How to Negotiate Your Salary When Its a Long Shot

How to Negotiate Your Salary When Its a Long Shot If you answered no, youre in good company 57 percent of respondents toour surveysaid theydnevernegotiated salaryin their current field. But on the other hand, negotiating is worth it 75 percent of those who asked received a pay increase.And elend negotiating can cost you to the tune of$1 million or moraover the course of your career. Why? Because when you negotiate a raise, youre not just negotiating this years pay. Youre also negotiating the starting point for next years raise. Most organizations give pay increases as a percentage of base pay.Plus, many hiring managers still ask for salary history when negotiating an offer. (Even though that doesnt really make sensefor them or for you.) Take less now, and you could be locked into a lower salary for the rest of your career.Still nervous about negotiating? Preparation is the key. Heres what to do before you ask for what you deserve1. Set Your Salary Target with DataThe fruchtwein impo rtant part of salary negotiation is the research phase. If youre like most people, you probably set your salary request based on what you hear from your friends, coworkers and what you need.The problem with basing your request on what friends and coworkers say is that you have no way of knowing whether theyre stretching the truth. And even if theyre being honest, there might be reasons why theyre making more (certifications, for example, or more experience in an area you lack).Basing salary on your financial needs is also a mistake. For one thing, its irrelevant salary negotiation is about what the market will bear. You might also wind up low-balling yourself if it turns out that your skills are worth more than you think.Instead, come up with a salary sortiment based on data. In less than five minutes, thePayScale Salary Surveygives you a range taking into account your skills, experience, education and location. The results are based on anonymous surveys from thousands of people i n your field, so youll get an accurate salary report to take with you into negotiations.2. Know Whats Important to YouHeres a quiz for you. When is the right time to take less than market rate for your services?When you really want to work for the companyWhen you can negotiate benefits that are more important to you than moneyWhen you need a jobNeverIt dependsThe answer is E. The fact is, everyones priorities and circumstances are different. You might value stellarhealth insurance or more paid time offmore than a fatter paycheck. Or you might be looking at your six month of unemployment and be getting antsy to fill that space on your resume. Or you might have enough savings to say, Thanks, but no thanks to offers that come in under your requirements.The bottom line is that only you know whats important to you. Figuring out your priorities ahead of time is essential to a successful negotiation. Remember that youre the one who has to live with the results.3. Have a Backup PlanOver the course of your career, youll make more money if you negotiate when youre offered a new job. But that doesnt mean that every negotiation will be successful.Before you ask for more, have a plan for what youll doif they say no, or counter-offer for less than you were hoping. How much less are you willing to take, and what will you do instead if you decide to walk away?If you already have a job, you could just stay put and look for other, more lucrative opportunities. If youre unemployed, but disinclined to take a low-ball offer, you might be able to freelance or do contract work until you find a better fit. Having a plan in place will also help ensure that youre negotiating from a position of strength.Want more advice on salary negotiation strategy? Read PayScalesSalary Negotiation Guide.This article originally appeared on PayScale.