Prior to salary negotiating, it is very important to know exactly what your market value is. If you do not know exactly what your market value is, then it is like being blindfolded and not knowing what salary to ask when you ask for a raise or try to negotiate the best salary in your next job.
If you do not do your research, your employer will decide your pay increase for you and it may be very dissapointing. Millions of people regularly negotiate salary, but very few get the maximum pay increase that they could.
Research the market in advance of approaching your boss for a pay raise, or before revealing your expectatiosn for salary at job offer time. It is like a game. Do not reveal your information too soon. In this case, your strategy is to keep your information close to you. It could be your past salary history, or what you are planning to ask for in salary negotiation.
Before going into a salary negotiation, know what you are worth in compensation terms!
Whether you are looking for new employment or you are asking for a pay raise, do your research first. There are great Internet resources available, like SalaryExpert.com or Monster.com. These sites have continual access to all the salary information that is available.
One challenge is understanding the reliability of the source of the information. If a resume website is reporting salary ranges as reported by their list of job seekers, it may not be as precise as if the salaries are reported by the human resources department of the firms that are seeking to recruit personnel.
Another method, if you are a little intrepid, is to do a bit of discreet research. If you know people who work for the firm, and are not fearful of asking direct questions, you may well find find out what other staff are earning in the same job for that business.
The best source of information is a trusted friend who works in HR. You may find out that the company pays well, or you may find out that they are cheap. Any way you can find accurate information will be helpful.
One source of information that is invaluable are research reports published by the salary research consultants. These consultants survey HR departments nationwide, or in specific regions, and get very specific salary data for hundreds and hundreds of job titles in each region. The current version of these reports are very valuable to job seekers, but they are hard to find. If you do find one, you are very luck because current data is worth its weight in gold!
Many salary sites report salaries in the form of a large range. If the range is $45,000-$69,000, the site will often report that data in 25% intervals. The bell curve is sometimes found within the 0-100% range, and it is important for you to clearly assess where you fit in the range, and make sure you are not below the bottom or too far above the top.
If you perform well at your job, then you know it. Think about your performance critically and honestly, and determine using intuition where you think you fit in, as far as a percentile basis. Don't worry if you think you're in the lower regions. It may be lack of experience or tenure. If you are in the top end, you know you're a high performer and you're providing a lot of value to the company.
You will find valuable feedback from a colleage you like or even better, ask someone in a similar company what that salary range demands in terms of skills and experience.
Numbers speak loudest when dealing with employers and bosses. If you want to earn a larger salary, you need to make them understand you are worth it because you either cut costs, improved business efficiency, or drove profits. You know the work you do, and if there are quantifiable facts, use them to your advantage. If you don't relate directly to the bottom line, think of other quantifiable facts (e.g. a teacher with a high rate of students on the honour roll). This is the best way to communicate your value.
Wishing you success in learning how to negotiate a salary like a pro!
If you do not do your research, your employer will decide your pay increase for you and it may be very dissapointing. Millions of people regularly negotiate salary, but very few get the maximum pay increase that they could.
Research the market in advance of approaching your boss for a pay raise, or before revealing your expectatiosn for salary at job offer time. It is like a game. Do not reveal your information too soon. In this case, your strategy is to keep your information close to you. It could be your past salary history, or what you are planning to ask for in salary negotiation.
Before going into a salary negotiation, know what you are worth in compensation terms!
Whether you are looking for new employment or you are asking for a pay raise, do your research first. There are great Internet resources available, like SalaryExpert.com or Monster.com. These sites have continual access to all the salary information that is available.
One challenge is understanding the reliability of the source of the information. If a resume website is reporting salary ranges as reported by their list of job seekers, it may not be as precise as if the salaries are reported by the human resources department of the firms that are seeking to recruit personnel.
Another method, if you are a little intrepid, is to do a bit of discreet research. If you know people who work for the firm, and are not fearful of asking direct questions, you may well find find out what other staff are earning in the same job for that business.
The best source of information is a trusted friend who works in HR. You may find out that the company pays well, or you may find out that they are cheap. Any way you can find accurate information will be helpful.
One source of information that is invaluable are research reports published by the salary research consultants. These consultants survey HR departments nationwide, or in specific regions, and get very specific salary data for hundreds and hundreds of job titles in each region. The current version of these reports are very valuable to job seekers, but they are hard to find. If you do find one, you are very luck because current data is worth its weight in gold!
Many salary sites report salaries in the form of a large range. If the range is $45,000-$69,000, the site will often report that data in 25% intervals. The bell curve is sometimes found within the 0-100% range, and it is important for you to clearly assess where you fit in the range, and make sure you are not below the bottom or too far above the top.
If you perform well at your job, then you know it. Think about your performance critically and honestly, and determine using intuition where you think you fit in, as far as a percentile basis. Don't worry if you think you're in the lower regions. It may be lack of experience or tenure. If you are in the top end, you know you're a high performer and you're providing a lot of value to the company.
You will find valuable feedback from a colleage you like or even better, ask someone in a similar company what that salary range demands in terms of skills and experience.
Numbers speak loudest when dealing with employers and bosses. If you want to earn a larger salary, you need to make them understand you are worth it because you either cut costs, improved business efficiency, or drove profits. You know the work you do, and if there are quantifiable facts, use them to your advantage. If you don't relate directly to the bottom line, think of other quantifiable facts (e.g. a teacher with a high rate of students on the honour roll). This is the best way to communicate your value.
Wishing you success in learning how to negotiate a salary like a pro!
About the Author:
Trevor Davide Grant is a IT manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for large telecom, power utililties, software consulting, and a prevalent social network. He has learned how to negotiate a salary in the most effective way. Learn great tips on the topic of salary negotiating at www.HowToNegotiateASalary.com.
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