Three Pay Negotiation Strategies That Will Change Your Life!

If you missed our September 22nd Pay Negotiation Seminar with Dr. Shannon Lane, you are in luck! Below you will find three of her amazing techniques she shared at the Seminar! Thank you Dr. Lane!

“Before women can get their fair share, they will have to believe that they are entitled to equity and learn how to negotiate.”

--Virginia Valian, Why So Slow? The Advancement of Women

The process of salary negotiating can be intimidating for all of us. However, the most important tactic is to be willing to negotiate. If you don’t ask, the answer is always no.

What are some techniques to make your salary negotiation successful?

1. Research:

You don’t want to ask for a salary that is too high and will count you out of the running. You don’t want to ask for a salary that is too low, and will make them lose respect for you. You’ll feel more confident in your negotiation if you know that the salary you’re asking for is in the right range. How can you be sure you’re asking for the right amount?

One way is to use the internet to research the average salaries for your position in your geographic area or the company you’re applying to. Two great online resources are payscale.com and glassdoor.com. Both ask users to share information about their jobs and companies and use that to help you find out the range for your job in your area.

Don’t limit your research to the internet! Professional connections are an excellent source of information on salaries in your field. These should include professional organizations, your professors, mentors, current and former bosses. One tip: asking someone how much money they make can be difficult (and unwelcome). Consider asking what the “average” salary is for this job, or “what should a new person in this field/at this company expect to make?”

2. Timing: When is the best time to negotiate a salary? You should try to negotiate during the time period after you’ve been offered a job, but before you’ve accepted the job. (Note: this means you have to fight all of your impulses to accept a job right away, even if it’s your dream job!) This is the time when you have the most power you’ll ever have: they’ve committed to you both psychologically and in terms of time/resources. If at all possible, get them to give you a number first, rather than you stating a salary number first.

Also, remember if you’re asked to state a range that the lowest number in the range should be a number you are willing to accept. If I’m hoping for a salary of $55,000, I might be tempted to say $50,000-60,000 as a range. However, if $50,000 came out of my mouth, it’s on the table and fair game! So the lowest number you’re willing to accept should be at or below the lowest number in the range you state. If I really hope for a salary of $55,000, a better range might be $55,000-65,000 or $60,000-65,000.

3. Confidence:

If you don’t believe you’re worth the salary you’re asking for, neither will the person on the other side of the table/phone line. You’ll increase your confidence if you’re sure you’re asking for the right salary at the right time in the process, but it’s also important to sell yourself on your abilities and skills.

Also, remember that negotiation is not the same as confrontation. You are well within your right to negotiate, and it can absolutely be done in a collegial, productive manner!

The best way to build your confidence is to practice. You practice the other skills you use in your job, so why not practice this one?

Start with small things: negotiate with the grocery store to see if they’ll let you use an expired coupon. Ask the farmer’s market if they’ll give you a deal if you buy two pounds of apples instead of one. Call your cable company and tell them that their competition has a better rate—ask them if they’re willing to lower your bill. (Copy that idea for credit card interest rates and bank fees!) See if your significant other is willing to go to the movie you really want to see if you’re willing to let him/her choose the restaurant for dinner. Once you know you can negotiate small things, the big ones aren’t so intimidating!

Finally, remember that there are worse things to hear than no. If you ask to negotiate salary and they don’t have any negotiation room, you may be able to parlay that effort into a negotiation about vacation days, benefits, or working from home. And, if nothing else, you’ve established that you’re a confident person who knows how to advocate—that’s a great beginning impression for employers.

You’re turn:Tell us: what are the methods you’ve used to research the salary for your job? What are some ways you’ve practiced negotiation? And if you’ve negotiated salary successfully, please share your secrets!