The following answers are provided by members of the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.
What is your best tip for negotiating a higher salary?
1. Create a Bulletproof Business Case
Negotiate a higher salary by presenting your manager with concrete evidence of how and why your organization’s bottom line is stronger because of your direct efforts. How has your team’s productivity been enhanced, profits been increased, etc.? Also, if the salary bump includes a promotion, demonstrate that you have already been succeeding at the next level’s responsibilities.
- Alexandra Levit, Inspiration at Work
2. Know Your Market Value Before You Negotiate
Negotiating a higher salary can be very stressful. In order to feel prepared when asking for a raise, be sure to determine the market value of yourself and your experience first. Websites like Glassdoor can help you determine what other companies are paying employees at your level.
- Heather Huhman, Come Recommended
3. Anchor High
Don’t eliminate yourself from the talent pool early on by setting lofty salary expectations. Get to know the company, and help them realize that you’re exactly what they’re looking for. When it comes time to negotiate salaries, anchor your request high as they’re only going to bump you down. Most importantly, remember that you never get what you don’t ask for.
- Heidi Allstop, Spill
4. Recognize What Others Are Earning
Use the website Salary.com to research what similar professionals in your geographic area are currently making. You can also purchase a report to find out more detailed information.
- Andrew Schrage, Money Crashers Personal Finance
5. Ask for More Than You Think You’re Worth
While you shouldn’t go outside the realm of possible salaries, go a little higher than you actually think you can get. That way, you have room to maneuver in a negotiation. And, if you actually get what you asked for immediately, you’ll be happy.
- Thursday Bram, Hyper Modern Consulting
6. Get Another Offer
7. Add Value Above Your Pay Grade
Get promoted by adding value and clearly showing you are doing a job that is above your current responsibilities. It may help to have competitive offers from other companies. Another idea is to check online resources that list average salaries for certain jobs. This way, you are armed with data when negotiating your salary.
- Ben Rubenstein, Yodle