10 Experts' Tips for Negotiating Pay
Most of us work to live, not live to work. For most of us, pay is a fundamental consideration of working life. As such, negotiating your starting compensation package and asking for a raise are a critical determining factors when deciding to take a new job and feeling valued in an existing position. Yet, nobody ever got a raise by shouting, “Show me the money!” These 10 tips from executive coaches and other career experts can help you polish your negotiating skills and get the pay you deserve.
WHAT WE DO
In Love Sunday Nights you can talk to other results-producers about their careers and read more articles like this about results-producers navigating work.
Know what you’re looking for
“Determine two thresholds: Your ‘slam dunk’ offer, which would make you immediately say yes, and your ‘basement’ offer, [which is] the bare minimum of what you need to work for the company. Everything that exists between your ‘slam dunk’ and your ‘basement’ is negotiable. But remember that a successful negotiation means you do not compromise beyond the point of a win-win.” —David B. Nast, business leadership coach and corporate trainer with Focal Point Coaching in Cherry Hill, New Jersey
Do your research
“Every gig has a fee range. Spend the time to discover it, then don't be afraid to ask for more than the top. If [an employer] is asking for your help, that means they think you’re worth it. Asking for top dollar confirms that you’re a top player.”—Ted Leonhardt, negotiation consultant in the Seattle area. You can also use a free service like payscale to find out what a person in your position in your area makes.
Be honest about your salary needs
“Be upfront with your interviewer. A firm that is seeking to hire the best person for the job needs to understand what you are all about. In any kind of relationship scenario, if expectations do not measure up, both sides end up regretting the better opportunities that passed them by. So it’s better to state what you need salary-wise and let the chips fall where they may.” —Alex Twersky, co-founder at Resume Deli, a career management and coaching firm in Hoboken, New Jersey
Show how you can contribute to the bottom line
“Demonstrate your value through contributions you’ve made throughout your career, especially in your current role. This should emphasize experience and results you achieved driving revenue, savings, efficiency and productivity, with examples relevant to the organization or role. The employer will find concrete evidence of business growth is difficult for an employer to ignore.” —Lela Reynolds, senior career consultant with Resume Strategists in New York City
Speak up
“In general when it comes to pay raises, if you don’t ask, you don’t get. Some companies are great at recognizing standout employees and dole out raises whenever they can, but solid employees who may be flying under the radar should be asking for one, too. Be prepared to ask for a specific number, and quantify it in some way. Keep emotion out of it; just stick to the facts.” —Michele Mavi, director of internal recruiting and content development with Atrium Staffing in New York City
Make the first offer
“Don’t wait for [an employer] to mention a figure. Traditional advice says to never be the first to mention a salary target, in case they were planning to offer you more than your wildest dreams, but let’s be realistic—they’ll throw a low number out to see if you’ll take it, and once that small figure is on the table, it may be uncomfortable to go after anything substantially larger.” —Elizabeth Becker, client partner with PROTECH in Charlotte, North Carolina
But don’t make demands
“When asking for a raise, it should never be presented as an ultimatum. You may get the extra money, but the opportunity cost could be steep if you jeopardize any or all of the goodwill you have accumulated. Set the stage for your request by expressing gratitude, then highlight your key accomplishments and contributions. When you’ve established that your boss agrees with you, then—and only then—do you tell him what you want.” —Roy Cohen, career counselor and executive coach in New York City
Play the long game
“You’re not always going to get the salary you want. When that happens, politely and respectfully ask your potential new boss—rather than the HR person—if you can sit down together to determine what specifically you need to do to earn the raise in the future. Work out deliverables that are as specific as possible, and pin down a time frame. Take notes, let your new boss see that you’re taking notes and work up something in writing you can both agree to. Then report your progress regularly. Once you’ve met those goals, it will be very difficult for your boss not to grant your raise, or at least to fight for it on your behalf.” —Barry Maher, owner of Barry Maher & Associates in Corona, California
Don’t leave empty handed
“Most people only think about salary, but there are more items up for negotiation, such as a preferred work schedule, vacation accrual, external and internal training opportunities and tuition reimbursement. If the company says they can't meet your salary requirements, ask them what [is needed] to earn that salary. If it's a financial issue on their end, you can still negotiate the other previously mentioned items. If it's an experience issue, or something else you can change in the short or long term, discuss what you will do to grow in these areas, as well as provide examples of how you've overcome challenging situations previously and how that applies to this company/role.”—Anu Mandapati, Founder and CEO at IMPACT Leadership for Women in Austin, Texas
Honor your worth
“Don’t undersell yourself. You are your own best ambassador, so aim for a competitive deal that you are happy with. Employers will respect this, especially if you are looking at a leadership role.” —Jonathan Astbury, associate partner at Newington International in London
Informational Interviews Questions: 50 Ways to Find Your Way
You can get scoop AND make a good impression, and maybe find your dream career. You’ve landed the informational interview. But what do you talk about once you’re actually face to face over coffee? While you won’t be able to ask all of these questions in an informational interview, the answers to these questions will give you insight into your mentor’s career path, the possibilities for your future, and the industry outlook.
WHAT WE DO
In Love Sunday Nights you can talk to other results-producers about their careers and read more articles like this about women in the workforce.
50 Ways to Find Your Way
Their Career Story
Was there a specific event that happened that made you interested in this field?
What was your first opportunity in this field?
Did you consider any other career paths before deciding on this one?
College/ Internships
Did you go to college? Why or why not?
Did your college experience affect your current career?
Did you have any internships in college?
Day in the Life
What does your average day look like?
Who do you depend on daily?
Who depends on you?
What kind of problems do you solve on a day-to-day basis?
The Ups and Downs
Why do you like doing what you do?
What is the most fun part of your role?
What are your biggest day-to-day challenges?
What are some of the projects you’ve been working on lately?
What aspect of your position surprised you when you started?
What are some unexpected skills that your position requires?
Do you have any advice for someone my age looking to do what you do?
Mentoring
Do you have any mentors that have helped shape your career?
Would you describe the mentoring relationship as formal or informal?
Career Ladder
What is a logical first job in the industry?
Are there skills you learned there that you still use?
If you could go back in time, is there anything you would do differently?
Do you mind my asking about the salary range of jobs in this field?
Would you say that our city has a lot of employment opportunities in this field? If so, what companies should be on my radar?
How can I get started gaining relevant experience?
What skills should I be honing now to prepare for this career path?
Are there any soft skills I should focus on?
What is an appropriate role for someone with my skillset?
What does that role generally consist of?
Hiring Tips
Have you been a part of the hiring process?
What are you looking for on resumes?
What are the biggest resume or LinkedIn red flags?
What’s the difference in what you’re looking for on a resume and what you look for during interviews?
Would you recommend any particular keywords to include on my resume or portfolio?
Is there specific work experience or are there portfolio pieces that translate well from my other work experience?
If I send you my resume, would you mind taking a quick look at it?
Company Scoop
What makes your company different from its competitors?
Can you give me a quick breakdown of what each department here does?
How would you describe the mission of your company?
Does your company generally hire from within?
Would you recommend I speak to anyone else here to learn about your organization?
Industry Scoop
How have challenges changed since you got started in this industry?
What are the biggest changes you’ve seen in this industry?
What are some of the long-term trends you expect from your industry?
What big industry changes do you expect in the next few years?
What advice do you have for me navigating into this industry?
Can you recommend three people, like you, who are well-connected and can help me on my career journey?
Follow-up Asks
Is it okay if we stay in touch?
Can I add you to my LinkedIn network?
Are there any questions I haven’t asked that I should?