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Know Your Value Before Neogotiating Job Offers
Before going into salary negotiating, it is critical to know exactly what your value is. If you do not know exactly what your value is, then it is a shot in the dark when you ask for a raise or try to get the most in your next job.
If you do not do your research, your employer will decide your pay increase for you and it may be very dissapointing. Millions of people regularly negotiate salary, but very few get the maximum pay increase that they could.
Doing extensive research before you approach your boss for a pay increase or before you discuss salary negotiation at job offer time, is an imperative. It is like a game of chess. You cannot reveal to your opponent what your next move will be. Likewise, you do not want to reveal your salary history if you can avoid it, and don't discuss salary too early.
Before going into a salary negotiation, know what you are worth in compensation terms!
Whether you are looking for new employment or you are asking for a pay raise, do your research first. There are great Internet resources available, like SalaryExpert.com or Monster.com. These sites have continual access to all the salary information that is available.
One challenge is understanding the reliability of the source of the information. If a resume website is reporting salary ranges as reported by their list of job seekers, it may not be as precise as if the salaries are reported by the human resources department of the firms that are seeking to recruit personnel.
If you are not worried about being forward with others, you may just outright ask. I recommend using some tact in this approach, but it is less offensive than it once was. You might just discover inside intelligence about the salary range for that job.
If you know an HR person, even better. Often times, the word will be on the street, company ABC pays well, or company EFG are fairly stingy when it comes to compensation. This information may also help.
There are many firms that do research into the human resources data for a particular job market. These firms publish very expensive reports that are only disclosed to inside subscribers. If you are able to gain access to one of these reports in a lawful way, then you may just find you have a wealth of information, that is even more valuble than asking a friend.
Next, salaries ranges are often reported based on percentages. A business systems analyst salary range may be from $50,000-$90,000 for a given region, but the reporting will be based on 0-25%, 25-50%, 50-75% and 75-100%.
You know how well you perform at your job. Do a self evaluation, and figure where you feel you fit in the percentile of performance for that career level. If you are in a lower percentile, it may be that you're new to the job role. If you are in a higher percentage, you're a super-star with plenty of experience, and you know you add a lot of contribution.
If you don't genuinely know, you might ask for some honest feedback from a trusted co-worker, or from a friend in a similar position elsewhere.
Numbers speak loudest when dealing with employers and bosses. If you want to earn a larger salary, you need to make them understand you are worth it because you either cut costs, improved business efficiency, or drove profits. You know the work you do, and if there are quantifiable facts, use them to your advantage. If you don't relate directly to the bottom line, think of other quantifiable facts (e.g. a teacher with a high rate of students on the honour roll). This is the best way to communicate your value.
Wishing you success in learning how to negotiate a salary like a pro!
About the Author Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, electric utilities, software consulting, and a prominent social network. He has learned how to negotiate a salary in the most powerfulway. Learn great tips on the topic of negotiating salary at www.HowToNegotiateASalary.com.
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