How to Negotiate Salary and Benefits
Know your value!
Here’s a tip: Websites like Payscale, Glassdoor, Indeed, Salary Expert, and the Bureau of Labor Statistics (BLS) offer great online resources to find what your market value is, and Career Exchange Coaching can always help clients determine theirs if needed.
There are essentially two different strategies and approaches you should consider when negotiating your compensation package. If you are a current employee with tenure in your company or a newly hired employee with minimal experience your approach and strategy will be completely different.
1. The Experienced Employee
The first step in your plan is to list all the reasons why you deserve a salary/benefit increase. Be prepared to discuss the reasons with your employer in an organized professional manner.
The place to gather information about yourself, especially your employee records, is from your Human Resources (HR) department. Human Resources must maintain confidentiality around management or business information that is not available to nonmanagement employees. As a result, these records are generally considered private and can be accessed by only the employer and the employee. You might be very surprised at what you see in your work records. Doing this gives you a benchmark you can leverage for the discussion with your boss or a new employer.
Importantly, list measurable results that have had impact on the organization and clients, including revenue, cost savings, project ROI, workforce efficiencies, a new process and successful team building programs & events. Be sure to include any career self-development and educational activities like conferences, seminars, certifications, articles published, and other items that have increased your value to the organization. All this shows your desire to learn and grow.
Additionally, list any personal time you have spent with internal colleagues and teammates mentoring, training or coaching them. And remember to discuss any civic, charitable and community work you have done. Lastly, always realize that your potential employer needs to understand your value to the organization in addition to your desire to grow professionally.
2. Entry Level New Hire
For first-time or entry-level job seekers, landing a new job and negotiating a salary can be intimidating and requires a unique strategy. Employers look at new hires from many different viewpoints, so you’ll need to dig deep and have a multi-pronged approach.
When going into a salary negotiation, you must put yourself in a position of strength. This is all about selling yourself. Go back to your college, military experience, high school years and list your activities including work experience, any family business experience, academics, athletics, scholastic, extra curriculum, and other leadership civic or non-profit activities. Be prepared to discuss these experiences and share your personal characteristics that set you apart and make you special.
Showing your valuable and dependable character through various life experience examples can help answer these types of employer questions: Will you show up with dependability… are you trainable… do you have the right attitude… can you fit into the culture… what is your potential for growth within the organization… are you passionate… do you have good communication skills and the desire to learn? These questions carry significant weight in the hiring decision.
