7 Steps to Smart Salary Negotiation

Salary negotiation can be a sticky subject. While it's usually not easy and can be uncomfortable, it's important to know when it's appropriate and how to do it right. A recent Salary.com survey reveals a surprising statistic. Almost everyone - nearly ! percent of both genders polled - would like to negotiate more effectively. What's more, according to Abby "uler, general manager of Salary.com, the company's research has also shown that #$ percent of managers e%pect employees to try to negotiate their salary. &o aid in your efforts, consider the seven steps below to successful salary negotiation' 1. Research yourself. (efore you start negotiating, you have some homework to do - on you. "uler suggests finding the fair market salary range for your position, education, e%perience and location as a first step. )*se a tool like Salary.com's free Salary Wi+ard, which compiles ,!! percent -.-reported salary data to find out what you're worth,) "uler says. )&hen, outline how your contributions and performance have helped improve your company's bottom line.) 2. Discover your financial impact. Whether you work for a for-profit company, a nonprofit organi+ation or a civic entity, you're either a revenue generator or a cost center for your company, according to /atie 0onovan, founder of "1ual 2ay 3egotiations, 445. 0onovan recommends asking yourself the following 1uestions' ---ave you produced more revenue than e%pected or than your colleagues6 ---ave you lowered cost by processing more than your colleagues6 ---ave you saved money by changing vendors or renegotiating a vendor contract6 ---ave you saved money by shortening processes without lowering 1uality6 )&hose are just some of the e%amples of how each of us impact the finances of our company,) 0onovan e%plains. )0rill any of these e%amples down to the dollar, and discuss that dollar amount when you discuss your impact on the company.) "uler additionally suggests considering details like specifically where you increased revenue, saved your company money, delivered e%ceptional service, took on responsibilities outside your job role or e%ceeded your goals. ).emember' 7our manager will have to take this re1uest to his or her manager, so use all the data and e%amples you can to make it clear that your job performance is raise-worthy,) she says. 3. Use multiple avenues. &here are numerous online websites you can use to check the going rates for your position and in your industry, including Salary.com, 2ayscale.com and 8lassdoor.com. 0onovan also notes that trade associations for many job functions or industries can provide this information, as well as provide details about employment packages. Another suggestion from 0onovan is to call a headhunter, who can give you another perspective on the

market value of the job - as well as create another option for getting paid more. )&ell the headhunter what you do and what you get paid,) she advises. )&hen ask if they could get you the same type of job for higher pay. 7ou become a much better negotiator when you know you have options.) 4. Research your company. &his is a step that's often forgotten, but being aware of the financial position of your company is crucial for your negotiation, according to "uler. She recommends finding out what the current fiscal year looked like from a company perspective, including 1uarterly performance. )9f the company is not meeting revenue goals, your salary re1uest will most likely fall on deaf ears,) she says. )Also, ask your manager or -. about when salary reviews happen, so that you can set a meeting at least a month prior to ask for a raise.) 5. eave emotion at the !oor. &rying to buy a house6 About to send a child to college6 While these are milestones in your life, they do not factor into whether or not you deserve a raise, "uler says. )When you enter a negotiation, you should only come armed with data, facts, and honesty around your job and company performance. 4ay out your case rationally, ask for what you think you deserve, and be prepared to answer 1uestions and provide further support for your re1uest.) ". Remain professional. "ven if you're a strong negotiator, you will rarely get everything you want. 9f you get an outright )no,) "uler suggests using that as an opportunity to ask how you can improve your performance. ).ejection is always difficult, but try not to take an unsuccessful negotiation personally - and definitely don't let it deter you in the future,) she says. )9f you're denied the raise percentage that you re1uest, don't forget the list of non-salary related items you can negotiate.) 7. #i!en the pac$age. 9f you work for a start-up, small- to mid-si+ed company or are new to the workforce, "uler notes that your company may not be able to offer you more in base salary. (ut she reminds prospective negotiators that e%tra vacation days, e1uity, working from home or performance-based bonuses are all up for negotiation as well. &herefore, when negotiating salary, be sure to include all aspects of your employee package in your discussion. 0onovan notes that the areas most open for negotiation are salary and fle% schedules - but adds that any aspect of your package is good to include in this discussion. )9t gives you items to compromise and trade for the salary you truly want,) 0onovan says. )Without opening with more than you want, you will never end up with what you want in the negotiation.) Robin Madell has spent two decades as a writer, journalist and communications consultant on business, leadership, career and diversity issues. She has interviewed more than 200 thought leaders around the globe, and has won 20 awards for editorial excellence. Robin serves as a speechwriter and ghostwriter for C !s and top executives, with a speciali"ed focus on women in business. She is author of Surviving 7our &hirties' Americans &alk About 4ife After :! and co# author of &he Strong 2rinciples' 5areer Success. http%&&in.finance.yahoo.com&ne's&7(steps(smart(salary(negotiation(134"52)42.html