5 Tips for your Next Salary Negotiation

Prepare yourself for your next salary negotiation.

According to Business Insider, people who don’t negotiate their salary can leave as much as one million dollars on the table over their lifetime. One. Million. Dollars. 

Whether you’re just entering the workforce or have been at it for a while, learning to negotiate your salary will pay dividends over the course of your career, possibly a million dollars worth.  

So, here are a few simple tips to help you with your next salary negotiation. 

Arm yourself with information.

There’s a lot of data out there on the internet from places like Salary.com and Glassdoor, which can help you understand the salary range for the position you’re considering. That way you can feel confident that what you’re asking for is reasonable and have the data to back it up.

Don’t feel the need to respond immediately.

It’s good to show appreciation and enthusiasm for any offer but it’s also ok to ask for some time to think about it. A job is a big life decision so no employer should force you to answer on the spot. Take a night to sleep on it so you can go back with information and a plan to ask questions if necessary.

Negotiate from a position of strength.

The best way to negotiate is to have additional offers in hand. It proves that you’re a candidate in high demand and will give you the confidence to ask for more. Often people get excited about an opportunity that is moving along and stop looking at other jobs – keep your options open, it may help your negotiating position.

What else can you negotiate?

Sometimes there simply isn’t more room in the budget, but there may be room in other areas. For instance, will they pay for your mobile phone, your parking or subway pass, a class you want to take, or even throw in extra vacation days? If an employer is locked into a specific salary, they might have flexibility in other areas which can also add up in value.

Negotiate your next salary review.

If the employer is simply not willing to budge, perhaps they will offer up a salary review after three or six months, once you've had a chance to prove yourself. That way, you aren’t waiting a full year to get a bump in pay. If they’re willing to do that, ask what goals you need to achieve to be considered for a raise in that shorter time frame.

In almost all cases, it doesn’t hurt to ask. Many hiring managers will appreciate your confidence and many will find some way to sweeten the deal if you simply ask the question. And, remember, this may be a million-dollar question over the course of your career.