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6 Tips for Successful Compensation Negotiation - Wood Personnel Services

6 Tips for Successful Compensation Negotiation

During your career, there will undoubtedly come a time when the value of your work far outweighs the compensation you receive. So when this time comes, you must approach the issue objectively and build an evidence-based case for your desired salary. Then negotiate for this salary.

Whether you are a new hire or a seasoned employee does not matter. If you feel your salary needs to be increased, you must negotiate.

Six Negotiation Tips for Getting What You Deserve

Have Some Numbers in Mind

You must enter salary negotiations with your salary expectations and limitations in your head. These numbers are your desired amount and the lowest salary you can accept. Let your industry, position, geographic area, education, and experience determine these numbers. Do some salary research, and negotiate for a competitive salary based on these factors.

Ask Your Employer Relevant Questions

As you enter into negotiations, ask relevant questions to help you understand your employer’s perspective and limitations. Ask management what they need from you to provide your requested salary. You can begin this discussion by asking for their feedback on your recent performance. Show that you respect management’s position and want to remain valuable to the company.

Understand the Impact of the New Salary

Once you know the possibilities and limitations of your new salary, you can use the information to argue how your higher compensation can impact the company positively and help you succeed in the workplace.

Consider your current responsibilities and determine whether you handle more tasks than your position requires or if you could provide more to the company if your salary changes. Ask for more responsibilities like leading a project or managing a team. You might describe your achievements and capability to fulfill the expectations of a higher salary while offsetting possible adverse impacts.

Benefits Are Negotiable Too

As you negotiate for higher compensation, don’t forget negotiable benefits. These benefits include paid time off, schedule flexibility, tuition reimbursement, and training opportunities. Introducing benefits will demonstrate your desire to increase your value to your employer. As you negotiate for tuition reimbursement and training opportunities, it shows that you are open to professional growth.

Choose an Appropriate Time

There are times when salary negotiations are more likely to be successful. These include certain times, days of the week, career steps, and hiring process stages. Allow your employer to settle into the workday and meet in the early afternoon. Choose the second half of the week.

As for moments in your career, ask after advanced education or training, professional certifications, or added leadership responsibilities. If you are a new hire, an employer will provide a timeframe for you to consider an offer. Use this time to evaluate the salary and benefits and determine if your qualifications equal the offered amount.

Practice Your Negotiation Skills

Negotiation and your ability to present the value of your qualifications will improve with practice. Before you negotiate, outline each point of your argument. Highlight your most valuable qualities and how each benefits your employer. If the negotiation does not result in a raise, ask to meet with your boss regarding the denial and what you must do to earn an increase in the future. Meeting with your manager shows that you are committed to improving your skills.

Want to Take Your Career to the Next Level?

Wood Personnel Services has been serving Middle Tennessee since 1988. Wood Personnel Services offers a full slate of benefits along with competitive pay. Please speak to a recruiter at Wood Personnel Services to find out how they can help you meet your career goals.