How to Manage Salary Negotiations

Whether you're looking for a new job or trying to make financial gains at the one you're at, you may find that at some point you'll need to make a salary negotiation. But how can you do it if you never have before?

It's not as difficult as you may think. In fact, in many ways it can be similar to any other business transaction. So if you've been thinking that it's time to get a raise, or ask for a specific salary with a new job, take a look at some ways to get it done.

Approaching the Employer

Probably one of the most challenging prospects of negotiating your salary is deciding how to approach an employer. It can feel very intimidating to tell a company how much you want them to pay you. But this task is easier if you keep in mind that you're simply expressing your desire to be paid based on your skills and ability to perform.

So when is the right time to make the approach? If you're in the process of accepting a new position, then the right time is when you reach that point in the conversation. However, if you're looking to ask for a raise with your current employer, you'll want to make sure that you've explored the reasons that you feel it's time to increase your pay (years employed, responsibilities fulfilled, etc.). When you're ready to approach your boss you can simply ask for a meeting to discuss your salary. Then openly and honestly discuss the reason you feel it's time to increase your pay.

How Much to Ask For

The amount you should ask for will vary widely based on your field and the position you're in/seeking. This means it will be important for you to conduct some research to determine how much individuals with your level of education/experience in the position you're in/seeking are typically paid.

Also, the city you live in can make a difference. For instance, someone living in New York City might expect to make much more working as a Human Resources Recruiter than someone living in Nashville, Tennessee. There are a number of books and websites that can help you get an idea of what you might want to ask for within the parameters of your specific circumstances. So be sure to conduct your research to make sure you're not asking for too much or too little.

What Else You Need to Know

If you find that the salary you hoped for is not agreed upon, you don't have to give up hope. There are other factors like healthcare benefits, additional vacation days and bonuses that you may be able to adjust to create a financial equivalent. But if you are surprised with an offer that equals or surpasses what you planned to ask for, don't be afraid to still negotiate. You may find that you may be able to sweeten the pot even more.

Engaging in salary negotiations can seem like a fierce battle, but they typically are not. If you go in with an idea of what you want to make and the reasons why, you will most likely come out making more than you thought you would.

Article Source: How to Manage Salary Negotiations

Author: Heather Eagar