Negotiating salary and benefits can feel awkward and make even the most seasoned professional feel nervous, but the reality is that most managers expect negotiation! Whether you are job searching or want a promotion, how can you maximize compensation during negotiation?
There are three basic career coaching tips for maximizing compensation when negotiating salary and benefits that we help our clients with whether they are preparing for a job interview or a performance review. We want to share these tips because we truly care.
#1 Preparation is key. Before starting a negotiation, it is important to identify your goal. Consider things like your career stage, the overall situation, and what is appropriate to ask for. To help with this, we recommend that all of our clients create an accomplishments document. This is a document to track all of your job-related kudos, measurable results, classes, awards, compliments, etc. From this document, you can identify the top items that you want to present to your boss or hiring manager while negotiating salary and benefits.
It’s also important to keep your resume and LinkedIn profile up-to-date with your latest accomplishments. This helps you from feeling overwhelmed if a position or promotion that you want to apply for is unexpectedly made available. We don’t recommend working on your resume under pressure, since it’s harder to do it well.
#2 Anticipate red flags. It’s important to anticipate any red flags or concerns a hiring manager or superior may have during negotiations. Then you can weave in items from your accomplishments document to counter those, such as demonstrating transferable skills or testimonials from clients.
Be prepared for concerns about your salary ask as well. You should always have a minimum salary number in mind, regardless of your salary goal. Research the salary range for your position, experience level, and geographical location. Finally, consider what else you would accept if you can’t get the salary, a promotion or raise at this time. For example, could you negotiate for a bonus or title change? Could you negotiate for flex time or remote work? Don’t be afraid to be creative, but we do recommend researching what additional options might be available to you based on the company and industry so that you have a better chance of a successful negotiation.
#3 Be confident. It’s essential to emit confidence while negotiating salary and benefits. This will help you to be clear on your ask and will also impress your boss or a hiring manager. There are a few simple things that can help you. First, what you wear when negotiating salary and benefits can help, so choose an outfit that fits in with your industry and job title, but that makes you feel confident. We also recommend practicing, since this will help you to feel more comfortable with your presentation. Ask a friend, mentor, or career coach to listen to your ask. They can provide you with feedback and help you with your body language and catch any minimizing expressions that can take away from your presentation, such as “I think” or “just.”
These three tips can help you to maximize compensation when negotiating salary and benefits. To find out how we can help you with your career goals, schedule a free consult today!