Mastering the Art of Salary Negotiation
Well done! You’ve put in hours researching roles and companies, honed your messaging to prepare you for interviews, and built a solid network of people who’ve walked this journey with you.
The best news? You’ve made a decision on where you’d like to take the next step in your career.
Now, comes what many of us see as the hardest part: negotiating an offer that reflects our true value.
While we spin our wheels in anticipation of this conversation (and who among us wouldn’t rather do anything else but bring up the idea of money, let alone disagree it may not hit the mark), negotiating your new salary and benefits package is a critical step in ensuring your compensation lines up with your skills, experience, and all around value you’ll bring to any team.
It’s important to remember, every position has a salary band. Remember when they told you what it was on your initial phone screen? Good! Where you fall within it depends on your experience, the skills you bring to the table, and market factors, like location.
You may have also given them a number (off the top of your head), and now you’re nervous to go back on it even though you’ve realized over the course of interviewing, the value you’d bring to the role and team is worth more!
Here are 6 tips for mastering the art of negotiation:
Give yourself time
First things first, let the recruiter know how excited you are to join the team! Express your gratitude for their time and the offer. Since you’ll most likely come to an agreement both parties can agree on, this will show you’re committed to the opportunity and start you off on the right foot.
Ask for a few days to think over the offer, being sure not to sign anything or say too much to a verbal offer before doing your research.
Know your worth
The initial offer is usually a jumping-off point for negotiations.
Before you dive into negotiating with your recruiter (who, remember, is on your side), research how your position is compensated within your industry, what experience plays into the equation, and where comp benchmarks land in your location. A program manager in Silicon Valley will have a different range than a PM in Toledo.
Data is always the best bet for justifying salary expectations.
Show your value
The negotiation conversation is the time to clearly articulate the value you will bring to the organization. Speak directly to conversations you’ve had with your interview panel and how your skills, experience, and achievements directly align with upleveling the role.
Ask yourself: How will my contributions directly impact the team’s success? What about the company overall? Your number one goal is to make a compelling case for why you deserve the salary you're proposing.
Be confident
Here’s where we, as women, can get caught up. Even though we’re asking, we sometimes lack confidence in our approach. Don’t let it happen! Rebuke it! Confidence is key during negotiations.
That means you’ll want to practice your pitch with a friend, mentor, or coach to make sure you’re articulating it clearly. Be your most awesome self, which includes being respectful, and – most of all – avoid sounding apologetic for negotiating!
Consider total rewards
In human resources (HR), “total rewards” is the name we give to the full suite of benefits you’ll enjoy as an employee. This, of course, includes your salary and health insurance. In-office and learning perks, for example, are also taken into account.
Go into negotiation with this mindset: salary is just one piece of an overall comp pie. If base salary is non-negotiable, or you fall at the top of the range, where else might you be able to wiggle for more? How are you feeling about health insurance, retirement plans, bonuses, and vacation time? In the end, this could provide a better deal overall.
Have a Plan B
While you’re brainstorming with your coach, play out various scenarios and come up with a few proposals. Straight away you’ll show off your willingness to collaborate and find a mutually beneficial landing spot.
Negotiation is a two-way street, and a successful outcome at the outset leaves everyone happy and ready to pursue a fruitful professional relationship.
Debunking 5 Common Myths Women Hold When Negotiating
Common Myth:
Women are at fault for the gender pay gap because they fail to negotiate their salaries more often than men.
Fact: While women do negotiate their offers, more often than not, they’re more likely to be rejected.
Source: Vanderbilt University
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Reality: Negotiating salary is a standard part of the hiring process, and recruiters and hiring managers expect you to counteroffer! It demonstrates confidence and a clear understanding of your value.
As women, we can show we have skin not only in the game but in ourselves to advocate for our worth.
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Reality: No, it is not, and no, it will not be. Full stop.
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Reality: Want to know what’s really likable? A woman who advocates for her value, showcasing her confidence, assertiveness, and leadership prowess. Boom.
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Reality: Girl, you know you got this! Investigate industry standards and salary benchmarks by popping onto sites like Glassdoor, Salary.com, and LinkedIn. Ask friends, too.
Be sure to keep in mind your location plays a big part in how much you’ll be paid.
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Reality: Yes, while your base salary is the key to a solid package (and is taxed much differently than, say, a sign-on bonus), know you can also negotiate benefits, work-from-home flexibility, and vacation.
Keeping in mind other perks (learning stipend, anyone?!) will help you evaluate an overall offer to ensure it fits in with your financial and personal goals.
Advocating for ourselves doesn’t come easy. If you need a thought partner to talk you through your own limiting beliefs and how to squash ‘em through clarity and interview coaching, I’m your girl.
Remember to remember: YOU are worth the most and deserve the best!
🥂 nicole:)
