Salary Negotiation Playbook
This playbook describes a series of strategies for discussing and negotiating a salary and benefits package. It gives you the tools needed to approach negotiations confidently and professionally.
Step 1: Research
Conduct thorough research about the industry salary standards for similar positions, the company's compensation trends, and cost of living for the area.
Step 2: Self-Assessment
Evaluate your qualifications, experience, and past performance. Determine the unique value you bring to the company and quantify your contributions when possible.
Step 3: Objective Setting
Set a clear goal for your desired salary and benefits. Identify your minimum acceptable offer and the ideal offer, keeping in mind your research and self-assessment.
Step 4: Practice
Prepare and rehearse your negotiation points. Practice discussing your achievements and how they translate into value for the company. Role-play potential scenarios with a friend or mentor.
Step 5: Initiate Conversation
Arrange a meeting or choose the appropriate time to initiate the negotiation discussion. Ensure you're meeting with someone who has the authority to make compensation decisions.
Step 6: Present Case
Start by expressing your enthusiasm for the role and the company. Present your case with the prepared points, focusing on your value and supporting evidence from your research.
Step 7: Listen Actively
Listen carefully to the employer's response without interrupting. Understand their offer, perspectives, and constraints, which will give you better ground for further negotiation.
Step 8: Negotiate
Engage in the negotiation by addressing any gaps between the initial offer and your expectations. Be prepared to negotiate aspects other than salary, like benefits or flexibility.
Step 9: Finalize
Once an agreement is reached, ask for the offer in writing. Review the details carefully before giving your final acceptance to ensure all negotiated terms are captured correctly.
General Notes
Mindset
Maintain a positive and cooperative mindset throughout the negotiation process. Negotiation is a conversation, not a battle.
Flexibility
Be flexible and creative in your negotiation. Sometimes benefits and perks can be as valuable as salary increases, and showing flexibility can facilitate reaching an agreement.
Rejection Handling
Be prepared for the possibility of rejection. If the negotiation does not result in your desired outcome, have a plan for your next steps, whether it be accepting the offer or exploring other opportunities.
Professionalism
Remain professional regardless of the outcome. The way you handle negotiations can leave a lasting impression and affect future opportunities.