How to Succeed in Your First Salary Negotiation
Written by Katie Johnson, WIN Staff
Over the years, there has been a growing awareness that negotiating pay is crucial for women. Despite the increase in awareness, according to a report by Randstad, fifty-seven percent of women have never negotiated their pay. By not negotiating, on average, women are on track to lose out on up to $407,760 over the course of their careers (with women of color and minorities on track to lose out even more).
But what keeps us from asserting our worth? I did not negotiate for my first salary, because I did not know that I needed to. I also felt that if I did, they would rescind the job offer and I would be penniless. Any money is always better than no money, right? I was not alone in these thoughts. Many women feel the same way. The idea of negotiating salary is rife with confusion, especially if you’ve never held a corporate job before or if you do not have the guidance of a mentor.
The stakes can feel high. Forgoing research and asserting your value at the negotiation table can lead to feelings of shame or regret later. Know that you are not alone. Below you will find all the key ways you can negotiate the best salary for yourself and walk away feeling you put your best foot forward.
Properly Prepare
Research, practice and practice some more. While many people know they should research a position before beginning a negotiation, few will practice different scenarios to familiarize themselves with the process. Practicing is key to becoming comfortable with the negotiation process. Talk to a trusted friend, family member, or mentor to see if they will practice a few roleplaying scenarios with you.
A few things to research include:
Does the position have the salary posted? Try to see what the company is paying for the position or what they have paid in the past. Although, this information is usually not easy to come by.
The salary range for similar positions and experience in the industry as well as the salary range for similar positions within your state. This range can be used as leverage if they ask you what your expectations are.
What your walk-away point will be - what is the lowest offer you are willing to accept based on a number of factors, but most importantly your financial needs.
Other alternatives you can negotiate if they cannot meet your optimal salary requirement. What are a few things that are equally important to you? Perhaps you can negotiate for more paid time off, remote work, or a better health care package. Alternative options are numerous, which is why it is important to identify them early.
Know Your Value
If you have made it through the interview process and an employer is proposing a salary package to you, they see value in your expertise. There are very few companies that will rescind an offer once you have made it to this stage. If they do rescind an offer, they were more than likely not a company with whom you would find fulfillment and happiness.
During the interview process, it is important to demonstrate you are a high performer and showcase how you took responsibilities to the next level in your previous roles. Reflect back on these value points when negotiating your salary. You can say, “Based on my skills and unique experience in X, I’m looking to make $X. Would this work for you?”
Whatever your professional knowledge, educational background, or even personal experience, know that what you bring to the table is valuable. The key is finding a company that understands and appreciates that value.
Anchor the Conversation
In many states, such as New York, it is illegal to ask for past compensation information. This move has been seen by many as a step in the right direction as it protects job candidates from remaining in the same salary bracket. If you were underpaid in your previous role and the company asks for your salary history, they might base their offer on your previous salary, thus the undervaluement continues. If you live in a place where the question “What did you earn in your previous role?” is not banned, get back to your value and your salary expectations instead. You can anchor the conversation first by saying “based on my past experience doing x, y, and z, I think X-Y range would be fair.” Alternatively, if you prefer not to anchor first here, you can turn the question back on the interviewer and ask them “What is the salary range for this position?” Obviously, do whatever you can to learn about the comparable title/industry salary ranges prior to the interview as the more information you have going in the better of a position you will be in.
Again, when the interview process reaches the point where the interviewer or recruiter asks you what your expectations are, be sure to be armed with
1) What the range is for your area and expertise
2) What the range is for the position.
According to our experts, you will be in a stronger position if you can anchor the conversation first. It sets the expectation. Anchor on the higher end of your range (based on your research) as they are likely to counter with a lower number. Remember, it’s about finding a number that works for both parties.
How to Answer “What are your salary expectations?”
The question that many job seekers fear the most: “What are your salary expectations?” It is easy to get nervous in the heat of the moment and just say the first number you “feel” is reasonable. This is why first and foremost research and preparation are key to a successful negotiation. This will get repeated again and again because of its importance.
If it is early in the interview process, and you’re unsure of the range for the position, you can say, “Since we are early in this interview process, I’m still getting to know the role and doing research. What do you have in mind for the salary range for this position?” This turns the question back on the recruiter and offers you the opportunity to see if they are even offering enough for you to reasonably move forward.
Be kind and curious. If you state a number too soon in the interview process you could be cutting yourself off at the knees, either shortchanging yourself for future conversations or aiming too high where the recruiter chooses to move forward with someone who is looking for less pay. Once you have a job offer on the table, this is when you can begin to anchor the salary you expect, as discussed above. Reflect on the value you bring and be open to offering alternatives you’d be willing to accept should their best salary offer be lower than expected.
We do not become expert negotiators overnight. You will learn a lot simply from doing. So keep on negotiating. You will hear ‘NO’ along the way, but hopefully those “NO’S” will lead you to the right YES. I’m sure your next negotiation will be the best one yet.
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