How to negotiate a salary

What you need to know before you start.

How to negotiate a salary is the question most of us have.
Being successful in salary negotiation is based on knowing what factors will affect the outcome:

Points to consider before your salary negotiation:

• The market value for your position and how your salary compares.

• Company Policy on raises. Are they awarded annually, bi-annually? Make sure that your request coincides with the company policy. It is often difficult for a manager to award an increase out-side of the policy dates.

• Company Policy on starting salaries and raises. Many companies will have levels based on job skills/experience. You need to understand these levels, and at what level the company has placed you. There will likely be a salary range per level. If the company is not transparent about the salary range, you can ask for your % to mid-point in that range.

• Company Policy on the % increase based on year-end performance review. Normally companies will give a higher % increase to high performers. However, if your salary is at the top of your salary range, increase may be limited.

• Company’s average % raise awarded this year (or last year, if raises have not yet been given this year)

• Company’s financial health. Can the company afford raises?

• Inflation rate. Does your raise at least cover the cost of living?

• How the company regards you. Are you considered a high performer? Are you appreciated by your boss and colleagues?
• Would it be easy for the company to replace you with someone at a similar or lower salary level?

• If you do not get the raise, would you be able to find a similar position at another company for a higher salary?

Considering all the above points will make you more knowledgeable and utimately more successful in negotiating your salary.

Good Luck

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