Recently I was helping a friend with a salary negotiation (no, not Patrick Mahomes, unfortunately!) and thought some of the tips we picked up would be helpful to share. While it may not be the ideal time for job searching or asking for a raise, this year has reminded us that anything can happen so it’s best to be prepared.
A recent Robert Half study revealed that 60% of job searchers don’t negotiate offers. This rate is highest among women and millennials. I’m not pointing fingers because I happily accepted the first offer that came my way after college. But then I learned better and now I want to help you.
- First, you must know your value. Know the compensation for someone with your experience in a similar position in this area. Participating in the SMPS Marketing Compensation and Metric Survey, https://www.smps.org/careers/salary-survey/, can help supply this information. Also, don’t be afraid to talk to colleagues and fellow SMPS members.
- Walk into the negotiations with a specific number, not a range. A precise number (for example $49,750 instead of $50,000) shows you’ve done extensive market research.
Justify what you’re asking for by showing what you bring to the table. Now is one time it’s acceptable to brag on yourself.
- Remember, if you’ve made it this far in the process, they like you and want to make the deal work to hire you. Be confident but stay polite and likeable throughout negotiations.
- Maybe you aren’t looking for a new job but find yourself doing more work without getting paid more. This has become all too common lately because of furloughs and layoffs. Don’t be afraid to ask for what you deserve.
- Remember timing is crucial. By your annual review, your supervisor probably already has an idea what your raise will be. Start asking and building your case a few months in advance.
Be prepared to negotiate for more than just salary. Maybe they can’t offer more money but can provide more PTO or other benefits.
That same study showed that 70% of managers don’t expect candidates to accept the initial offer. No one ever said negotiating is easy or comfortable but it’s a part of business. You might not be negotiating for $500 million over 10 years but isn’t an extra 10% or 15% still worth a shot?
Please feel free to share your thoughts and experiences. I’d love to know what has worked and what other tips you have for the group.
Best of luck!
Join us for some socially distant networking at Loose Park to get an insight as to what SMPS-KC will look like in 2021! Attendees will have opportunity to meet new people and network, spend time with several different committees, and learn more about what they do and needs the board of directors has for the coming year.
Masks are strongly encouraged, and extras will be provided. Elbow bumps are also encouraged.
Food and beverages will be provided and pre-packaged with sanitizers available.
See you there! RSVP here.
SMPS is here to lead the charge. For over 45 years, we’ve provided our members with networking, professional development, and leadership opportunities to help them advance their careers and build business for their firms. And we’d like to do the same for you.
When you join SMPS in July, we’ll provide over $450 in resources to kick start your membership. You’ll receive our six-book series, Markendium: The Essentials, featuring topics that include client & business development, marketing planning, and proposals. And you can download one of our A/E/Courses at no cost (choose from Marketing 101, Elements of Design, or InDesign Basics). Join now: https://www.smps.org/new-member-offer/