While there is no true formula that is 100 percent when it comes to salary negotiations, there are some methods of negotiation that are better than others. Here are the top four negotiating tactics that are all but guaranteed to help you get what you are worth:
1. Keep Them Guessing: From the moment you fill out the application to the moment you hand in your resume, leave salary out of the equation. If you tip your hat to what you will accept for pay then you really have no bargaining chips to use at the negotiation table. If you state that your expected salary as $40,000 - $50,000 per year, then you shouldn't expect to get more.
2. Know the Lay of the Land: Well before the negotiations begin you should conduct thorough research on the company. What do others in the company who have a job similar to the one you will start make? Are there any constraints to salary, such as with the Union? What is entry level pay? Answering these types of questions ahead of time will keep you from wasting your time and the time of the company.
3. Never Strike First: When you sit down to negotiate salary, never strike first. Let the company representative bring up the first figure. Who knows, it may be a lot more that you expected. If you suggest a figure first, it may in fact be much lower than the company was willing to pay you, but then again, you would never know.
4. Stand Your Ground: Walk into the negotiations with a firm bottom line. If you accept less than what you feel that you are worth, what is that really saying about you? Yes there is always some wiggle room, but that should be at a higher level than your bottom line. This is where you must fight and stand your ground. If the company can't pay you what you need to make then perhaps it just isn't in the cards to work for them.
Above all else have a positive attitude in the negotiations. When you are in a positive mood, it can be infectious and a positive environment is a friendlier environment, which is key for negotiations. By doing a little homework and staying guarded yet firm, you too can come out of salary negotiations with a number that will have you smiling from ear to ear.
Source: Susan M. Heathfield, Tips for Successful Salary Negotiation, About.com
Published by Jimmy Collins - Featured Contributor in Business & Finance
Full time freelance writer. I am a former stock broker and money manager who still loves all aspects of finance as well as sports and fitness. Currently I hold a 4th degree black belt in the Martial Art of T... View profile
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24 Comments
Post a CommentGood tips!
Oh, i wish I'd known this advice before taking my last job.
A salary negotiation is always tricky. And circumstances in each case are always a bit different.
I so agree with Never Strike First!
Very helpful, thanks!
Good advice and a wonderful article.
Good for all to know, thanks.
Good info!
Good article. Women tend to be worse at this than men. So ladies, buck up and ask for more!
Does anyone get a salary in this economy anymore? :) Good tips!