How to Get Paid What Youre Worth

How to Get Paid What Youre WorthHow to Get Paid What Youre WorthWant to love your job? Make sure youre being paid fairly. While the relationship between actual pay and job satisfaction isnt as strong as you might think, feeling like your pay is appropriate for your skills and abilities is key to feeling appreciated at work. PayScale research shows that 75 percent workers who feel theyre paid at or above the market rate report high job satisfaction, compared to 59 percent of workers who feel that theyre paid below market. The problem is that most people have no idea how much they should be paid. That makes it difficult to negotiate salary when they take a new job or contemplate a promotion at their current employer. And in most cases, it pays to negotiate, especially when taking a new job. Most hiring managers expect candidates to negotiate, once a job offer is on the table. Fail to do so, and you could cost yourself $1 million in lost earnings over the course of your career. 5 Ste ps to a Salary Negotiation That Pays Of course, theres a right way and a wrong way to go about negotiating salary. To get paid what youre worth, make a plan thats based on data, notlage secondhand information from your braggy coworker. 1. Research Salaries Why shouldnt you base your salary assessment on what you hear from others in your field? Well, for starters, theres no guarantee that theyre being truthful. Buy their fish story, and you could wind up dissatisfied at work for no reason or trying to negotiate a raise based on the wrong information. Beyond that, youll never get the whole picture from a lunchroom conversation about pay. Your colleague might have skills or certifications that boost their salary, or experience in another area that levels up their compensation. The best way to set your personal salary range is by using a salary calculator based on anonymous surveys from thousands of workers with your job title, skillset, education, and geographic location. There a re several free salary calculators out there that can provide this information. Spend a few minutes entering your information and get a report with a range thats based on data, not hearsay. (Best of all, getting the facts about your pay means that youll have a way to counter any attempts to base your compensation on salary history.) 2. Choose the Right Time When it comes to negotiating salary, patience is a virtue. Dont bring up compensation until the employer makes an offer, and try to avoid getting locked into a range early on in the process. Let the employer make the first move. If you are asked what your salary requirements are, say that they are flexible, based upon the lage and the total compensation package including benefits. An alternative is to tell the employer youd like to know more about the job responsibilities prior to discussing salary. You can also give the employer a salary range based upon salary research youve just completed and cite the research you have don e. Keep in mind that there may not be much flexibility. If the employer has a budget or an established salary structure, the best you might get is the top of the range for that particular position. 3. Have a Backup Plan Dont limit yourself to salary alone. If the employer cant afford to pay more, ask about the possibility of salary reviews sooner rather than later, extra vacation, or even a bonus based on performance. Regardless of where you are in the negotiating process, remember to remain positive and continue to reiterate your interest in the position. Let the employer know that the only issue is the salary and you are really excited about the job and the company. Then, if the position does sound like the perfect job, consider whether the company culture, including the benefits and flexibility, as well as the job itself are worth it regardless of the salary. If they are, it might just be worth accepting the position and taking a chance that the salary increases will follow 4. Leave Emotion Out of It Never let an employer know you need money. It wont help, and it might make you look desperate and unprofessional. Instead, let your data do the talking. Salary negotiations are about what the market will bear. Your personal life shouldnt come into it. However, always be honest during the job interview process. If youre forced to divulge your salary history, dont fudge the numbers. Be truthful about job titles, experience, and other job offers that are on the table. Lies have a strange way of coming back to haunt the person who didnt tell the truth. 5. Dont Feel Pressured to Accept Right Away Once youve received the offer, plan on taking some time to think about it. There is no need to accept or reject it right away. A simple I need to think it over may get you an increase in the original offer. One candidate, who had decided that they really didnt want the job after all, said no three times only to get three higher offers Be aware that this coul d also have the opposite effect the hiring manager could decide that you are asking more than he is willing to pay and accept the no response as final. So, its important to know your bottom line for each position. If the salary isnt enough for you to live on, be prepared to pass on the job.