Here’s something to think about regarding the employment and compensation market. 65% of all requests to SpringRaise for salary negotiation help in the last 30 days came from people who were offered new jobs. 35% were from people looking to negotiate salary at their current jobs.
Once you spend some time on the other side of the negotiations table, you will realize that there is a pretty wide salary band of what the company would be willing to pay you and your peers to do your job. Some people are shocked to find out that two people that do the exact same job at the same company could be getting paid up to a 30% difference in salary. What is the main reason for the gap in salary? It really comes down to how well those people negotiated their salaries. If you think you are underpaid, don’t despair! By knowing where the band is, you can more easily get what you deserve.
1. Know how much you can ask for and still be in the Salary Band. The truth is that companies obviously don’t want to pay employees salaries at the high end of the salary band, but they can pay employees salaries at the high end of the band. This is why the band exists. Your job is to know where the band is so you know what kind of decision is just a matter of a manager paying you a little bit more (within the band) and asking to make a special request (outside of the band). If you know the high end of the band and you ask for a raise that brings you up to what your peers make, it can be as simple nod by your manager to get what you should be getting.
2. Know how much is too much because it is out of the salary band. On the flipside, if you walk in with confidence and ask for salary that is outside of your salary band, your manager could start seeing this as a request to move into another salary band (that may involve a promotion and title change). Although this is not necessarily a bad idea, it is just a different kind of negotiation in the eyes of your manager and would impact all sorts of other human resources issues for the manager (requisitions, open job searches, creating a new job description, impact on other members of the team, changing roles and responsibilities, etc). This may not be what you are actually asking for. Either way, it is really important for you to know where the lines are for your salary band so you can what you need.
Understanding salary bands is critical for negotiations when you are asking for a raise within a company that you are staying with and you have already tied to a specific salary band. It gets a little trickier when you are in a negotiation with a new company because the hiring manager may have the authority to pick you up and put you in an entirely different band. Again, this isn’t something to fear, it just means that you are going to need some more information in order to get what you deserve. Understanding the salary band is important, but again it is only a part of the whole picture.
For FREE sample salary negotiation letters, just fill out the form below with the subject “Band” and we’ll send them to you right away.
Happy New Year everyone! As a major part of your total compensation, salary is the component that is what you get paid on your paycheck. There are many factors that influence your salary–some which are warranted, and others which may be a bit more controversial or subtle. At SpringRaise, we’re here to help you get the highest salary possible at every event throughout your career, whether it’s a raise, a promotion, changing jobs, or other opportunity to maximize your salary.
I’ve had many “springraises” throughout my career–raises in excess of 10% and even sometimes more than doubling my salary. Check out the chart below to see my career compensation development. After that, we’ll show you the seven factors that impact salary in your career.
Amazing! I can show you how to get these types of raises throughout your career.
The Seven Factors That Influence Your Salary
To orient you with the way salaries are evaluated by employers, here are the seven factors–and some would be considered discrimination. We hold nothing back here at SpringRaise.
1. Salary and Education. How educated you are matters in your salary.
2. Salary and Gender. Right or wrong, it has been documented that men often make more than women for the same job.
3. Salary and Weight. This would be considered discrimination by law, but your weight can influence how others perceive you and your value.
4. Salary and Years of Experience. How long you’ve been in the workforce and/or in your particular industry matters.
5. Salary Band. Where you are in your company’s salary band can influence your next raise amount.
6. Peer Salary. What your colleagues make can definitely influence how much you get paid. Knowing what they make is a big factor.
And last, but most importantly…
7. Salary Negotiation. How well you negotiate at performance reviews or for new jobs can make a major impact on your lifetime earnings.
We at SpringRaise want you to know the seven salary influence factors so that you can manipulate them to your advantage. Spend some time here and you’ll find a wealth of information that can help you make more money now and throughout your career.
For FREE sample salary negotiation letters, just fill out the form below with the subject “Salary” and we’ll send them to you right away.
It has been a tough year for jobs in the USA. The recession still keeps unemployment above 9% and labor unions are under siege from politicians at all levels. It’s no wonder I’ve been getting so many requests for help getting jobs in addition to my salary negotiation work. In response to this demand for guidance on how to get a job in this rough economy, I’ve created two new guides:
1. I created a FREE e-guide called Winning Resumes (no it’s not named after Charle Sheen). Included are the top 5 must-haves in every resume in order for it to grab the attention of the reader. These are rules that can be broken, but only for a very good reason. Just fill out the contact form below and I’ll send you Winning Resumes right away.
2. I have written a new guide called “How To Get a Great Job* even in THIS economy.” This guide literally spells out what process you can implement to get a job right now. Trust me, the methods work and I explain how I used them to get three offers during the dotcom recession and have helped people get jobs during this one–even as an unemployed worker. It’s only available for Amazon Kindle or Kindle App (iPad, iPhone, TouchPad, Blackberry, etc.) users and it’s priced at $2.99. That’s it. It’s worth checking out if you or someone you know is looking for a job in the Great Recession.
Thanks for letting springraise be part of your career development.
We are in the midst of a recession, but there is still a lot of job changing. In certain in-demand positions like computer programmers, they leave because greener pastures literally mean more green. The money out there for computer programmers is obscene. Try hiring one and you’ll see what I mean. Yet I digress from the point–have you ever thought why people leave their jobs even when they’re paid well? Most of my mentors have told me that people rarely leave their company, they leave their managers. Therefore I’ve spent much of my career developing others, helping them to find their paths to success.
Developing others as a manager is helpful to both you and your employee because the better he/she is, the better you are. Your results will be better than they would otherwise be and you will see higher raises. You can also expect to pay the employees you develop more based on their productivity. That’s the best part about being a manager and negotiating salary with strong team members. They feel like you’re treating them fairly and you would be. Negotiations go smoothly.
The caveat to the above is when people have the information that they are underpaid versus their peers or someone with the same background. Armed with that information, people will seek the highest compensation for the same work, no matter what the perceived benefits are of staying at their current position. Once you lose that trust with your team that they’re paid commensurate with their achievements, then you can watch them walk right out the door. They’ll be leaving their manager AND their job.
To keep people, you have to develop them.
If you want FREE Winning Resumes, just fill out the contact form below with the subject “Winning!” (I can’t resist that) and we’ll send you the guide right away.
In today’s economy, people looking for jobs are at the point where every cent counts. When engaging in new job salary negotiation, you MUST keep a couple things in mind:
1. You might be working for the person you’re interviewing/negotiating with
The last thing your new “boss” is going to want is to feel burned by you in a salary negotiation. The key to appropriately winning a new job salary negotiation is to make it seem like a win-win for both your new company and for you. Whether it’s your educational background, work experience, or network, each of these can be used to make your new manager look good. Offer that up in your negotiation and you’ll find you’ve created an ally rather than an adversary.
2. The only insight they have into your success at previous jobs is what you tell them, so make it GREAT
You are GREAT! So let everyone know it. You don’t have to embellish your experience to be the exact person that a company needs. Just match your background with their job needs AND preferences. Communicate your greatness through your cover letter, resume, interview, and negotiation by staying on your story. Know what you want to say backwards and forwards so that nothing is off message. Once you have done that, you’ve ensured that you’ll be in a strong negotiating position.
For FREE sample salary negotiation letters, just fill out the form below with the subject “New Job” and we’ll send them to you right away.
When you want to maximize your take-home cash, it pays to have solid salary negotiation techniques in your arsenal. The key to winning in any negotiation? Information. You have to arm yourself with more information than the person you’re dealing with because most often that person holds the keys to your salary increase.
If you would like FREE salary negotiation letters, just fill out the form below with the subject “FREE” and we’ll send you your samples!
There are a number of methods out there to enhancing your knowledge including:
* Using a salary calculator
* Buying a salary range report
* Knowing peer salaries
* Looking at a relevant salary survey
Let’s be clear. Most employers don’t like you using these tried and true techniques. Why? Because it increases your chances of getting a higher salary than they want you to have. Their business is to get the most out of you for the least amount of money.
At Springraise Salary Negotiation, our goal is for you to get paid what you’re worth in the market for people doing your job, with your background and special talents.
There are many tips and tactics you can use. But if you care about your compensation, then this salary negotiation approach will change your career.
Think of salary negotiation as a process
When coming up on a career event (raise, promotion, new job, etc.), prepare for it like you would any event or meeting. You wouldn’t go into a big meeting with a client or partner unprepared, would you? Do the same for yourself! It’s time for you to get paid first. Our Springraise Salary Negotiation guide, Get Paid*, takes you step-by-step through the process. It details the information you need to WIN your negotiation. It provides real-world examples of how these techniques have led to double-digit, even TRIPLE-digit compensation increases! You’ve got to check it out.
***Special Offer for Kindle and Kindle App Users–Get our Salary Negotiation Guide for 33% off. Only $2.99!***
Set a Goal
Every time you declare that you want something, you tend to get it, don’t you? That’s the power of setting goals. When you set it, you get it. The same is in salary negotiation. Set that goal and prepare relentlessly to get it. See yourself winning in that salary negotiation and you increase your chances of making it happen.
Know others’ salary
It makes sense to know where you stand salary-wise versus your peers in your position. Feel free to ask! It may be taboo at some companies, but that’s because the employers don’t want you to drive up their costs! They have more information than you do because THEY know how much money others at your level make. Time for you to even the playing field. Salary comparison is a great technique that goes underutilized because people are afraid of consequences. Have no fear! Get the information you need to win.
Know who you’re dealing with
Who’s at the other side of the table? What does that person want or need? How is his or her success measured? Can you make their company or that person more successful just by being there? Knowing these answers will make you more valuable to the decision-maker. That translates into dollars.
Sometimes you prepare so well and set your goal that you achieve it based on the first offer you get. Fantastic! Congratulations! But it’s not over. It pays to negotiate. Assume you’re getting the lowest offer they can give. Push the envelope, but softly. If you want the job, raise, or promotion, that’s the goal. Never hurts to push a bit on the salary if done well.
Accept or Decline Gracefully
You don’t always accept offers–in fact, you can only accept one at a time, right? When you have multiple offers (and you will), you are indirectly expanding your network when interviewing. Don’t burn bridges. If you’re not taking a job, decline gracefully. Send a letter or email in addition to doing so over the phone or in person. Consider inviting the person to be a LinkedIn contact. If you accept, then all the above still pertains, but now you get to wow people in your new position. Here’s an example of a decline letter that I wrote. After reading, the employer (IBM) said I had a six month open door to come back and not have to go through the interview process. Now THAT’s building bridges.
Utilizing these salary negotiation techniques will get you well on your way to achieving your goals. Get yourself paid for the work you do. You’re worth every penny!
If you would like FREE salary negotiation letters, just fill out the form below with the subject “FREE” and we’ll send you your samples!
***Special Offer for Kindle Users–Get our Salary Negotiation Guide for 33% off. Only $2.99!***