Does the thought of salary negotiation stress you out? You’re not alone.
According to a study by PayScale.com, fear is a major driver when it comes to avoiding money talk with management. Some employees don't want to be too pushy. Others believe asking for a raise may put them at risk for losing their jobs.
College grads and entry-level employees are especially hesitant when it comes to salary negotiation, with less than one-third of younger employees even bringing up the topic.
Avoiding negotiation during the job offer process could leave you shortchanged in the long-term. Eighty-four percent of recruiters say salary negotiation doesn’t negatively impact a candidate during the job offer stage, and most companies leave room for negotiation. That means if you don’t speak up, you may be leaving some money on the table.
Learning the the best negotiation techniques takes practice, and a little bit of bravery. Here are some tips to help you get started:
- Before you start out, decide what really matters to you and where you’re willing to compromise.
- Seek advice from your network of professional connections or friends to see how they handle negotiations.
- Establish your credibility in the negotiation by showing your knowledge of a product or service and/or the current situation.
- Do research ahead of time about the situation. If you’re negotiating a salary, be up-to-date on salary ranges in your field. For other negotiations, do a Google search to see if others have been in similar situations.
- Don’t crack under pressure. Negotiating will be tough, and maybe even a little awkward, but you shouldn’t give up at the first sign of stress.
The Bottom Line
Negotiation is a skill that goes beyond setting up a salary or asking for a raise. Mastering negotiation can help you overcome obstacles in the workplace, maneuver deals, and give you confidence when approaching complex situations.