Learn key strategies for negotiating a salary or raise in today's competitive job market with our mentor's guide.

Timing is super important when talking about money at work. It's like planting seeds in the right season. You want to bring up salary stuff when things are looking good for the company, like during a performance review or when they're doing well financially. Avoid doing it when things seem tough, like during layoffs or when profits are down. Good timing can make a big difference in how your boss sees your request.

Here's how you can negotiate a salary or raise in a competitive job market.

Navigating a competitive job market can be daunting, especially when it comes to negotiating your worth. Whether you're eyeing a new position or seeking a raise, the art of negotiation is a critical skill that can significantly impact your career trajectory and financial well-being. By understanding the nuances of salary negotiation and adopting a strategic approach, you can enhance your chances of securing a compensation package that reflects your value and contributions. In the following sections, you'll discover practical steps to prepare for and effectively negotiate a salary or raise, empowering you to take control of your professional future.

1 Know Value

Before stepping into any negotiation, it's crucial to understand your market value. Research what professionals with similar experience and skills are earning in your industry and region. This information serves as a benchmark and strengthens your position. Reflect on your unique contributions, such as specialized skills or achievements, that add value to your employer. Being well-informed about your worth gives you the confidence to articulate why you deserve a higher salary or raise.

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Thiagarajan Venkatesan

NBFC director, Retired SVP, Head of Trade Operations at First Abu Dhabi Bank (FAB), EX MD and Global trade ops head JP Morgan
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First put your head down and work to deliver what the company needs to take it forward for all customers and employees. And have the humble attitude Then rewards will follow

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Adriano de Carvalho Rocha

Gerente | Coordenador Sênior | Supply Chain | S&OP | Portos | PCP | Logística | Suprimentos | Contratos | Mentor de Pessoas e Carreira | Co-Founder Grupo Conexões |
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It's not possible to negotiate a salary (or an increase on it) if you don"t know your worth. In order to help you, it's strongly important to know: - How much the market pays for similar positions like yours (by the way, Robert Half and Michael Page usually shares some reports with this kind of information); - How the market looks you (in this case, it's crucial to had developed your personal brand); - How your boss / company see you (here it's ridiculous to had delivered good and extra results). Then, organize these datas and go ahead...

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Erika Gadea

Specialization in Internal Communication, Endomarketing and Digital Branding - UPC, USMP and Cibertec. Bachelor of Advertising - PUCP and Administration and Marketing - UTP
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Poder informarte de los rangos de cada puesto para poder negociar tu salario y beneficios. Ademas, es importante estar en continua actualizacion profesional lo cual te servira a buscar puestos de mayor rango, conocer profesionales y sobre todo poder ascender.

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2 Timing Matters

The timing of your salary negotiation can be just as important as the negotiation itself. Aim for a moment when your value to the company is evident, perhaps after the successful completion of a significant project or during a performance review. Understanding the company's budget cycle can also be advantageous; approaching negotiations when budgets are being set can increase your chances of success.

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Dr. Azqa Shahzad (RPh)

Founder and CEO | Entrepreneur and Research Mentor | Registered Pharmacist
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Timing is super important when talking about money at work. It's like planting seeds in the right season. You want to bring up salary stuff when things are looking good for the company, like during a performance review or when they're doing well financially. Avoid doing it when things seem tough, like during layoffs or when profits are down. Good timing can make a big difference in how your boss sees your request.

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3 Strategy Plan

Developing a negotiation strategy is essential. Decide on your target salary and the minimum you're willing to accept. Consider non-monetary benefits that might be valuable to you, such as additional vacation time, flexible work hours, or professional development opportunities. Having a clear strategy allows you to negotiate confidently and find creative ways to reach an agreement that satisfies both you and your employer.

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4 Practice Pitch

Practicing your pitch is an often overlooked but vital step. Articulate your request clearly and concisely, focusing on your achievements and the value you bring to the company. Practice with a mentor, friend, or in front of a mirror to refine your delivery. The goal is to come across as confident and prepared, which will help you make a compelling case for your desired salary or raise.

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Adriano de Carvalho Rocha

Gerente | Coordenador Sênior | Supply Chain | S&OP | Portos | PCP | Logística | Suprimentos | Contratos | Mentor de Pessoas e Carreira | Co-Founder Grupo Conexões |
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Não se compra uma casa, um carro ou uma empresa sem negociação. Um discurso de formatura ou presidencial não se faz sem ensaio. De modo similar, uma negociação salarial não ocorre (e nem deve ocorrer) sem preparação. Você saber o seu valor é uma coisa. Você ter os argumentos é outra. Agora juntar tudo isso de forma estruturada, argumentativa e/ou num storytelling é outra. Não confie na sorte. Não confie no "gogó". Não confie este momento apenas na memória. Traga evidências, anote, monte um ppt, um book ou report. Contra fatos não há argumentos e seu incremento pode vir mais fácil.

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5 Negotiate Smart

When you're in the negotiation, maintain a positive and professional demeanor. Listen actively to the employer's perspective and be prepared to address any concerns they may have about your request. Use the research you've done on your market value to back up your proposal. If the employer cannot meet your salary expectations, be ready to discuss alternative compensation options that you've identified in your strategy.

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6 Follow Up

After the negotiation meeting, it's important to follow up. If an agreement was reached, send a thank-you note expressing your appreciation and summarizing the terms. If the negotiation is still ongoing or if you need time to consider an offer, establish clear next steps and a timeline for further discussion. A thoughtful follow-up demonstrates professionalism and keeps the lines of communication open.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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CA Pinal Shah

Owner at Pinal M. Shah & Co.
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I suggest to find the most needy organization where your skills are deadly required can save your energies to negotiate. Develop some smart skills along with core skills make you more competitive and give you edge to be selected. For example, you are excellent in coding or programming, and you develop the skills of team training or client requirements drafting can make you better off. This will help in salary negotiations. WHY you suggest the expected salary need to be justified to organization. Salary negotiation cannot be used again and again. So better to be best prepared before you jump into it. Wishing you all the best for getting better negotiated salary 😊

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Here's how you can negotiate a salary or raise in a competitive job market.

1

2

3

4

5

6

7

1 Know Value

2 Timing Matters

3 Strategy Plan

4 Practice Pitch

5 Negotiate Smart

6 Follow Up

7 Here’s what else to consider

Mentoring

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Here's how you can negotiate a salary or raise in a competitive job market.

1

2

3

4

5

6

7

1 Know Value

2 Timing Matters

3 Strategy Plan

4 Practice Pitch

5 Negotiate Smart

6 Follow Up

7 Here’s what else to consider

Mentoring

Rate this article

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