No one ever woke up and said ‘Wouldn’t it be fun to have a salary negotiation today’ 😉.
We know that negotiating one’s salary can be daunting – yet, it’s a vital skill that could significantly impact your career trajectory and financial wellbeing.
During a recent webinar, Jack Hammer CEO, Debbie Goodman chatted with industry experts Keri-Lynne Shaw (KL), Founder & CEO, The Salary Bump and Lorna Hagen, HR veteran and Chief People Officer about salary negotiation preparation strategies and common pitfalls to avoid.
If you missed this powerful event filled with smart, implementable tips, watch it here:
Salary Negotiation Starts with Knowing Your Worth
Understanding your market value is the foundation of effective negotiation. Here’s how you can prepare:
- Research Market Rates: Use tools like Glassdoor, LinkedIn Salary Insights, or industry reports to benchmark salaries for your role and location.
- Highlight Future Contributions: Rather than focusing solely on past achievements, emphasize how your skills and experience will directly contribute to the company’s growth, innovation, or transformation.
- Prepare to Articulate Your Value: Rehearse how you’ll communicate your unique value proposition, tying it to the company’s goals and challenges.
“Emphasize how your skill sets will drive growth, innovation, or transformation. Tie your value to their goals, and the compensation will follow.” – KL
Handling Pre-Set Salaries and Non-Negotiable Offers
A frustrating reality for many candidates is encountering roles with pre-set or non-negotiable salaries. Here’s how to navigate these situations:
- Assess the Company’s Culture: A non-negotiable salary can indicate a rigid organizational culture. Ask yourself if this aligns with your values and career goals.
- Stay Flexible in Applications: If required to input a salary figure, consider responding with placeholders (e.g., “000”) and a note such as, “Compensation can be discussed once we’ve aligned on the scope of the role and my contributions.”
- Know When to Walk Away: If an organization is unwilling to engage in a transparent conversation about compensation, it might be a red flag about future negotiations.
“You’re already learning about the company’s DNA. If it’s the only job on earth, fine, but otherwise, move on.” – KL
Re-entering the Workforce or Recovering from Pay Cuts
Professionals returning from sabbaticals or transitioning after taking reduced pay to support a struggling company often feel uncertain about reclaiming their market value. The advice is clear:
- Be Transparent About Past Decisions: Explain why you accepted a lower salary in the past (e.g., company challenges, personal priorities) and confidently state your intent to return to market rates.
- Focus on Future Value: Taking a sabbatical or a pay cut doesn’t diminish your skills. Highlight how your expertise aligns with market needs and justifies competitive compensation.
“Just because you stepped out of the market doesn’t mean you’re valueless. Articulate your value confidently.” – KL
Negotiation is a Collaborative Process, not a Battle
A common misconception about negotiation is that it’s adversarial. The experts emphasized reframing it as a win-win collaboration:
- Set the Tone: Approach the conversation with positivity and optimism, framing it as a partnership to align on mutually beneficial terms.
- Communicate Clearly: Use language like, “How can we create a win-win scenario?” to foster trust and openness.
- Focus on Shared Goals: When both parties feel valued, the negotiation becomes a pathway to a strong working relationship.
“Negotiation is not about winners and losers. It’s about creating an environment where both sides feel valued and excited.” – KL
Preparation is Critical – Don’t Wing It
Many professionals excel at preparing for interviews but neglect practicing salary discussions. This gap can lead to missed opportunities.
- Rehearse Your Script: Spend time crafting and practicing how to articulate your compensation expectations and reasoning.
- Leverage AI Tools: Platforms like Salary Negotiator by YesChat, Negobrain, or Asisto can simulate negotiation scenarios, providing valuable practice.
- Seek Feedback: Practice with trusted colleagues or mentors to refine your approach.
“Articulating your salary expectations isn’t something we do every day—practice it like you would for any other important conversation.” – Debbie
Adapting to Shifting Market Trends
The job market is dynamic, with fluctuations influenced by economic trends, industry demands, and global events. Candidates need to adapt accordingly:
- Acknowledge Market Realities: After hiring frenzies or economic downturns, salary benchmarks can shift. Be realistic about what’s achievable in the current climate.
- Avoid Undermining Your Value: Even in a challenging market, don’t settle for less than what your skills and experience are worth. Use research to justify your expectations.
“What you earned in 2021 may never happen again. Adjust your expectations based on the market, but never accept a poor offer.” – Debbie
Build and Leverage Your Network
Online applications can only take you so far. Don’t under-estimate the power of personal connections in securing opportunities and advancing negotiations:
- Tap Into Your Network: Schedule virtual or in-person meetings with industry peers and mentors to explore opportunities.
- Ask for Referrals: After meetings, ask, “Is there anyone in your network you think I should meet?” to expand your reach.
- Stay Visible: Share your expertise and insights on platforms like LinkedIn to build your professional brand.
“The best way to find a job is through your network. Get clear on your value and share it in every conversation.” – KL
Changing the Culture Around Salary Discussions
In many cultures, discussing money is considered taboo. However, transparency and open dialogue are becoming more common, especially with the rise of pay transparency laws in certain regions:
- Advocate for Transparency: Encourage open conversations about compensation to foster fairness and equity in the workplace.
- Utilize Legal Protections: In regions with pay transparency laws, use this information to inform and strengthen your negotiations.
“Death, sex, and money are the things we avoid talking about—but we have to. The culture around salary discussions is changing, and that’s a good thing.” – Lorna
Final Thoughts: Empowering Your Negotiation Journey
Negotiating your salary is about more than numbers—it’s about asserting your worth, aligning your goals with the company’s needs, and setting the stage for a strong professional partnership.
Whether you’re just entering the job market, re-entering after a break, or navigating a career transition, the strategies shared in this webinar provide a roadmap to confident and successful salary discussions.
Remember, preparation and mindset are everything. Walk into your next negotiation armed with research, clarity, and collaboration in mind. You’ve got this.
MORE RESOURCES:
Lorna’s website: https://lornahagencoaching.com/
KL’s Website: https://thesalarybump.com/
