Do you give yourself enough credit for your career experience? Only 37 percent of people negotiate their salaries. Fourty-four percent don't even bring up the subject of salary negotiation. And the thing is, fear is the only thing holding you back.
Salary is a scary topic to broach, but it needs to be done. (You deserve it!) Whether you're new to climbing the career ladder or an experienced candidate in dire need of a promotion, put on your brave face and try these innovative negotiation tricks to crack that wage nut:
Own Your Skillset and Aim High
You may be a newbie, but you've got something unique to offer. You'd have never been hired if you didn't have something valuable to contribute. For experienced candidates, you also wouldn't have grown as much as you have in your career without guts, passion and true skill.
Own your skillset at work, and don't let any negativity affect your contributions. Look at what you've contributed and what you have to offer. Put a price tag on it. How much did you save the company last month? How'd you salvage the policy for the client who was about to walk? Get detailed and aim high. Make one sheet or a booklet that summarizes these details as a brag sheet or brag book. List those awards and accomplishments, right next to those figures. Own it!
Know the Number
Next, do your research on sites like Payscale for the top experience rate. Talk to people who have walked your path and know the company and its specific ladder. Ask for the top pay rate, and come prepared.
Aim high at the specific target number. You know what you've specifically contributed and are confident in your abilities. Researchers at Columbia Business School say when you ask for a precise number, down to the dollar, you're more likely to get a number close to your initial target. As with shooting an arrow, outside circumstances will affect its landing. Make your eye as true as your aim to increase the odds.
Negotiate at the End of the Week
Successful negotiators set meetings for the end of the workweek, because you're more likely to get a raise. Psychologists suggest that Thursdays and Fridays are when decision-makers will be most open to negotiation. You psychologically become more open to compromise and negotiation, and more worn down, as the week wears on. Negotiate in the middle of that sweet spot.
Take a Caffeine Potion
No hocus pocus here. Research suggests that caffeine makes you more resistant to persuasion. Hold your ground during negotiation and take your negotiation potion – coffee! Have only a moderate amount.
Do Prioritize Your Preferences
What is the most important aspect of this negotiation for you right now? What do you need? Rank those preferences by priority, and communicate with your employer. You will be transparent, clear and more likely to get what you deserve. Givers are more likely to receive and climb to the top, especially because they are so transparent.
Practice Proper Etiquette
Just as you would in any other meeting on deadline or with a core client, practice proper and strategic business etiquette. Listen to their needs and agree on certain areas. If you can concede on some things you can gain more on what's really important. Negotiation is not a competition. Do not go into your negotiation with that mindset. Be transparent, open-minded and know the specifics about your talents, development and needs.