Negotiating your salary can be a daunting task, but it’s an important one. A 2018 Robert Half Study found that only 39% of people negotiate their salaries, and of that 39%, only 34% are women. In this blog post, we will share with you salary negotiation strategies to negotiate your salary with confidence!
Right Mindset
First and foremost, it’s important to have the right mindset when negotiating your salary. Your perception of what a negotiation is and how you show up to the conversation will impact how confident you are in the negotiation. It’s important to remember that negotiating your salary is an expected part of the process and that you’re not doing something uncommon or uncalled for. Knowing this will help you eliminate some of the fear and anxiety that comes with negotiating your salary.
Do Your Research When Negotiating Salary
Secondly, it’s important to do your research. Knowing the industry benchmarks for your role, the industry you’re in, the company you received an offer from, and the specific role you’re applying for will give you an upper hand in the negotiation. There are plenty of resources available online, such as the US Bureau of Labor Statistics or Canada’s Job Bank, that can provide you with information on median wages and expected trends in your field. Websites such as Pay Scale and Glassdoor can also provide you with valuable information.
When Money is Not on The Table
Lastly, it’s important to remember that there are other things you can negotiate if money is not on the table. Your total compensation package includes things like vacation time, benefits, and even the location of your office. Remember that when you receive an offer, you’re not just looking at the pay, but at your entire compensation package. Here is a list of things you can negotiate when money is not on the table:
- Pension (RRSP/Pension contribution)
- Remote/Hybrid Work Schedule
- Starting Bonus
- Healthcare benefits
- Employment assistance program
- Vacation
- Tuition reimbursement
- Car allowance
- Stock options etc.
- Change in salary negotiation timeframe – increase after probation (in writing)
Negotiate Your Salary Confidently!
Always remember that both you and the employer want a positive outcome. You’ve both invested time and resources to get to this point. Do your research, have the right mindset, and remember that there are other things you can negotiate if money is not on the table. With these tips in mind, you’ll be better equipped to approach your salary negotiations with confidence.
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