Salary Negotiation (2024)

FAQs

Salary Negotiation? ›

In the intricate dance of career progression, salary negotiation stands as a pivotal moment, shaping your financial future and professional trajectory. Amidst the myriad of advice circulating the web, one rule emerges as the lodestar guiding successful negotiations: Know Your Worth and Articulate It Confidently.

In the intricate dance of career progression, salary negotiation stands as a pivotal moment, shaping your financial future and professional trajectory. Amidst the myriad of advice circulating the web, one rule emerges as the lodestar guiding successful negotiations: Know Your Worth and Articulate It Confidently.

Provide a relevant example from your past that can persuade the hiring manager to increase your income. Outside of income, you can also negotiate benefits, time off or other valuable perks. Put together a few talking points before you contact the employer, and be as specific as possible.

Overall, we recommend that you start with a figure that's no more than 10-20% above the initial salary. If the pay is in-line with average pay, but you believe you can negotiate based on your skills and experience, consider a range between 5-7% above.

“The least I'd be willing to take is…”

Salary negotiations are like high-stakes poker, so you don't want to reveal your hand right away. If you say the least amount you'd accept for a salary, there's a good chance that 's what you'll be offered—and nothing more.

Consider negotiating lower if 10-20% places you above the average. Is the pay in-line with average pay, but still believe you can negotiate based on your skills? Consider a range between 5-7% above. You don't want to risk your chances with a company that is genuinely interested in your financial well-being.

Just as experts often advise job candidates to never accept an employer's first offer for a salary, an employer may counter your desired salary with a new number. You can choose to accept the employer's counter offer or negotiate further.

"I'm very excited about the position and know that I'd be the right fit for the team. I'm also excited about your offer, and knowing that I'll bring a lot of value to the table based on my experience that we discussed during the interviews, I'm wondering if we can explore a slightly higher starting salary of $80,000.

So, can you lose a job offer by negotiating salary? Technically yes, though it's highly unlikely if you do it right. One thing is for certain: you won't get what you want if you don't ask for it!

How do I counter offer a salary? ›

What is this? But you should know that in almost every case, the company expects you to negotiate and it's in your best interest to give it a shot. In fact, a study by Salary.com found 84% of employers expect job applicants to negotiate salary during the interview stage.

Then, HR personnel rank the jobs in each family, either by an ordinal ranking system or a points system that compiles different elements of each job. Following this internal analysis, human resources practitioners conduct market research to find salary data for each job, studying the median and range for each position.

Feel free to adjust it to your liking: “Thank you so much for the offer. I'm really excited about the company and the role. I want to be upfront with you that the salary is lower than I was expecting based on my skills and experience.

Research your market value.

The first step to successfully negotiating your salary is to learn what the salary range is for your position and identify your target salary. The salary range is your “market value”, or the price people are willing to pay for the kind of work that you do.