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Expert advice on landing the salary you want

Here are 11 savvy takes on getting the increase you deserve.

Expert advice on landing the salary you want
[Source photo: kschneider2991/Pixabay; 8212733/Pixabay]

We asked 141 business leaders and HR professionals to weigh in on the ways you can make sure to land everything you hope for in terms of compensation.

Whether you’re remote or in-office, working at a startup, or looking for your next opportunity, here are 11 savvy takes on getting the increase you deserve.

REVISIT YOUR JOB DESCRIPTION

“Pay equity audits are huge right now in Human Resources, and job descriptions are fundamental in these audits to judge whether people are being paid properly.

While job descriptions serve as a record of truth, they can often be inaccurate or provide an incomplete understanding of the work people do. Employees should revisit their job descriptions, and compare the work they are doing with the work asked of them to be done.

Understanding the work that you’re doing is the starting point to determine whether you’re being paid in an equitable manner.”

Don Berman, VP sales & marketing, JDXpert.

REVISIT YOUR INDIVIDUALIZED BENEFITS

“With recessionary concerns and the rising cost of goods, companies have maxed out their hourly pay that they can offer to their employees. As a result, hourly workers need to look at individualized benefits in a comprehensive compensation plan to evaluate what the net worth of working for a company really is.

Individualized benefits allow employees to choose the benefits that are most valuable to them. If you are paying $200 per month in gas, and the company gives you that back in benefits, then it’s like getting a 5% raise. There’s a lot of personalized benefits being offered by companies today that can help meet your needs.

The best thing to do is to sit down and look at all of your costs in a month. Build a budget, and figure out where you’re spending your money each month. Then, look for companies that offer benefits that cover those fees as a supplement to your salary.”

Jeanniey Walden, global chief innovation and marketing officer, DailyPay

DO YOUR HOMEWORK

“The single best tip for negotiating your salary is to do your homework. Know what the going rate is for your position in your area. Use online resources like Salary.com or Payscale.com to research salaries. You may also talk to people in your network who are in similar roles and find out what they’re earning. Research may also involve looking at job postings to see what employers are willing to pay for your skills and experience.

Once you have a good idea of what you should be earning, it’s time to start negotiating. If you’re already employed, you can approach your boss and request a raise. Be prepared to show them why you deserve a higher salary, using the research you’ve done. If you’re not employed, you can use your research to negotiate a higher salary when you’re offered a job.”

Linda Shaffer, chief people operations officer, Checkr

ASK FOR OBJECTIVE COMPENSATION DATA

“Candidates can ask a company to explain their compensation philosophy upfront. Do they pay at the 25th percentile for a role, or the 50th? Ask them for the data set upon which they base roles, and ask them for transparency in the process.

If a company is unwilling to give that to you, that is a good indicator they have a pay gap internally and should be your warning flag to walk away. If they share it with you, but the salary is low, see if they are open to discussing a different data set. This changes the discussion from being about your needs to being about objective data.”

Amy Spurling, founder & CEO, Compt

PREPARE TO NEGOTIATE

“Knowledge is power when you’re looking to ensure that you are paid fairly. Research the market value of the role you’re applying for, so you have an informed baseline for your negotiation. Make sure you get comfortable with negotiating and don’t be afraid to walk away from an opportunity that isn’t the right fit, because there’s a job out there waiting for you that is the right fit.”

Danielle Beckford, vice president of Employee Experience, Salary.com

MUSTER THE COURAGE TO BE TRANSPARENT

“The interview process is an evaluation for the hiring company and the candidate. While it may seem taboo to discuss compensation, it is a necessary conversation that must take place early or midway through the process. My advice is once an opportunity feels like it has potential (think second interview), it’s time to discuss the ‘hard stuff’ and talk about money.

Ideally, this responsibility falls on the interviewer, but if they do not approach the topic, the candidate should feel confident bringing this up. The best way to do this is to ask the interviewer ‘At what point in the process can I expect that we’ll discuss compensation?’ or ‘Are you the right person on your team to discuss compensation with me as we progress in the process?’ In many states, it’s illegal for a company to ask a candidate what they earn, so this information is usually positioned as ‘compensation requirements’ or ‘compensation expectations.’ The candidate should know their value and be prepared to share their requirements.”

Charlie Saffro, president, CS Recruiting LLC

SHARE AND CONTEXTUALIZE YOUR UNIQUE STORY

“Every person has a unique story that they should tell about themselves. Unfortunately, candidates often forget that they have a story to highlight and tell a story they think people want to hear. And then, they forget to contextualize their story.

For example, most candidates tend to follow the traditional résumé format where they write out a company name and talk about all the things they’ve done there. However, they fail to put into context why it matters. Share your story to help hiring managers understand you and your contributions.”

Vivian M. Chen, founder & CEO, Rise

HAVE OTHER OPTIONS

“If you feel like you’re getting less than you’re worth to your company, start reaching out to companies who are willing to offer you more. Give them interviews, and put them on hold. Then, reach out to your existing company, and share that you have other options at your disposal that are willing to offer you more. Rejection or approval, an expert who knows what they’re worth always wins.”

Lachlan de Crespigny, cofounder, Revelo

THINK LONG-TERM AND AGREE ON GOALS

“People often make the mistake of framing salary requests in the form of a demand. They say something like, ‘The average salary for my job is X. I need you to pay me that or else I will look elsewhere.’ When people feel threatened, the natural response is to get defensive. So, framing a request for a salary increase in this way is unlikely to be persuasive and may work against you.

Instead, get your manager on your team by aligning your goals. Say something like, ‘Right now I make X. I believe I’ve helped the company grow by improving my metrics in X areas, learning X skills, and taking on X responsibilities. I’m really hoping to track towards Y in the next six to 12 months. What areas would you recommend I focus on to hit my number?’

Turn that into a conversation where your manager gives you very specific goals to achieve. If that happens, you’ve got a clear path to an improved salary. If they don’t give you a clear answer then follow up until you get one, or explore other opportunities.”

Dennis Consorte, host, Snackable Solutions

INQUIRE ABOUT STOCK OPTIONS

“For startups, the salary issue is sensitive and crucial in times of shifting priorities and a tight job market. Most startups do not have the economic power of large companies, and the worker must understand this when negotiating salary. However, understanding this does not mean giving up their salary expectations but negotiating their earnings differently to meet their aspirations and make it easier for the company.

Besides salary, a nice way to complement the desired pay is to inquire about the option to buy shares in the company, but at a price per share dealt now.”

Ricardo von Groll, content manager, Talentify

UPSKILL AND KEEP LEARNING

“One of the best ways to land a higher salary is to have a good idea about what your skills are worth in the market. Maximize your salary by upskilling yourself in skills that are niche, but in high demand in the industry. Be open to explore more opportunities outside of your comfort zone, and always keep learning.”

Anuj Mulik, full stack software engineer, Terkel

Land the salary you’ve been looking for 

Despite the media headlines around layoffs, there are still more open jobs than people available. The job market continues to be tight, which opens up opportunities for pay increases.

At the same time, most companies have maxed out what they can pay employees due to market circumstances. Don’t let the external conditions discourage you.

By persevering and following these tips, go out and land the salary you’ve been looking for. You’ve got nothing to lose, and income, individualized benefits, and perhaps even stock, to gain.

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