Congratulations on landing a new job! Now comes the important task of negotiating your salary. Negotiating your pay when starting a new position sets the foundation for your compensation going forward, so it's important to do it right. Approaching these conversations strategically can mean thousands of extra dollars per year.

Arm yourself with the knowledge needed to get the pay you deserve. Let's get started!

The Benefits of Negotiating Your Salary

Many people are hesitant to negotiate their salary, worried that pushing for more money will negatively impact their job offer. However, when done correctly, the benefits of negotiating far outweigh the risks. Here are some of the key advantages:

- Increase your overall compensation - Negotiating almost always leads to a higher salary offer. One study found that those who negotiate increase their pay by an average of 7.4%, or $5,000. That adds up significantly over the course of your career.

- Establish your value - By negotiating, you are demonstrating your skills and establishing your value to the employer. This sets you up well for future negotiations for raises and promotions.

- Gain respect - Employers often expect candidates to negotiate their offers. By doing so professionally, you gain their respect and show that you know your worth.

- Learn negotiation skills - Salary negotiations are a great opportunity to improve negotiation abilities that will help you in future career negotiations. The more you practice, the better you will become.

- Discover information - Having a conversation about salary gives you a chance to gain helpful information about the company and role that you may not have learned during the interview process.

The takeaway? Negotiating is well worth your time and effort. Approach it strategically and reap the rewards.

When to Bring Up Salary Requirements

Timing is an important factor when it comes to initiating salary discussions. Here is when you should broach the compensation conversation:

- After receiving the job offer - This is the most common and appropriate time to begin negotiations. Wait until the employer expresses interest in hiring you and makes an official offer before bringing up pay requirements.

- If asked on a job application - Some applications request your salary expectations or requirements. Be prepared with the appropriate range based on your research. For some roles, the hiring manager may want to discuss pay expectations early on to determine if you are aligned on salary range for the position. Be flexible but strategic with the range you give.

- After your final interview - If all has gone well in the interview process, it is reasonable to ask about salary parameters. Make it a broad, open-ended inquiry.

The key is you want the employer to be interested in you as a candidate before negotiating pay. Avoid bringing up salary too early in the hiring process. Wait until the employer is ready to make an offer to ensure you have maximum leverage.

Researching Typical Salaries for the Role

One of the most important things you can do to prepare for salary negotiations is conduct thorough research to determine the typical compensation for the specific role you are pursuing. Here are some tips to benchmark salaries:

- Use salary sites - Salary comparison websites like PayScale, Glassdoor, Indeed, and Salary.com allow you to research typical pay scales for your industry, location, company size, job title, experience level, skills, and education.

- Leverage your network - Speaking with people in your professional network who work in similar roles can provide helpful real-world insight into competitive pay ranges.

- Check company reviews - Sites like Glassdoor and Indeed include company-specific salary data provided anonymously by current and former employees. Look for median base pay and any bonus/commission info.

- Review trade association data - Professional associations like SHRM often conduct annual salary surveys that can reveal pay rate norms and ranges across different occupations and geographic regions.

- Consider recruiters - External recruiters likely have excellent visibility into the current job market. They can advise you on salaries others have been able to negotiate for comparable positions. 

- Get salary data from the Bureau of Labor Statistics - bls.gov provides salary averages and ranges for hundreds of jobs based on region, experience, and more.

Aim to get as much data as possible to determine both the typical and highly competitive salary ranges for someone with your background being hired for the type of job in question. This information is vital preparation for negotiations.

Establishing Your Walk Away Point

In every salary negotiation, it is critical that you determine your "walk away point" ahead of time. This is the lowest salary offer you would be willing to accept for the job. Here are some tips for establishing this number:

- Consider the typical salary range - The research you conduct should inform the salary you are aiming for and the minimum you're willing to accept. If you go too low or too high relative to market rates, that can work against you.

- Reflect on your budget and financial needs - What is the minimum annual salary you require to cover your basic living expenses and financial obligations? Account for that in your walk away point.

- Think strategically regarding your career - Consider the position's potential for future earning power. A role with lucrative advancement opportunities may warrant some flexibility on initial compensation.

- Establish your value - Your years of experience, education, specialized skills, and proven accomplishments should be reflected in your walk away point. Don't undervalue yourself!

- Keep emotions out of it - Set your minimum based on objective data points and your circumstances, not emotional factors like wanting to impress the employer or land this particular job.

- Discuss with trusted contacts - Bounce your walk away number off family, friends, mentors, and fellow professionals to get their objective take on whether it makes sense.

Having a clear minimum salary threshold established before negotiations start will help you stand firm if an initial offer comes in too low. Don't be afraid to walk away from offers that don't meet your salary needs.

Honing Your Negotiation Skills and Tactics

Now that you understand when to bring up salary, have conducted research, and established your walk away point, it's time to hone the key skills needed to negotiate effectively. Successful negotiation requires planning, strategic communication, and creative problem solving. Here are some proven tactics to master:

- Lead by asking questions - Start the conversation by asking open-ended questions to gather intel rather than stating demands. "I'm interested to learn more about the typical compensation packages for this role" is a great opener.

- Aim high with the first number suggested - While it feels counterintuitive, research shows that those who propose a higher initial number tend to end up with better deals. Don't open with your walk away number!

- Remain flexible - Demonstrate you are willing to have give and take in the negotiation by staying open rather than shutting down options. Use phrases like "That seems reasonable, but..."

- Back up requests with data - Don't just ask for a specific number without justification. Reference your research and comparable pay rates. Employers are more receptive to data-driven requests.

- Be a strategic communicator - Stay composed, speak confidently, make eye contact, express enthusiasm and listen actively. Avoid emotional outbursts or heated demands.

- Consider alternative perks - If the base salary won't budge, negotiate on other forms of compensation like more vacation days, flexible work arrangements, performance bonuses or professional development funds.

- Use silence to your advantage - Don't feel the need to fill awkward silences during the discussion. Give the employer time and space to consider your requests.

Refine these tactics through mock negotiations so they feel natural when it counts. With the right skills, you can feel empowered to negotiate effectively.

Approaching the Salary Conversation with Confidence

You've done your homework and are ready to have the salary discussion. But sitting down for that conversation is intimidating for most people. Here are some tips to enter the negotiation with confidence:

- Wait for the employer to say a number first - Let them anchor the negotiation with the initial offer, then you counter from there.

- If they insist you name the first number, keep it broad - For example, “Based on my research on typical salary ranges for this role, I would hope to be making between $X and $Y."

- Have a script in mind but avoid sounding too rehearsed - Practice what you want to communicate, but allow some organic back-and-forth based on how the conversation develops.

- Align negotiating points to the role and your value-add - Share how your assets specifically pertain to the needs outlined in the job description. Why are you worth this request?

- Be open about your enthusiasm for the role - Express genuine excitement for the position to strengthen your bargaining position. Employers want to secure top talent.

- If the number is too low, remain poised - Kindly push back explaining why you were targeting a higher salary. Suggest meeting in the middle or exploring other perks that could bridge the gap.

- Avoid ultimatums or high pressure tactics - Threatening to walk away usually backfires. Be persuasive but reasonable.

With the right demeanor and strategic communication, you can have productive conversations about fair pay. Believe in your value and negotiate accordingly.

Getting Your Best Offer and Closing the Deal 

The end goal of any negotiation is getting the best possible offer and coming to mutually agreeable terms with the employer. Here are final tips for finishing strong:

- Get the offer in writing - Once you verbally agree to terms, request an official written offer letter. This should spell out all agreed upon compensation and benefits.

- Explore other areas for negotiation - Beyond salary, consider negotiating on things like flexible work hours, remote work options, professional development funding, earlier performance reviews for raise eligibility, additional PTO, etc.

- Request time to consider the offer - Don't feel pressured to accept on the spot. Politely ask for a few days to review the offer with family/mentors and make a thoughtful decision.

- Send a thank you note - Once you accept the offer, send a thank you note to your future employer reiterating your excitement. This will start the relationship off on a positive note.

- Be prepared to negotiate again down the road - Remember that salary negotiation is an ongoing process throughout your career at a company. Perform well and prove your worth so you are in a favorable position to renegotiate for promotions and raises.

With a strategic approach, you can negotiate salary offers expertly and kick off your new role with confidence. The time investment is well worth the strong compensation and career growth opportunities smart negotiating can help secure. You deserve fair pay for the value you bring. Believe it, and go get it!