Show Me the Money: How to Master Salary Negotiations Like a Pro
Are you thinking of Cuba Gooding Jr.’s character Rod Tidwell shouting “Show me the money!” in the 1996 movie “Jerry Maguire”? Although this approach works in film, real-life managers frown on it.
Rather than shouting at your boss to “show you the money,” a more tactful approach is recommended. These suggestions can help.
Salary Negotiation Dos and Don’ts
Consider the following when negotiating salary:
- Ask for a Salary Range Rather Than a Number. Ensure the lowest number is the one you’ll accept.
- Demonstrate Your Value. Provide concrete examples of your value, such as quotas achieved, projects completed, deadlines met or colleagues coached.
- Follow Up. Send your boss a thank-you email for the salary increase discussion.
Avoid doing the following when negotiating salary:
- Forget to Negotiate Benefits. If you aren’t given a salary increase, additional benefits can increase your compensation package.
- Be Overconfident. Remain open-minded and focus on your value rather than being arrogant.
- Be Afraid to Ask for What You Deserve. Your boss will tell you if they can’t accommodate your salary increase request.
The following salary negotiation methods can be effective.
Understand Your Worth
Use resources such as Payscale and Glassdoor to research the salary ranges for your role, experience level, and location. Understand the type of salary to expect and what to ask for.
Additionally, write down your most recent skills, certifications, and accomplishments to demonstrate the value provided for your employer. Clarify your unique contributions, results, and organizational impact. Show why you deserve a salary increase.
Practice Salary Negotiations
Ask a mentor or close friend to rehearse salary negotiations with you:
- Role-play diverse scenarios to approach your boss.
- Request a salary at the top of the researched pay range.
- Clarify why you should receive the requested salary.
- Anticipate your boss’s responses and develop effective answers.
Repeated practice strengthens confidence in talking with your boss.
Strategically Approach Your Boss
Plan your salary negotiation conversation after a successful project, during a performance review, or when taking on a new responsibility. Your boss should be receptive when your value is most evident. Therefore, you should have strong leverage to increase your income.
Be Professional
Maintain professionalism throughout your salary negotiation. Assertively and respectfully discuss your reasons for the request and accomplishments to back it up. Focus on coming to an agreement that benefits you and your boss.
Prepare to Negotiate Benefits
If your boss lacks the budget to “show you the money,” consider negotiating stock options, additional paid time off (PTO), professional development opportunities, or other compensation. These benefits can increase your total compensation package.
Consider Looking for a New Opportunity
If your boss can’t meet your salary expectations or increase your benefits package, it might be best to find employment elsewhere. You work hard and deserve to be paid what you’re worth.Â
Want Help with Salary Negotiation?
Work with a professional recruiter from PrideStaff to find a new job. They’ll provide expert guidance, coaching, and support throughout the hiring process and negotiate any job offers on your behalf. Contact your local PrideStaff office to get started today.
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