Kathrin Peters

 

 

FIVE TIPS FOR BOOSTING YOUR SALARY NEGOTIATION SKILLS

 

If you’ve been thinking it’s time you receive a bump in salary, then there is encouraging news. A survey from Robert Half indicates companies are increasingly willing to offer higher starting salaries to attract skilled professionals.

 

More than half (54 percent) of chief financial officers (CFOs) who participated in the survey say they increased new hires’ starting salaries from what the candidates previously made. The average in crease was 10 percent.

 

Given this data, this might be just the window for you to ask for an increase in pay whether you’re seeking a new job or want to stay at your existing job. Here are five salary negotiation tips to help you secure that pay bump:

 

1. Do your research. Before broaching the topic with your current or future manager, sit down and make a list of your skills. Assess that list, the work you perform and your experience level against its value to the firm to estimate your contribution. Also review your job description. If you’re taking on tasks beyond what’s in the description, it may help your case.

 

Compare your salary against public information about average pay levels in your profession and tenure level. This offers a benchmark number when asked for it. The Robert Half Salary Guides (roberthalf.com/workplaceresearch/salary-guides) can be a useful resource when trying to determine what employers in your area are paying professionals with your credentials.

 

2. Practice, practice, practice. Asking for a raise or a higher starting salary is like any other pitch: It’s nervewracking, and it requires poise and rehearsal. Present your case to a family member or mentor, and ask for feedback. Make any necessary tweaks, and practice until you feel confident enough to present your case with conviction.

 

If you’re a job candidate working with a specialized staffing company, then your recruiter can be your career partner and help you with this part, giving you valuable advice about your future employer and comparable pay levels across the industry.

 

3. Keep the conversation work-related. Managers are much more likely to respond with higher starting-salary offers when presented with a business case of your assests and how you help the firm succeed. Don’t forget that from a company’s standpoint, a raise in salary is an investment in future returns.

 

4. Timing is everything. If you’re a job candidate discussing starting salaries in an interview, then let the hiring manager introduce the topic. You don’t want to state a number that’s too high or low. If the manager presses you, then provide a range based on your research.

 

When seeking a raise in your current position, performance reviews provide a good setting for you to tout your accomplishments and ask for a pay bump. If you don’t have one coming up, then broach the topic after efficiently completing a project or successfully taking on new duties.

 

5. Weigh the perks. Sometimes it’s worth accepting a lower salary when the job comes with perks that are important to you. If your company offers ample vacation time, telecommuting options, flexible scheduling, bonuses or variable pay, then that may be worth more to you in the end than money. Even the possibility of being mentored by a boss you know will have a key impact on your career might be worth the investment of a smaller paycheck. Think about how much these perks would be worth to you and mentally include that number in the overall package.

 

Asking for a higher salary - whether you’re a job candidate or tenured employee - requires research, diplomacy and finesse, but it’s usually a worthwhile conversation. Compensation continues to be a big factor in job satisfaction, for both new hires and long-time employees, and assessing and standing up for your value to the company will have an impact not only on your paycheck, but also on your reputation and visibility - as being confident, self-aware and business-oriented.

 

Happy negotiating!