While we know that one of the central aspects of discussing a job offer is negotiating a fair and competitive salary and benefits package, the negotiation process does not necessarily begin in the meeting room. Here, we have outlined the most important steps for a successful negotiation – from start to finish – along with insight from several industry professionals who have also acquired first-hand experience in negotiation settings.
Preparation is key.
1. Begin by performing research on the industry benchmarks of your field as well as the company’s compensation methods. The more information you collect before your meeting, the more adept you will be to think on your feet.
Assess your own skills, qualifications, and experience to better interpret your worth in the market. Before you enter any negotiation setting, it’s important to first have a confident, yet realistic perspective on what you can offer an employer.
Jake Hill, CEO of the personal finance publication, DebtHammer Debt Consolidation, suggests, “When it comes to salary negotiations, it’s important to present factual evidence to support your request for a higher rate. For example, demonstrating measurable results you achieved in a similar position can show your potential employer your value in more concrete terms.”
“Additionally,” Hill continues, “have stats on typical salaries for your position/industry. The more factual evidence you have, the stronger your position will be.”
2. Determine clear goals. This includes your designated salary range, benefits, and other non-negotiable elements such as professional development opportunities or remote work options.
Carter Seuthe, CEO of Credit Summit Debt Consolidation also advises candidates to “research and decide on the specific salary numbers you would like to negotiate. Decide what you would ideally like your salary to be, what the lowest salary you would accept is, and what number you want to enter the negotiation with.” Seuthe continues, “This [number] should be slightly above your ideal salary.”
3. Rehearse your negotiation pitch. Be sure to spotlight your achievements and the unique value that you will bring to the organization.
Amy Hsu, Consultant and Marketing Director of YGM Reflective suggests that candidates who are preparing for a negotiation meeting, “Practice negotiating with a friend or mentor to gain confidence and refine your negotiation skills.”
She adds, “ Role-playing different scenarios can help you anticipate potential objections or counteroffers and prepare effective responses.”
4. Consider the full compensation package by not only examining salary and benefits, but also healthcare perks, bonuses, retirement plans, stock options, and other gratuities.
Vhert Garma, Founder and Chief Editor of MultiTechPM, who also interviews candidates for his own company, reminds those entering the negotiation process, “To effectively negotiate your salary, begin by researching the salary benchmarks for the position you’re applying for.”
However, this process also ties in closely with your own recognition of what you can offer a company. Garma adds, “Assess the qualifications they’ve outlined to identify your strengths and areas for improvement. Understand your own value; even if there’s an attempt to offer less, emphasize your contributions and make a case for why you are the right fit. If they persist in undervaluing your worth, it might be advisable to decline the offer and explore other opportunities.”
5. Anticipate different negotiation scenarios by outlining alternative proposals and setting your bottom line accordingly.
Hsu restates the overall importance of considering your alternatives overall: “Assess your alternatives and options in case the negotiation does not go as planned. This could include exploring other job opportunities or considering additional benefits or perks that may be negotiable.”
Once you are thoroughly prepared with the necessary tools, it is time to review the most effective live tactics for a successful negotiation session.
1. The very first tip, however, is one that may be overlooked. Founder of NYC-based Forest Hughes & Associates and
Compassion Fatigue Therapist, Taryn Hughes reminds candidates about the importance of self-regulation. “Give yourself the advantage of addressing the state of your nervous system before, during and after your negotiation,” states Hughes.
“This will reduce your nerves and the likelihood of decreased problem-solving skills, allowing you to see more options on the table for a win-win solution. Additionally, by entering the negotiation in a calm and regulated state, you’ll influence your negotiation party’s mood as well.”
2. Once you are in the meeting room, maintain a collaborative manner during the negotiation process. Emphasize mutual benefit and alignment with the company’s objectives.
At the same time, remember that, “A firm but friendly approach is the most effective option,” says Jake Hill, CEO of the personal finance publication, DebtHammer Debt Consolidation.
“This will demonstrate that you are serious and confident, but aren’t disrespecting them or their opinions either.”
3. Be assertive and display confidence while expressing your value and expectations in a gracious manner. Hsu reminds candidates to maintain likability. “Likability is important in negotiations. People are more likely to work toward a better offer if they like you. Be polite, manage tensions effectively, and avoid coming across as greedy or petty.”
4. If possible, postpone any detailed salary negotiations until you have thoroughly understood the job requirements and the employer’s interest in hiring you.
5. Demonstrate to the employer that you are focused on the overall package, not just the salary. This will help display your adaptive nature in considering various components.
6. Stay open to compromises and seek clarification on any inconclusive matters before finalizing the agreement. Hsu also points out the importance of understanding constraints. “Clearly communicate why you deserve what you are requesting,” reiterates Hsu.
“Understanding their limitations can help you tailor your negotiation strategy and find mutually beneficial solutions.”
Remember that a fruitful negotiation is essentially conversation directed toward achieving an arrangement that aims to secure a mutually beneficial outcome for both you and the employer. By utilizing your skills in planning, communication, and adaptability, you will effectively navigate the negotiation process in a way that is ideal for your career advancement.
Fred Coon, President & Managing Member
Leadership Transition LLC provides executive job and career transition strategies and services to senior level leaders who wish to make their next successful and financially rewarding career move.
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