Here are 3 reasons why you should negotiate your salary.
According to Babcock’s research, job-seekers who negotiate their salaries earn an average of one million dollars more in their lifetimes than those who do not.
Your salary will remain fairly static throughout your time with an employer if you do not proactively negotiate it. All future raises and promotion earning potential will be based on your current salary, so it is important to set a high starting rate.
For example, if someone earning an annual salary of $100,000 gets a 3% raise every year, they would be making $316,703/year after retiring 40 years later. However, if they negotiate their starting salary up to $110,000 instead, they would be making ~$348,373 after 40 years with 3% raises each year. In other words, they would retire making $31,670 more than the person who did not negotiate initially and have accumulated $744,013 more over the course of their career.
You should have a good idea of what the average salary is for the position you’re in as well as what other companies are offering for similar positions. By leveraging resources online, you’ll be in a better position to negotiate. You can create a free account on tools like levels.fyi, salary.com, glassdoor, and others to do your research.
When you negotiate salary, it shows that you are confident in your abilities and worth. This is an attractive quality to have and will make the employer want to invest in you even more. It’s a win-win situation – both you and the company come out ahead because you get a new job, and they are getting an amazing employee. This is especially important when you’re in a role where negotiating the company’s worth is necessary. As a product manager, you have to negotiate with stakeholders. In a sales position, you have to negotiate with your clients. Showing your talents up front pays huge dividends.
While negotiating your job offer can be seen as confrontation, it doesn’t have to be. You’re simply communicating your needs and wants clearly and concisely. This is a valuable skill to have in any relationship, whether it’s personal or professional.
In addition, salary negotiation is a great opportunity to get to know your potential employer better. You can learn about their negotiation style and what is important to them. This will help you in future dealings with the organization. Negotiation is a normal part of the job process, so don’t be afraid to do it! It’s an essential part of getting the salary and benefits you deserve.
Effectively negotiating your salaries is not only critical to your career trajectory, but it also gets you significant gains now and over the long haul — and not just financial ones. By doing research on market rates, knowing your worth, and being willing to walk away, you’ll be in a much better position to negotiate your salary like a boss.
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