7 Key Tips for Successful Salary Negotiations

If there is one phrase that has become a staple of our vocabulary, it’s “secure the bag.” Translation: Get the money. Acquire the wealth you deserve. Seize the right opportunities and get paid!

However, it is impossible to reach your full earning potential if you do not know how much you are worth or how to command the compensation you want. So, when it comes to salary negotiations, it's essential to ensure you are armed with both the information and the confidence required to secure the bag you deserve.

Given the fact that 68% of women don't negotiate their salary - and that in comparison to their white male counterparts, Black women earn far less ($0.61 for every dollar) - effective salary negotiation techniques are particularly important to help us finally begin leveling the playing field.

Below are some key tips for preparing yourself to successfully navigate your salary discussions:

1.) Do your research on market rates for your position

Don’t just look at your specific industry, look across various sectors. If you are trying to determine the right salary for a Finance Manager position, look at Finance Manager salaries in healthcare, consumer goods, energy, etc.

Further, refine your search by years of experience and credentials required where possible to be sure you are making the right comparison to your own work history. Be sure to also account for your geographic region and cost of living in your area (a Finance Manager position in Georgia will not pay the same as one in Los Angeles).

Online platforms such as Payscale.com, Glassdoor.com, and Salary.com have excellent free tools to help you conduct your research and determine the appropriate market value for your position. Also, utilize your network! You may have contacts who have been in similar roles or can connect you to someone who has.

Furthermore, do additional research on the specific company’s salaries. Is there available information about their compensation online? Are there current or former employees that you know that you can candidly discuss salary with?

2.) Evaluate your own contributions and differentiators

The market rates are a starting point, but in order to ensure you are requesting the salary you truly deserve, you must account for what sets you apart from every other candidate. What contributions have you made at other companies? What kind of return on their investment can this company expect? Create a cheat sheet of the value and results that only you can deliver.

3.) Set your “walk away” number

This is the minimum salary that you will accept. Knowing this number in advance will help you to better frame any negotiation discussions.

4.) Create your salary range

Once you’ve looked at market rates accounting for the key variables (title, geographic location, years of experience, credentials/education required, etc.), incorporated your own expertise and value, and determined your walk away number, you can establish a salary range that you will be willing to negotiate within.

Tips for entering negotiations:

1.) (For a new position) Don’t volunteer your prior salary information

It’s honestly none of their business, and you don’t want them to fixate on your old salary instead of offering what you are worth for what you bring to the current position.

2.) Give a specific number at the top of your pre-determined range

Instead of $130,000, request $130,650. The specificity of the number gives employers the impression that you have done your research, and they may be more inclined to offer you a number closer to your request.

3.) Be flexible, but firm

Remember this is a negotiation, and you may not get the number you want on the first offer. It may take one or more rounds of discussion before you land on a number that will work for both of you. However, do not be afraid to walk away if necessary. If the company is not willing to pay you what you are worth walking in the door, do they truly value you? Why would you want to build a career at a company that does not value you or your expertise?

With the proper knowledge and techniques, we can earn what we deserve. We just have to be willing to go for it! Are you ready to secure your bag?

To learn more in-depth strategies for effectively negotiating your salary, connect with Julia at Rock Career Development.