How To Negotiate Salaries: 15 Tips To Get What You’re Worth

Economist Linda Babcock of Carnegie Mellon University estimates that by not negotiating salary at the beginning of your career, you could be missing out on between $1 million and $1.5 million in lifetime earnings.

How To Negotiate Salaries

Know Your Budget

A prospective employer doesn’t care and won’t ask how much money you spend every month. If you have no idea what your housing costs are or how much you spend on food, transportation, and other expenses, you might accept a starting salary that will not cover your needs.

Know Your Worth

Whether you are asking for a raise from your current employer or negotiating a salary with a future employer, knowing the salary range for your position is crucial. Get an approximate range from sites like Payscale and Industry and location also affect salary ranges, so make sure you make accurate comparisons in your research.

Negotiate Benefits and Perks

If the salary is firm, you can negotiate additional benefits or perks. The company may view benefits as a less costly way of keeping employees happy. They could be open to enhancing your benefits package instead of paying you a higher base salary.

Do Not Take a Low Offer Personally

A lowball offer does not mean you have delusions of grandeur or no future at the company. Companies make low initial offers for several reasons. Their hiring budget could be limited; they could be opening low with the expectation that you will negotiate, or their research on market salaries could be outdated.

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