Talking about money is difficult for some people. However, asking for more money turned out to be much more difficult.
When you finally gather the courage to ask for a salary increase to your boss or to bargain for a salary when you want to enter a company, there must be a reasonable number. You don't want to humble yourself, but you don't want to aim too high.
"I am a big fan of 'shooting' numbers that please you, not satisfying you," said Selena Rezvani, author of "Pushback: How Smart Women Ask and Stand Up For What They Want", as quoted from CNN Money.
The key to salary negotiation is to know your value. That way, you feel confident with the numbers you submit.
First, you must set a range for other professionals in your role and what the industry makes. Consult various sources, including sites like Glassdoor and Indeed, to professional associations.
Talk to the recruiter and don't be shy about asking people in the industry if they feel comfortable revealing their salary.
How many ask for an increase?
Quoted from CNN Money, the ideal number for salary increases is 10 percent above your current salary. However, finish your homework first.
Track your achievements. The successful projects that you work on are ways to increase revenue or save company money, innovation, and effective collaboration.
"Pay attention to your unique expertise," said Joel Garfinkle, executive coach and author of "Get Paid What You're Worth".
"Identify your value and prove your overall impact on the organization," he continued.
Bring positive notes and show reviews from team members and clients to highlight your achievements. Be sure to tell the future results that you will bring to the company.
"Make quantitative data based on the facts of your achievements," said Garfinkle.
"That can be a very persuasive way to show the size of the impact you have on the company."
If you are interviewing for a new job, ask for a salary of 15-20 percent higher than your current salary or a fair market price for that position.
This is your chance to get the biggest salary increase. This is also an opportunity to reset if you feel low paid at your last job.
However, if possible, try to postpone salary talks until the interview process.
"Before you discuss salary, tell the hiring manager that you need to understand the position, responsibilities, position, and everything that will be involved so that you can have a better position and value," Garfinkle said.
Then, check the salary that is appropriate for that position and emphasize your qualifications and expertise. Once your boss is interested, you have greater bargaining power.
"Yes, companies take risks, but you are the person who bet on them and leaves a lucrative job," Rezvani said.
However, if you change your career completely from the last employee, chances are there is no increase requested. Diverting careers or breaking into new industries makes you have less influence to negotiate to get bigger payments.
"You are not in the strongest position because it is difficult to show value in a new career or industry," Garfinkle said.
In fact, you might have to get ready to get a smaller salary, depending on which industry you are switching. For example, if you go from the private sector to the public, don't be surprised to see your salary decrease.
The key to salary negotiation when changing careers shows how your skills and experience match the needs of your new boss.
The worst possibility is that your salary increase is rejected. Sometimes, no matter how good the drive you make for a salary increase, the company budget doesn't allow it.
But there are other compensation options. Ask for other benefits such as additional overtime, a more flexible work schedule, professional training, or stock options. Do not leave the room without a follow-up plan.
"Ask to review the situation in three months," Garfinkle said.
"Somehow, get a commitment from them."