The Simple Guide to Salary Negotiation
It goes without saying that your income directly impacts your finances! How much you make determines how much you can spend, save, and invest. That’s why it’s important to maximize your earning potential through salary negotiation. Especially if how much you make is not congruent with the value of your work. We know there are a lot of apprehensions around asking for a higher salary; that’s why we’ve come up with a simple guide to salary negotiation that will surely help you earn the paycheck you deserve.
How do I negotiate my salary?
Before negotiations begin, you need to (1) personally evaluate the value of your skills, time, and energy and (2) research your current position or the income of the position you’re applying for. When you evaluate yourself it needs to come from a place of unwavering confidence. This comes first because when you start researching the salary of your current position you need to have that unwavering confidence as you click through websites that collect salary and income information such as Glassdoor or Indeed.
Once you’ve determined how much you’re worth you need to validate your desired salary with work that can be measured–data, achievements, skills, or testimonials. Put a number–or better yet–a peso sign on the accomplishments of your work. With confidence and charm, tell your boss or your recruiter the actual numbers behind the salary you want. How many leads did you generate? How many customers or clients did you acquire? How much did the company earn from the sales you generated? That kind of numbers.
To show your value as a professional you can also share messages or testimonials you received from your previous clients, employers, or colleagues commending your work. If you’ve ever received feedback in the past, you can flex your proactivity by sharing the actions you made to make progress on the feedback that was given to you. Focusing on your value is the best way to communicate with your employer.
Once you’ve established the value of what you’ve done and accomplished in your professional career you need to seal the deal by communicating to your employer what you intend to accomplish moving forward.
What do I do if I get rejected?
Even if you’ve established a solid case for your desired salary there’s still a chance for you to get rejected. Sometimes “no” means that there are other factors your employer needs to consider that are beyond your control. More often than not it’s a case of “it’s not you, it’s me.” Don’t worry, “rejection is just redirection” and there are a few things you can do to make the most of this redirection.
Non-monetary compensation is worth something too! In our blog post “3 Proven Ways To Maximize Your Earning Potential” we elaborated that “If your employer/client respectfully informs you that a higher pay is not within their budget, know that you can negotiate better benefits instead like additional paid time off, a flexible work arrangement, or a title/role bump. It’s up to you to ask for the benefits that are relevant to you.”
Don’t end the negotiation after they reject you, take the conversation further. Show your initiative and inquire about the specific skills and milestones you need to achieve to earn your desired salary. This will show them that you can take rejection and that you're committed to doing what it takes to achieve your goals.
Now that your employer has identified what you need to do to earn your desired salary, end the negotiation by requesting an opportunity to revisit the conversation! Set a date and work towards your next appointment by making progress on the specific skills and milestones they identified. So when the time comes for you and your employer to discuss your desired salary again, you can take their “no” from “not yet” to “now, you’ve earned it.”
