Money Minutes | General Electric Credit Union Blog | Financial Resources

Negotiate a Higher Salary in 4 Easy Steps

Apr 28, 2021 | 4 minute read

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Negotiation is standard practice in some parts of the world, and not just when it comes to a desired salary! In China, negotiation is a part of everyday life. It’s expected for items as simple as produce at the market.

But the art of negotiating is not deeply ingrained in every culture, and the practice doesn’t come easy to everyone. That’s why it’s important to hone this skill, as doing so will score you more than a good deal while visiting markets abroad—it can also drastically impact your career, which is closely tied to your financial well-being.

Did you know? When you are offered a position, Human Resources (HR) typically holds money and benefits back because they expect you to negotiate? When you are not willing to negotiate, you are leaving a lot more on the table than you think.

While negotiating may seem intimidating, you do it all the time without realizing it. When you are shopping for a new car and haggle on the price with the salesman, you are negotiating.

So, why wouldn’t you negotiate when it comes to your salary? Many are afraid due to lack of confidence or even fear of losing the opportunity. However, the way you position yourself in a negotiation can positively influence an employer’s perception of you and in turn get you closer to a target salary.

If you want to make this happen for yourself, check out these four ways to boost your negotiation skills.

Simple Steps to Negotiating a Higher Salary

1. Assess the Situation

It is important to know how much you are worth before you begin. Utilize platforms such as Glassdoor, Indeed, Google, and LinkedIn to research standard salaries for your desired position.

To determine your worth, compare your experience, level of expertise, and degrees or certifications to the list of qualifications for the specific position. Be mindful of the location of the job, as a position in New York may pay more than if it were based in Ohio due to the higher cost of living there.

Ensure you understand your industry and where it is right now—this will help determine an appropriate salary you can strive to negotiate.

2. Prepare

Get in the mindset to show up confidently. You must prepare to sell your skillset. Be able to strongly translate what you’ve done during your career, and how your experience can be an asset to what the company needs.

This shows the recruiter what you can bring to the table and gets them excited about your potential.

Hint: A recruiter can be a powerful advocate!

Thus, they may have a stronger tendency to accept your negotiation as you’ve already validated how valuable you will be to the team.

You can also put yourself in the best mental state to succeed before even entering the room by embracing the concept of power poses!

Before your meeting or interview, strike a power pose while looking in the mirror. There is a pre-historic part of our brain that generates confidence and happiness while engaged in a power pose.

3. Engage with the Counterpart

The basics of understanding the company, the position, and how to effectively interview come into play here. Engage the interviewer throughout the discussion to get a feel for the best way to frame your negotiation.

Observe the language and tone they use, then mirror it when positioning your ask to ensure it is perceived well.

4. Package the Ask

Do not let the interviewer negotiate one item at a time with you. Remember to present your collective non-negotiable items to the recruiter.

Determine what you personally need to have in order to accept the position, as well as what you are willing to negotiate on or even live without.

These steps are just the beginning! There are many best practices and tips when it comes to successful negotiation techniques, and seeking them out will benefit both your career and your finances in turn.

To learn more about negotiation and ways to prepare for negotiating in the job search setting, watch the on-demand webinar, Negotiation in the Job Search Setting.

For more tips as you enter the workforce, visit General Electric Credit Union’s (GECU) Xavier Learning Center: Webinar Series page.

 

 

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