Year End Review Negotiation Tips and Tactics
As we enter the last half of the year its crucial for professionals and businesses to reflect on their achievements, set goals for the new year and take part in negotiations that can open up next year for even greater success. When negotiating a new salary, contract, partnership mastering the art of negotiation is imperative. As you go into your year end review, consider some of these tips and tactics as you make negotiations.
Preparation for your year end performance review
Be sure you’re ready
Before you begin the negotiation process, ask yourself what makes you worth getting a raise in salary. Or, if you have received an official job offer, what can you offer that will justify asking for a higher salary. For example, are there specific qualifications you have? Have you taken on new responsibilities at work?
Research job and location salaries
Once you know you are ready to negotiate, you need to know what you are worth. What kind of salary are you expecting? Many online sites such as Glassdoor or PayScale can help you calculate the average salary of a job with your location. You can also ask fellow industry professionals to get an approximate range. You don’t want to go in blind with random numbers you created. Show you have done some research, and you will be taken more seriously.
Factor in perks and benefits
Once you researched your market value, think about what extra benefits you will be or are currently receiving. Hypothetically, if you received a job offer with a lower salary than your current job, are there any benefits that will support you taking a lower pay? Maybe you will receive better health benefits, or perhaps this new job will have a quicker commute. Think about how these added perks alter what you are looking for in terms of salary.
Practice your pitch
Whether you practice in a mirror or with a friend will help you get in the mindset and make you more comfortable negotiating. You don’t want to wing it on the day of your meeting and leave unhappy with an offer you weren’t wanting.
What to consider during your next salary negotiation negotiation:
Be confident, be positive
It’s okay to be nervous, but make sure you build your confidence. This will come from rehearsing and preparing to negotiate ahead of time. Then, when you enter your meeting, stand tall and be positive. Positivity is infectious, and hopefully, some of it will rub off on our opponent.
Set your anchor
It’s a wise choice to make the first offer. How the rest of the discussion plays out will be based on the first number that is said. This number will serve as the anchor and predict the outcome of the negotiation. If the first number starts too low, you probably won’t end with a fair number. Know your market value When it comes to negotiation, knowledge is power.
Ask questions
Ask questions to get an understanding of the needs and concerns of your employer. Knowing their priorities and constraints can help you better negotiate your offer. Asking diagnostic questions can also help find a middle ground where each party can reach a satisfying agreement that benefits them.
Never call your boss’s bluff
Keep in mind this isn’t a poker night, so avoid calling anyones bluff. The unfortunate reality is that you probably need the company more than they need you. Don’t get cocky, if you fly too close to the sun you’re bound to get burned.
Get the offer in writing
When you have finally come down to an agreement, be sure to get the offer in writing and signed by both you and your employer. This document should include the exact salary amount and any other benefits included. Again, a written agreement will avoid any confusion down the line and will leave no room for further debate.
Bonus tip:
Save yourself the stress of negotiation and job search with a recruitment agency. A tech recruiter can negotiate your salary on your behalf and maximize your compensation.
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