3 Tips to Negotiate Your Salary With Confidence
“Thank you, women who work! You are present and active in every area of life—social, economic, cultural, artistic and political. In this way you make an indispensable contribution to the growth of a culture which unites reason and feeling, to a model of life ever open to the sense of ‘mystery’, to the establishment of economic and political structures ever more worthy of humanity” (Pope St. John Paul II, “Letter to Women”).
“Peaceful” is not a word most of us would use to describe Las Vegas Boulevard. Amid the hustle and bustle of the busy boulevard, my mom and I carved out a little corner to watch the Fountains of Bellagio perform their iconic ballet to a medley by Frank Sinatra. For a few minutes, I found a peace and tranquility not often found in the heart of Las Vegas. As I swayed along with the fountains, I felt my pocket vibrate and looked to see who was calling.
“Mom, it’s HR! I have to answer this,” I said. Praying the human resources woman wouldn’t sense my nerves or recognize that I was out of breath from making a mad dash to the only empty piece of sidewalk I could find, I answered the phone.
Standing under the desert sun, surrounded by flashing lights, I’ll never forget the rush of emotion I felt when I heard, “Natasha, we’re thrilled to offer you the position. Please let us know within 48 hours if you’ll accept.”
Our first job offer is an iconic moment that many of us never forget. After I rushed back to share the good news with my mom, we reviewed the offer letter. Salary wasn’t a factor I had given much thought to until my mom asked what I was thinking about counter-offering. After completing my master’s degree, I was just so excited to launch my professional career that I hadn’t thought much about the details of salary and benefits.
Fast-forward to the present day, and I’ve encountered many new graduates and even experienced professionals who have found themselves in a similar position—unsure and uncomfortable opening the doors to salary negotiation with their potential employer.
Whether you’re continuing to blossom in your professional career or applying to your first job, I’d like to offer three pieces of advice related to negotiating salary that I’ve learned from personal experience and working with professional women over the years:
1. Know the Numbers
Knowledge is power. Historically, the topic of money has widely been a taboo subject of discussion; however, the move toward salary transparency has been gaining momentum in the last several years. Since the onset of “the Great Resignation,” information related to compensation is more readily available.
It is vital to be and feel well informed about the appropriate compensation for your desired position when preparing to enter a conversation regarding salary with an employer. With this information, you’ll be able to lay a stronger foundation for, and have more confidence during, your discussions. One great place to gather information is a reliable database that analyzes salary information based on jobs and locations, such as the Bureau of Labor Statistics or Glassdoor.
Connecting with people is also valuable. When possible, reach out to at least three individuals in a similar position and company, and politely inquire about their salary (or at least ask about a range). Explain to them you’re asking because you want to ensure that what you’re being offered is fair. Most people are more than happy to help and may even guide you on best practices for negotiation within their company.
With this information at your fingertips, you’ll be able to build a strong evidence-based case for the compensation you’re seeking. Be informed, and be courageous.
2. Know and Understand the Value You Bring
You are your greatest advocate, so be careful not to underestimate yourself. Knowing and understanding the value you offer to a specific role, team, and company will enable you to advocate for yourself more convincingly.
Start by brainstorming and documenting your skills and accomplishments. Don’t limit yourself to professional experiences; think of the skills you’ve acquired from hobbies, volunteer work, or even personal experiences.
After you’ve listed your skills, begin building your case and justifying the compensation you desire by identifying and quantifying concrete examples of how your unique skills will benefit the company through things like innovation, cost cuts, and revenue.
The more clearly you can illustrate the value you have to offer, the more convinced your potential employers will be that they need you. Clarity on who you are and what you offer will translate into undeniable confidence.
3. Think Beyond the Paycheck
Money isn’t everything, and compensation extends beyond salary. You may encounter a situation where your employer truly can’t offer a higher salary. You may also encounter a situation where you’re happy with the salary you’ve been offered. In these cases, it is time to exercise your creative muscles.
The first offer is rarely the final offer unless you accept it. Create a list of your personal and professional priorities. What is important to you and the lifestyle you desire?
I recently met with a mother reentering the workforce after three years as a stay-at-home mom. As we listed her priorities, I noticed that she had already listed six items and had yet to mention monetary compensation. She shared that her top three priorities were remote work, a flexible schedule, and paid time off. Knowing these priorities enabled her to confidently enter negotiations with her new employer and reach an offer that met both of their needs.
Once you’ve identified your priorities, think of the benefits your employer could offer to meet your needs. Benefits other than salary may include paid time off, 401k matching, stock options, bonuses, working hours, tuition reimbursement, professional development opportunities, child care reimbursement, maternity leave, an early review, and wellness programs. Excellent benefits can make your job even more rewarding than a bigger deposit in your checking account.
Don’t be afraid to open the conversation about salary and benefits with your potential (or current) employer. They expect you to negotiate. Being well-informed, knowing the value you bring, and thinking creatively about compensation will position you to negotiate with confidence.
Natasha Lovely is the CEO and Founder of Aspen & Oliva, a premier personal branding agency. Driven by an entrepreneurial and creative spirit, she purposefully integrates her expertise as a clinical therapist and storytelling marketer to guide women to architect, refine, and master an iconic personal brand that effortlessly transcends into all areas of their lives - professional and personal. Her work with individuals and Fortune 50 companies to develop talent has led to her positioning as an authority on personal branding, an expert in leadership development, and a champion of the multi-hyphenate woman. Through her passion for business, Natasha has propelled her mission to inspire women to design a life of beauty, champion all things good and true, and guide them to become thought-leaders in their fields. You can connect with Natasha through Instagram, LinkedIn, or natashalucia.com.