get this number or above you will walk away from the offer. This is where you need to consider what salary is necessary to make you leave your current role and make a change. This would also be the time to negotiate benefits that could be worth a lower salary number. Benefits that could be negotiated are: extra time off, stock options, sign on bonuses, end of year bonuses, flexible schedule, education reimbursement, etc.
Know what you will do if your current company gives you a counter-offer
Once you’ve expressed your desire to leave your current role or increase your salary, you may be met with a counteroffer from your employer. A national survey conducted byHarvard Business Review revealed 40% of senior executives and HR leaders alike agreed that accepting a counteroffer from a current employer will adversely affect one’s career while 78% of senior executives indicated that it is sometimes acceptable to embrace a counteroffer. Each individual’s case is unique so it is crucial to weigh your options carefully and take all aspects of your current position into consideration. Compensation, perception of people in the company,and how long other employees usually stay after accepting a counteroffer are all factors to consider. The best case scenario is to avoid a counteroffer all together- having open discussions with your boss about your career and where you want to be in the next 3-5 years is critical. If you are considering a move, hopefully your boss is a trusted advisor that you can talk with as you are exploring opportunities to see if there is an internal opportunity and room for growth at your current company.If your relationship with your boss is not one that you feel like you can have a direct conversation then that may be a factor to consider when weighing your options.
Once you’ve expressed your desire to leave your current role or increase your salary, you may be met with a counteroffer from your employer. A national survey conducted byHarvard Business Review revealed 40% of senior executives and HR leaders alike agreed that accepting a counteroffer from a current employer will adversely affect one’s career while 78% of senior executives indicated that it is sometimes acceptable to embrace a counteroffer. Each individual’s case is unique so it is crucial to weigh your options carefully and take all aspects of your current position into consideration. Compensation, perception of people in the company,and how long other employees usually stay after accepting a counteroffer are all factors to consider. The best case scenario is to avoid a counteroffer all together- having open discussions with your boss about your career and where you want to be in the next 3-5 years is critical. If you are considering a move, hopefully your boss is a trusted advisor that you can talk with as you are exploring opportunities to see if there is an internal opportunity and room for growth at your current company.If your relationship with your boss is not one that you feel like you can have a direct conversation then that may be a factor to consider when weighing your options.
When to ask in your Current Role
When asking for a raise in your current role, timing can be everything. While it seems standard to wait until your yearly review to ask that may not be the best time. By then, managers may have already decided what raises they are giving out and have less flexibility to make changes. You could benefit from speaking with your manager a month or two before reviews and going over your accomplishments over the last year because this gives them time to consider your request and get things in order.
When asking for a raise in your current role, timing can be everything. While it seems standard to wait until your yearly review to ask that may not be the best time. By then, managers may have already decided what raises they are giving out and have less flexibility to make changes. You could benefit from speaking with your manager a month or two before reviews and going over your accomplishments over the last year because this gives them time to consider your request and get things in order.
While salary conversations can feel uncomfortable they are an important part of every job. We hope our tips for preparing help you go in with confidence and have the information you need to make the best request possible. If you are interested in a new role please check out our currentopenings here or submit your resume . We look forward to working with you!