Key Salary Negotiation Tips

AscentiveBusiness tips from the Ascentive team

It’s true that the negotiation for a better salary package is always a challenging endeavor. But it’s a challenge that everyone need to face if they are going to be able to afford the inflated cost of maintaining a lifestyle. Fortunately, a salary negotiation strategy requires that you only need to pay attention to some key concepts. Here are the key negotiation tips that you should keep in mind.

Focus on Criteria

You will have a far easier time persuading someone to agree with you for more compensation if they see that your proposal is based on objective criteria. For example, you could focus on what similar firms pay people of like experience or what other employees in your company make.

Be Persuasive with Proof

Every raise requires a reason, and you’re the person that has to provide that reason, in the form of your performance at work. First, take a step back and recollect your performance over the past year, and note how your work performance and helped your company’s bottom line.

Outline the Complete Package

The new compensation package that you are interested in should outline more that just your salary. You should also consider profit sharing, a bonus, stock options that should vest immediately, more responsibly, a faster promotional track, and increased vacation hours and flexibility.

Draft Multiple Options

In case you cannot persuade your boss to say yes, you need to have a backup plan. Part of preparation is creating a specific action plan so you know what you’ll do if you have to walk away from the table. When you work out your desired package, try to draft a few versions that will cover both your needs and your employer’s. Multiple Options will provide you with more probability for a successful negotiation.

Aim High, but be Realistic

When you decide on a figure to ask for, start with a number that would be a dream come true, then ratchet the figure down according to your line of work and the industry that you work in.

Anticipate you Employer’s Concerns

In order for your raise to get the green light, all of your employer’s concerns will need to be addressed. Try to workout answers for these concerns prior to your negation interview or performance review.

Double-check your Prep

Take an extra day to review all your prep. For anything specific or difficult that you need to convey, read aloud what you intend to say, practicing in front of a mirror if necessary.

Use the Proper Tone

Never use any coercive tactics, such as a threat or an ultimatum. Always approach your employer as a colleague and a fellow professional when you communicate your interests.\

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