Salary negotiations can be intimidating, but it doesn’t mean you should avoid them. However, most do. According to research, 54% of professionals didn’t negotiate their most recent salary. Were you one of them? If so, you could be selling yourself short and not maximizing your salary.
According to research at Harvard, individuals who negotiate their salary increased their starting pay by an average of $5,000.
What are the best salary negotiation tactics to use? We asked around at our recruitment agency in Toronto to come up with a list of the best salary negotiation tactics. Here is what our recruiters recommend:
1. Actually negotiate your salary
Always negotiate. You are your best advocate, and you are the one who can ensure you get the most money. Starting the conversation gets the ball rolling. If it’s a new role, be clear that you want to discuss compensation.
If you are in an existing job and are up for a raise or promotion, don’t assume your manager or company leaders know you want a higher salary. Bring it to their attention and be prepared to state your case for a pay increase.
2. Share information and ask questions
Negotiations don’t have to be combative. It’s about understanding and finding common ground. According to the Harvard research:
“In salary negotiations, the best negotiators share information and ask questions. The more information you can provide about what you value (without revealing your bottom line), the better equipped you and the other party will be to identify new issues to discuss. And the more questions you ask, the more you will learn about what the other party values. This type of information exchange will put you in a good position to claim as much money and other value as possible for yourself.”
3. Start at the top of your range
Always leave some wiggle room when discussing numbers. If you begin with a higher number, there’s a good chance you’ll still land within your acceptable range once negotiations wrap up.
While it might seem like a good idea to share your full salary range to demonstrate flexibility based on your experience and skills, this can work against you if the employer responds with an offer at the low end.
4. Be ready to counteroffer
Most employers anticipate some back-and-forth and typically leave room in their compensation packages for counteroffers. It’s uncommon for them to lead with their absolute best.
Even if your counter is declined, you may be able to inch closer to a better deal. The original offer will likely remain in effect. In today’s job market, offers rarely disappear just because you tried to negotiate.
A Final Word on Salary Negotiation Tactics
Salary negotiations may feel uncomfortable, but they’re a critical part of advancing your career and earning what you’re truly worth. Employers expect negotiation and often build flexibility into their offers. Don’t leave potential earnings on the table. Be confident, do your research, and advocate for yourself.
More Salary Negotiation Tactics From Our Recruitment Team
6 Ways to Justify a Higher Salary in a Negotiation
How to Answer “What’s Your Desired Salary?” in an Interview
How to Respond to a Low Salary Increase – 8 Recruiter Approved Steps
