A hiring expert warns that making this common mistake can derail a salary negotiation in a matter of minutes: 'It appears as though a cash grab.'
The key to a successful salary negotiation lies not in what you request, but in how you approach the conversation.
To receive more than what was initially offered, you must present a strong argument for your value.
A career coach and senior manager at Amazon, Adam Broda, has over a decade of experience in the hiring field. He asserts that a common and expensive error individuals make during salary negotiations is requesting a higher salary without providing a justification for their demand.
He tells CNBC Make It that if you're only presenting numbers without explaining the reasoning behind them, it appears like a money-grabbing scheme.
Broda advises that there is a risk of appearing "inauthentic or selfish" when running the risk of coming across as such.
"If I don't understand why you need that money or why it's important to you, it can give the impression that you're asking for more because you thought you could take advantage of the hiring team."
Rewritten: By discussing why you deserve a higher salary, you demonstrate your commitment to the role and show that you have done your research, Broda notes.
You may request an extra $10,000 to balance the cost of a longer commute with the average market pay for the role.
DON'T MISS: The ultimate guide to negotiating a higher salary
To convince the company to invest more in you, Broda suggests giving one or two concrete reasons, and to be as detailed as possible.
You might bring up:
- If you possess more than the minimum years of experience required by the employer.
- Results you've achieved in previous roles, including revenue you've helped generate
- Skills you possess that are in high demand within your field
According to Broda, referencing estimated salaries in comparable roles or other industry data is a strong play.
By presenting data to support your request, employers can understand that you are seeking a reasonable increase rather than an excessive one. This data-based approach also enables hiring managers to justify any increases they may grant.
There are various websites, including Payscale, LinkedIn, and ZipRecruiter, that provide free databases with information on the pay for different roles across various industries. Additionally, you can gather insights from your network members about the company, current salary trends, and your own skills to determine your potential salary.
Broda states that ultimately, "hiring managers are interested in supporting you during salary negotiations." "Our goal is to make you feel valued and excited to join our company. The more information we have, the better we can advocate for you."
Earn more money at work by taking CNBC's new online course, "How to Negotiate a Higher Salary." Expert instructors will teach you the necessary skills to increase your paycheck, including how to prepare and build confidence, what to say and do, and how to craft a counteroffer. Register now and use coupon code EARLYBIRD for a 50% discount through Nov. 26, 2024.
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