Breaking the Money Taboo: How to Negotiate Your Salary with Confidence
Discussing salary can be a daunting task, especially when it’s been ingrained in us that talking about money is impolite. However, this “money taboo” can prevent us from earning what we’re worth. A recent survey found that only 29% of job seekers negotiated their salary at their most recent job, and only 38% of women felt comfortable negotiating at all.
The Importance of Negotiation
Negotiating your salary can have a significant impact on your earnings. In fact, 84% of job seekers who asked for a higher starting salary or pay raise were successful. So, how can you overcome your initial discomfort and negotiate your salary with confidence?
Tip 1: Know Your Worth
Understanding your value in the market is crucial to negotiating your salary. Research current pay rates for your type of work, and consider factors such as location and industry. Websites like PayScale, Salary, and Glassdoor can provide valuable insights. Additionally, speaking with professionals in your industry can help you understand your competition and determine a fair salary range.
Tip 2: Prepare Your Case
Before negotiating your salary, prepare examples of your accomplishments and the value you bring to your employer. This could include times you solved big problems, saved the company money, or brought in new business. Be prepared to answer the question “Why should we pay you more?”
Tip 3: Timing is Everything
Timing can play a significant role in negotiating your salary. Consider waiting for certain months of the year or even times of day when your employer may be more receptive to your request. For example, January, July, and September are often considered good months to ask for a raise.
Tip 4: Leave Room for Negotiation
When discussing your desired salary, start with a figure that’s slightly higher than what you actually want. This allows room for negotiation and compromise. Be open to alternative forms of compensation, such as extra benefits or additional vacation days, if your employer is unable to increase your salary.
Tip 5: Practice Getting Out of Your Comfort Zone
Negotiating your salary can be uncomfortable, but practicing can help. Put yourself in unfamiliar situations that force you to discuss money, such as asking for a freebie or requesting a discount. The goal is to become more comfortable discussing money and pushing past your initial discomfort.
Remember: You Have Nothing to Lose
Negotiating your salary can seem intimidating, but remember that you have nothing to lose and everything to gain. The worst that could happen is that your employer says “No” or suggests revisiting the question in a few months. Even if you don’t get what you want the first time around, you’ll be better prepared for future negotiations.
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