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- Salary negotiation
Most people aren’t master negotiators naturally.
In fact, many job seekers don’t even try to negotiate salary on a job offer.
According to a 2022 study by Fidelity Investments, 58% of young professionals accepted job offers without attempting to negotiate compensation.
And yet…
Most common reasons why people in the survey didn’t negotiate:
They didn’t know how - 25%
They were scared of the consequences - 10%
So, if you tend to avoid it because you’re afraid of what might happen, understand that negotiation is a very normal part of the hiring process.
With that said, here is a crucial strategy to keep in mind when negotiating:
Avoid asking for a compensation figure without attaching that number to the impact/value that you will bring to the table.
Salary negotiation shouldn't feel random.
To give yourself the best chance of landing the compensation you want, it should be tied to specific reasons.
Reiterate the areas that you will most help the business grow or develop. Companies are looking for great ROI (return on investment) from their hires.
Recap some of the pain points or objectives that were discussed throughout the interview.
Show, with examples, how your experience will help the company thrive in those areas. If you can, try to quantify that value to clearly demonstrate how and where you've delivered that impact already before.
Use this as your main leverage for requesting a certain compensation that you want.
If the company feels that you will bring them equal (or greater) return on their investment in your salary, you're more likely to earn the compensation package that you are requesting.
Impact, value, and proof.
Not hopes and wishes.
If you need assistance with salary negotiation or even just getting to the offer stage, it’s time to talk about your challenges.
How many dollars are you leaving out there by continuing a frustrating job search that isn’t turning results? How much longer do you want to go without income? How much higher of a salary could you actually land?
If you’re curious, ask these people how I’ve helped them through one of my one-on-one programs.
