Prior to salary negotiating, it is very important to know exactly what your market value is. If you do not know exactly what your market value is, then it is like being blindfolded and not knowing what salary to ask when you ask for a raise or try to negotiate the best salary in your next job.
You may end up letting the employer decide what your pay increase should be, and it may be disappointing to you. Millions of people negotiate for a higher salary, but not so many get the maximum increase in compensation that they could.
Research ahead of time is critical before approaching your boss for a raise, or before putting your foot forward in salary negotiations at job offer time. It is like a card game. Do not reveal your cards too soon. In this case, your cards are personal secrets like how much you made in your last job, or how much money you'd like in the new job, or how much of an increase you'd like.
Before going into a salary negotiation, know what you are worth in compensation terms!
If you are looking for a new job or are trying to ask for a raise, do salary research on the Internet first. There are great sites like SalaryExpert.com or Payscale.com who calculate all the salary information that is available.
It is important for you to know the the accuracy of the source of the salary market information. If a website is reporting pay scales as reported by their list of members, it may not be as current as if the salaries are reported by the HR departments of the companies in that job market.
If you are not worried about being forward with others, you may just outright ask. I recommend using some tact in this approach, but it is less offensive than it once was. You might just discover inside intelligence about the salary range for that job.
If you know an HR person, even better. Often times, the word will be on the street, company ABC pays well, or company EFG are fairly stingy when it comes to compensation. This information may also help.
There are many firms that do research into the human resources data for a particular job market. These firms publish very expensive reports that are only disclosed to inside subscribers. If you are able to gain access to one of these reports in a lawful way, then you may just find you have a wealth of information, that is even more valuble than asking a friend.
Salaries are often reported on the basis of a salary curve. Take for example, a software developer in a given city with very specific experience in Microsoft technology. They may earn $70K or $80K or more. The reporting will show the percentage of workers who are earning in the top end of that range, middle of the range and bottom of the range. It is very clear based on the chart.
If you perform well at your job, then you know it. Think about your performance critically and honestly, and determine using intuition where you think you fit in, as far as a percentile basis. Don't worry if you think you're in the lower regions. It may be lack of experience or tenure. If you are in the top end, you know you're a high performer and you're providing a lot of value to the company.
If you don't genuinely know, you might ask for some honest feedback from a trusted co-worker, or from a friend in a similar position elsewhere.
It is critical for you to know the value of the skills you bring, and be able to measure them in quantitative terms. That is financially describably terms. Hard cash numbers resonate with employers. If you can say, I saved the company $150,000 last quarter due to the efficiencies I implemented, you are on a great platform to justify your salary negotiation.
Best of luck to you in your next salary negotiation. - 20897
You may end up letting the employer decide what your pay increase should be, and it may be disappointing to you. Millions of people negotiate for a higher salary, but not so many get the maximum increase in compensation that they could.
Research ahead of time is critical before approaching your boss for a raise, or before putting your foot forward in salary negotiations at job offer time. It is like a card game. Do not reveal your cards too soon. In this case, your cards are personal secrets like how much you made in your last job, or how much money you'd like in the new job, or how much of an increase you'd like.
Before going into a salary negotiation, know what you are worth in compensation terms!
If you are looking for a new job or are trying to ask for a raise, do salary research on the Internet first. There are great sites like SalaryExpert.com or Payscale.com who calculate all the salary information that is available.
It is important for you to know the the accuracy of the source of the salary market information. If a website is reporting pay scales as reported by their list of members, it may not be as current as if the salaries are reported by the HR departments of the companies in that job market.
If you are not worried about being forward with others, you may just outright ask. I recommend using some tact in this approach, but it is less offensive than it once was. You might just discover inside intelligence about the salary range for that job.
If you know an HR person, even better. Often times, the word will be on the street, company ABC pays well, or company EFG are fairly stingy when it comes to compensation. This information may also help.
There are many firms that do research into the human resources data for a particular job market. These firms publish very expensive reports that are only disclosed to inside subscribers. If you are able to gain access to one of these reports in a lawful way, then you may just find you have a wealth of information, that is even more valuble than asking a friend.
Salaries are often reported on the basis of a salary curve. Take for example, a software developer in a given city with very specific experience in Microsoft technology. They may earn $70K or $80K or more. The reporting will show the percentage of workers who are earning in the top end of that range, middle of the range and bottom of the range. It is very clear based on the chart.
If you perform well at your job, then you know it. Think about your performance critically and honestly, and determine using intuition where you think you fit in, as far as a percentile basis. Don't worry if you think you're in the lower regions. It may be lack of experience or tenure. If you are in the top end, you know you're a high performer and you're providing a lot of value to the company.
If you don't genuinely know, you might ask for some honest feedback from a trusted co-worker, or from a friend in a similar position elsewhere.
It is critical for you to know the value of the skills you bring, and be able to measure them in quantitative terms. That is financially describably terms. Hard cash numbers resonate with employers. If you can say, I saved the company $150,000 last quarter due to the efficiencies I implemented, you are on a great platform to justify your salary negotiation.
Best of luck to you in your next salary negotiation. - 20897
About the Author:
Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, power utililties, software consulting, and a prevalent web 2.0 site. He has learned how to negotiate a salary in the most powerfulway. Learn great tips on the topic of negotiating salary at www.HowToNegotiateASalary.com.
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