As an entry-level candidate, you may not know what your work is worth, or you may believe that you’re not in the position to negotiate your salary yet. Don’t let these reasons, among others, hold you back from getting paid what you deserve.
We had the pleasure of hosting multi-tasker, innovator and salary tutor, Jim Hopkinson, as one of our speakers at Find & Follow Your Passion at Eugene Lang The New School for Liberal Arts. He held a workshop called “Know Your Worth: Salary Negotiation” and revealed his tips and tricks for getting the salary you deserve. Specializing in career development, Jim’s success has exceeded his own goals and he passionately works to help others do the same.
His workshop was filled with humor, intellect and advice for young creatives at any stage in their careers. He outlined the most common mistakes made when attempting a negotiation, and offered simple and useful solutions. His method is based on the idea that any attempted negotiation, if executed properly, is worth a shot. He backed up his argument with statistics, personal stories and factual evidence.
The power of the pause
This is an art that is challenging but not impossible to master, and can be very effective. When your boss or manager tells you the price range they are offering, Jim advises to repeat the highest value as if you’re considering it, and wait for them to continue speaking. This often prompts an explanation from them, sometimes apologetically, and causes them to reconsider.
Don’t wait another second to get your name: getyournametoday.com.
We’ve all heard cautionary tales of Facebook fiascos and Twitter scandals that have cost someone their job or caused other problems. There are endless outlets for recruiters and managers to look into applicants’ backgrounds, and the first step is typically to search their name in Google. Each individual will have different results, and Jim Hopkinson stresses the importance of having the primary result as yourname.com. Not only will this surprise them as a unique result, but also prove that you are organized, creative and innovative.
Depending upon your job market, you can cater the details of your website to create a powerful digital representation of yourself, serving as a more visual resume. Jim depicted the typical rebuttals to this advice as concerns for the cost and time involved, but resolved any apprehensions by explaining the simplicity of the process. It is only one dollar per month, and takes no more than two minutes to register your name. This is something that will make you stand out from your competition, and allow you to use technology to your advantage.
Create a digital portfolio to show an employer what you’ve done when you go to negotiate.
More often than not, candidates will leave an interview failing to fully reveal the work they have done in the past. Whether it is visual artwork or a financial spreadsheet, one of the best ways to display your talent is through examples of tangible projects you have completed in the past. It will physically show, rather than tell, your future employer what you can do for them and how you will do it. They will gain a better understanding for you as an employee and your worth ethic, and will have something to show their managers when you leave.
Set up a meeting, be professional, and bring data to the table when you negotiate.
When approaching a negotiation, it is imperative that you are prepared. Be as professional as possible throughout the process, and set up a definitive meeting to present your negotiation, rather than catching them off-guard or casually having the conversation. Do your research beforehand and bring evidence of your findings. Use graphs, statistics and charts to back up your argument. Jim advises to use websites like glassdoor.com, payscale.com and salary.com when doing your research.
87% of employers say they’ve never rescinded a job offer following a negotiation.
If your hesitation to negotiate lies in fear of losing your job, take the statistic above as encouragement. Rarely will someone lose a position over a presented negotiation, and if so, the employee presumably negotiated in an inappropriate or aggressive manner. If you approach your boss with honesty and professionalism, the worst that can happen is they decline your request and you continue on as you were. In that case, at least you can say you tried, as opposed to wondering what would happen if you did.
You can earn millions of dollars through the skill of negotiating.
Jim strongly believes that negotiating is one of the most powerful and undervalued tools any professional can use, and the research and analysis he has done is a testament to that. From improving your salary to making a business deal, it is a skill that is useful in various arenas. Many people fail to recognize this power, and spend years earning less than they could have. It is easy to comply with what you are given, especially when you have achieved your dream job, yet it is important to remember that you can negotiate for what you think is fair or deserving. From a multimillion corporate deal to 100 extra dollars onto your paycheck, winning a negotiation will empower you and state your worth.
For more useful info and great tips, visit Jim at SalaryTutor.com.
Do you have any salary negotiation tips or a great negotiation story? Share in the comments section below.