Salary Negotiation: A Guide to Getting Paid What You're Worth

One of the most consequential conversations in your career is the salary negotiation. A few minutes of discussion can have a significant impact on your earnings for years to come. While it can feel uncomfortable, with the right preparation, you can navigate the conversation confidently and secure a compensation package that reflects your value.

1. Do Your Research

Knowledge is power in a negotiation. Before you even get to the offer stage, you should have a clear idea of what your skills and experience are worth in the current market.

Use Online Resources: Websites like Glassdoor, PayScale, and Levels.fyi provide salary data for various roles, industries, and locations.
Talk to People: Reach out to trusted peers or mentors in your field to discuss compensation.
Consider the Whole Package: Salary is just one component. Research typical benefits, bonuses, and equity for your level.

2. Determine Your Numbers

Based on your research, establish three key numbers:

Your Ideal Salary: This is your target number, a well-researched and confident ask.
Your Walk-Away Number: This is the lowest number you would be willing to accept. If the offer is below this, you should be prepared to decline it.
Your Opening Number: This should be a number slightly higher than your ideal salary to give you room to negotiate down.

3. Don't Be the First to Name a Number

A common rule in negotiation is to let the other party make the first move.

When asked for your salary expectations: Try to deflect the question politely. You can say something like, "I'm more focused on finding the right fit, and I'm confident that we can agree on a fair salary if we both feel this is a good match."
If they insist: Provide a well-researched salary range, not a single number. Make sure the bottom of your range is a number you would be happy with.

4. When You Receive the Offer

Once you have a written offer, the negotiation begins.

Express Gratitude: Always start by thanking them for the offer and expressing your excitement about the opportunity.
Don't Accept Immediately: It's standard practice to ask for a day or two to review the offer. This gives you time to think and plan your response.
Make Your Counteroffer: When you're ready, state your case calmly and professionally. Refer back to your research and the value you bring to the company.

Example Script:

"Thank you so much for the offer. I'm very excited about the possibility of joining the team. Based on my research for similar roles in this industry and my experience in [mention a key skill], I was expecting a salary closer to [Your Opening Number]. Would you be able to match that?"

5. Negotiate More Than Just the Base Salary

If the company can't meet your salary expectations, consider other areas of compensation.

Signing Bonus: A one-time bonus for joining the company.
Performance Bonus: A bonus tied to your performance.
Stock Options or Equity: A stake in the company's success.
Professional Development: A budget for courses, conferences, or certifications.
Vacation Time: An extra week of paid time off.

6. Get Everything in Writing

Once you've reached a verbal agreement, make sure you receive an updated offer letter that reflects all the terms you've discussed. Do not resign from your current role until you have this in hand.

Negotiation is a normal and expected part of the hiring process. By being prepared, professional, and confident in your value, you can turn a potentially stressful conversation into a successful outcome that sets you up for financial success in your new role.