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How to Successfully Negotiate Your Salary

Last updated on October 31, 2019 By Millennial Boss 5 Comments

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How I negotiated my salary for $80k more ~ Love this!

 How to Successfully Negotiate Your Salary

How to Successfully Negotiate Your Salary | You must negotiate your salary to avoid leaving money on the table. I'll show you the exact tips I used to negotiate tens of thousands of dollars in compensation and how you can do it too! #career #salarynegotiation #salarynegotiationtips

Negotiating a salary is one of the fastest and easiest ways that you can increase your income. It simply takes a bit of courage, effort, and research.

By negotiating, you can increase your salary by 20% or more quite easily. It’s hard to get that type of income increase from any bonus or raise!

Many people are scared or timid to negotiate salary because they think it will offend the company that’s hiring them, but in nearly all cases the company you’re talking with wants to hire you so it makes sense for them to work with you to find a salary that you’re comfortable with.

By not negotiating their salary, candidates are leaving serious money on the table. You don’t want that to be you!

In this post, we share helpful tips that you can use to negotiate your salary and eventually land a higher income.

 

Know When You Should Negotiate Your Salary

You have the best chance of negotiating your salary when most of the following conditions are met:

  1. You’re very qualified
  2. They’re very interested in you
  3. You don’t need the job
  4. You’re not asking for that much more

The more the company wants you for the role and the more closely you match the requirements in the job description, the more leeway you have in the negotiation. And the less you need the job, the more you can gamble. Your chances of a successful negotiation obviously get better too the closer your ask is to their offer.

Not meeting all of the above criteria is a risk and it’s possible the company could not meet your expectations and/or pull the offer.

If you really need the job or it’s your dream job, you’ll have to determine whether negotiation is worth it.

Every situation is different and it’s up to you to decide whether you should proceed with a negotiation. However, in most cases there is very little downside to negotiating, so you should spend at least a little time preparing for how you will negotiate.

Also keep in mind that your starting salary makes a huge difference in how much you’ll be able to earn over the lifetime of your working career. By starting at a higher base, each raise and bonus means you’ll be earning more and more over time.

 

Start Building Your Case From Day 1

Candidates don’t realize that salary negotiations are won before the offer has even been extended.

Each time that money is discussed in the interview process is an opportunity to build your case for the salary you want.

If you are wondering when to negotiate your salary, the answer is FROM THE BEGINNING of the interview process!

Prepare for salary discussions by practicing and writing down what you want to say ahead of time.That way you’ll be confident and collected when you’re asked to discuss salary expectations at any point in the process.

If you prepare for the negotiation from Day 1, you’ll have a higher chance of getting an amazing first offer.

Also keep in mind that the HR department in most companies will want to save money by offering you the minimum salary possible that they believe you’ll accept. It’s important not to get offended by low offers and to recognize that a company is simply doing its job.

On the flip side, it’s important to recognize that it takes a company time and commitment to even find candidates to hire, so the fact that you can even reach a point where you have the ability to negotiate means that you do have leverage. The company wants you.

 

Be Someone You’d Like to Work With!

Salary negotiations can be awkward so it’s best to remain pleasant, professional, and excited about the job during a negotiation.

Candidates that come across as entitled or demanding will not fare well.

Tips for success:

  1. Remain positive and confident.
  2. Use factual language and not emotional language such as “I feel like..”
  3. Come to the table with market research and concrete numbers. Don’t ask for “more” ask for X more. Be specific.
  4. Read body language and verbal cues to know when to press forward and when to back off.

By following these tips, you can increase your chances of successfully negotiating a higher salary.

 

Leverage Competing Offers in Your Negotiation

A competing offer is power in salary negotiations.

If you have a competing offer, just make sure that you state the competitors in a non-obnoxious way.

Negotiations are a delicate balance where you both you and the employer need each other to succeed. You want a job and they want to fill a position with a good candidate.

While you want the scales tipped a little in your favor as the candidate, it will never be totally tipped so that you have all the power.

So be polite as possible and use the competing offer to your advantage.

If you have evaluated both offers and one offer is clearly better than the other, use the better offer to increase the other offer. This simple tactic can help you earn thousands more.

Call the hiring manager or recruiter back and say, “I heard back from X company and they offered me Y amount with Z other features. Your company is my first choice and I really want to work for you, would you be willing to match that?” Or alternatively, “would you be willing to offer X + 5k?”.

If you handle it right, be specific, and the four criteria are met, you will get it. It’s important to be confident throughout the process, too.

Don’t be too vague. Wishy-washy conversation makes you and the recruiter uncomfortable. Be clear about what you want and have the confidence to ask for exactly what you want. This makes the process for both you and the recruiter much easier and less time-consuming.

Don’t make it more awkward than it has to be. You got this.

Readers, have you ever negotiated a job offer?

Do you have any advice for millennials on negotiating salaries?

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Julie paid off nearly $100k of debt and is on her way to financial independence. She is the creator of the Make Money with Printables side hustle course where she teaches people how to sell printables on Etsy and blog as a side hustle.
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Filed Under: Career, Job Search

About Millennial Boss

Julie paid off nearly $100k of debt and is on her way to financial independence. She is the creator of the Make Money with Printables side hustle course where she teaches people how to sell printables on Etsy and blog as a side hustle.

Reader Interactions

Comments

  1. Risk Management Guru says

    October 25, 2016 at 7:15 am

    Hi Julie,
    Congratulations for your blog. I hope you achieve your goals and get where you need! I agree with your post and personally have been in siilar situations. In doubt, I would always take the risk but bearing in mind what you described in “Know When You Should Negotiate Your Salary”. There is a more subjective aspect and that we as candidates can’t control which is the empathy between us and the employer/recruiter. I’ve also read some research that suggested that women are more successful at this stage (!) i.e. you can really negotiate! 🙂
    Congrats again fro your blog!

    Reply
    • Julie says

      October 26, 2016 at 1:23 am

      Thanks! Would love to see the women are more successful at negotiating research. I thought research shows the opposite!

      Reply
  2. Freedom 40 Guy says

    December 30, 2016 at 1:47 pm

    Great post and great recommendations. As a hiring manager who has seen this play out in many situations, I would add a couple additional thoughts.

    1 – people should also consider more than just base salary when negotiating. For many companies, there are constraints when it comes to base salary based on a candidates years of experience or the position being offered. However, hiring managers are often able to give one time signing bonuses, provide additional vacation time, waive 401k vesting requirements, etc.

    2- Know when to stop. I’ve seen people ask for way too much or try to over negotiate a deal and just make the hiring manager and HR rep frustrated. Once that happens, it rarely works out in the candidates favor.

    Reply
    • Julie says

      January 1, 2017 at 6:25 pm

      Great tips! I would love to know more about how to negotiate vacation time. Does that just mean asking for unpaid time off or getting a previously planned trip approved?

      Reply
  3. Heather says

    May 17, 2017 at 3:32 pm

    Your four criteria for determining if a negotiation is worth it are spot on. Learning to determine your market worth and bring in factual data to back up your case are such important career skills that will come up many times in one’s professional life. Thanks for sharing!

    Reply

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About Millennial Boss

Julie paid off nearly $100k of debt and is on her way to financial independence. She is the creator of the Make Money with Printables side hustle course where she teaches people how to sell printables on Etsy and blog as a side hustle. Learn more..

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Please note that Millennial Boss has financial relationships with certain merchants mentioned. Affiliate links may be used and commission earned in this post. While all attempts are made to present correct information, it may not be appropriate for your specific circumstances and information may become outdated. Copyright © 2021. All Rights Reserved.

About Millennial Boss

Millennial Boss is a lifestyle and personal finance blog created by Julie, who paid off six figures of student loan debt and is now on the path to financial independence and early retirement through side hustles. She lives in Seattle and teaches others how to start blogging and sell printables on Etsy.
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