10 tips for making your next salary negotiation more productive

10 tips for making your next salary negotiation mora productive10 tips for making your next salary negotiation mora productiveNegotiations the worst part about an otherwise exciting moment- that is, receiving a job offer.It feels like playing professional mind games, with the nerve-wracking reality that your salary and work satisfaction depend on the outcomes. But done well, negotiating can double, triple, orevenquintupleyour income.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreUnfortunately, theres probably no way to make the process enjoyable, but you can at least work on making negotiations andrang more smoothly. Here are 10 tips for negotiating your salary during a job offer.1. Dont feel guilty about negotiatingFresh graduates and young professionals just entering the workforce may feel uneasy about negotiating for a higher compensation when they have little experience. It can feel awkwar d and uncomfortable, especially when you feel like youre coming across as greedy.However, you should know thatnegotiation is a natural and even expected part of the hiring process. Recruiters and hiring managers wont think less of you for negotiating, and they are by all means prepared for the process- its part of their jobsAnd, as Jorge Mata fromMoney Luchadorsays, At the very worst, employers will say no, but at least you still have a job. At best, youll get what you requested. Theres nothing to lose and everything to gain.2. Ask for time to consider an offerUnfortunately, the first (or even second) offer presented to you after a companys application and interview process may not live up to your expectations.While you may feel pressure to provide an immediate response, know that its okay toask for time to consider it further.Accepting a new full-time role is no small matter- and hiring managers know this. Its not at all unreasonable to request a few more days in order to reflect o n an offer and determine whether a new job is a good fit.Justbe sure not to disrespect the hiring manager or lead them on. If you know youd like to mull over the offer more thoroughly, let them know in advance rather than going radio silent.3. Do your researchTheres no way to better prepare yourself for negotiation than by doing research on the job market. You canleverage this information to make a more logical argumentas to why you deserve the amount you propose.Heres how to go about the research processLook at similar job postings for your role, which tend to list a baseline salary. How do these compare?Or, consult resources likeSalary,Payscale, andGlassdoorfor an idea of the average salary for your role and industry.Calculate the cost of living for the city in which the job is located.Will rent be higher?Is public transportation an option?Consider your current financial standing, including your debt and current income. What can you afford to accept?Remember that more effective co unteroffers come with well-based reasoning and support- thats why research is critical to the negotiation process.4. Beware of the anchoring biasHave you heard of the anchoring bias? Its the human tendency to rely a little too much on the first piece of information we get about something- what we consider the anchor.Applied to salary negotiations, this bias has very real consequences for the final number you receive.For instance, its common for recruiters and hiring managers to ask what your current salary is. This number functions as an anchor in that subsequent figures offered will tend to be quite close to it. If you reveal that you currently earn $54,000 a year, an employer might offer $58,000 even though they have room to pay you $65,000.With that in mind, you shouldavoid dropping the first numberduring salary negotiations- that includes sharing the details of your compensation elsewhere. This anchor often serves as the basis for how a company determines your value, and it acts as a reference point for the final number they offer.But how do you get out of saying a number?If an employer asks you for a number first, say you care about the entire benefits package and ask them what the salary band is for the role, Dillon fromDollar Revolutionadvises. If they ask you what you previously/currently make, say the role isnt apples to apples soits not a fair comparison to compare salaries,and youd be more comfortable if they told you a range and the factors that determine where you fall.Speaking from personal experience, Dillon shares, I was asked about my current salary and what I wanted over 15 times. But I kept repeating the same line backand ended up getting over 40% more than my previous job.5. Show what youre worthProspective employers wont be inclined to go along with your ask if they dont recognize your worth.Thats whyyou need to demonstrate your value as an employee.According toauthor and entrepreneurSandy Yong, you can do this by showing your accomplishme nts and quantifying how you helped your previous employer save money or generate more revenue.Try one or several of the following tactics to make your caseCompile a detailed list of your major work projects and professional contributions.Include quantified results and outcomes for more punch.Provide samples of your work. Just be sure not to include any private information about your current/former employers and clients.Emphasize your personal initiative and willingness to learnby describing any relevant certifications or professional development youve invested in and/or plan on pursuing.Avoid general statements that cant easily be substantiated, e.g., Ill be the best employee youve ever had or Ill work harder than anyone else in this role.6. Dont lie about your current salarySometimes theres just no easy way out of revealing how much you currently make.If this is the case for you,be honest.Lying about your current compensation as leverage for a higher salary offer may seem practical , but its dangerous territory. Employers can easily find out the truth through your W-2. Some companies even require filling out a job history form before you can even get to the interview stage.And if youre caught lying, employers wont look at you so favorably. In fact, although its generally rare foremployers to rescind job offers, a fib warrants such a move. Why?If youre willing to lie about your salary, theres no telling what youd lie about as a potential employee. Besides being unethical, lying reflects poorly on your character.7. Use the 10% rule of thumbStumped by how much more you should ask for?Keri Danielski, consumer finance expert and spokesperson forIntuits money management tools Turbo and Mint, advises asking for 10% more than what you are currently making, or what you are offered as a rule of thumb.According to Danielski, This will ensure that you dont come across as too greedy, but are confident in knowing what your work is worth.That said,its okay to ask for more th an 10%- but be prepared to back up your counteroffer with a clear argument for why you deserve it. That might be an outline of your research of similar roles or even a competing offer youve received elsewhere.8. Avoid bringing up personal issuesThe negotiation process is not the time or place to bring up issues like medical bills, debt, or relationship drama.Although your personal circumstances may be less than ideal, mentioning them reads negatively as asking for sympathy or pity. Its alsoviewed as unprofessional and may influence how hiring managers see you.Rather than bring up personal issues, focus instead on the value of your professional contributions as a bargaining tool.9. Negotiate on other things besides salaryAlthough we typically think of job negotiations as being salary-specific, the negotiation process encompasses more than your pay alone. In fact, your salarymakes up 70% of your total compensation, with the remaining 30% going towards other benefits.Some ofthe benefit s you can include in the negotiation processincludePaid time offGym/wellness reimbursementSigning bonusRelocation bonus or incentiveThe ability to work remotely for a few days a week or monthTuition reimbursementParental leave and childcare costsStock optionsMatching contributions to your retirement planEven if you cant get a signing bonus,negotiating for other perks can still pay off financially. For instance, if your employer agrees to let you work from home twice a week, you can reduce your commuting costs by more than 30% a monthIn my last corporate job, I negotiated my salary. They offered a number, I countered, and they said no to my offer,personal finance expertJon Dulin shares.I could have given up, but I decided to try again. This time, I asked for them to pay for my last two graduate degree courses ($5,000)- and they agreed It would have been nice to be earning more money every year, but having those last two classes paid for and not having to deal with a payment plan was great.10. Frame negotiation in positive, cooperative termsIn the story of your life, youre the protagonist, but you should know that the HR manager or recruiter youre negotiating with isnotthe antagonist.In other words, be nice. An adversarial outlook during negotiation will bring you unnecessary stress and may even reflect on you poorly.How can you help make the negotiation process as smooth and civil as possible?Be polite and receptive.Choose phrases that deliver your message clearly but not in a hostile manner.My concern is thatI would be more comfortable withOffer acknowledgment,particularly when disagreeing with something.I understand that its not possible to, but I feelExpress gratitude when appropriate.Thank you for taking the time to discuss my concerns further.I appreciate your patience inBesides easing the actual negotiation process, playing nice also helps to build your rapport with your future employer. If its a member of HR youre in talks with, you can get a positive st art with a colleague you may need assistance from in the future.ConclusionPersonal finance guides tend to emphasize spending less and saving more to improve your finances- but dont forget that earning more is also a big part of the equation. Thats why you should almost never settle for the first dollar amount handed to you with a job offer.Negotiating for a better paycheck may not be pleasant, but its crucial to living up to your maximum earning potential.Do you have any success stories for salary negotiations? What tips have worked best for you?This article first appeared on Financial Impulse.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people