HireClub has an incredible track record for Salary Negotiations, we've increased salaries for clients by over six million dollars. That doesn't include equity or stock increases as they can be harder to quantify. What is the best way to ensure you can increase your salary?
1. BE INCREDIBLE AT WHAT YOU DO.
Hopefully this goes without saying, but always learning and improving your skill set is a fantastic way to increase your income.
2. DON'T STAY AT JOBS TOO LONG.
If a company is not promoting you every year or so and you don't have significant equity (six figures in value or more), find another job. There's tons of data to show changing jobs is the best way to get higher offers. Two years is the max I would stay in a job, especially in tech. Switching jobs can bring a salary increase of 20% to 40%. A raise at best is maybe 10%. With inflation at an all time high, an 8% raise is actually a loss for many people.
3. DO NOT TAKE ON MORE WORK OR A BETTER TITLE WITHOUT AN INCREASE IN PAY.
We see this happen many times; a company makes a promise for a promotion but starts you off with more work. More work or more responsibilities should equal more pay. While short stints when you are ramping up (1-3 months) can be ok to grow your career, set clear boundaries with your company when being given more work.
4. DON'T BELIEVE ANY ONE WHO SAYS WE CAN INCREASE YOUR PAY LATER.
If a company makes a promise that after they hire you they will increase your pay, do not believe it. If I had a nickel for every time a client told me this story only to have them hear endless push backs, I would be rich. Negotiate from the start. If they do make this promise, get it in writing with clear deliverables and timelines on when it will happen on paper. You can have this as part of your offer letter.
5. KEEP A WORK JOURNAL OF ALL YOUR WINS.
Screenshot every single kudos from a co-worker, boss, or partner. Especially wins with numbers like revenue increases, conversion increases, hiring, training…anything you accomplished, keep a track record! Do it everyday if you can or at the least, every week. I have a Dropbox folder called “wins” where I screenshot wins and never have to forget them. When it comes time to ask for a promotion or update your resume, you have a clear set of metrics to work with.
6. NEGOTIATION STARTS AT THE FIRST POINT OF CONTACT.
Every email/phone call/video chat is a negotiation during the hiring process. Even if you aren't talking numbers, you are being evaluated. Everything from how you speak to what skills you have to how you interview is part of negotiation. Often the sooner you start coaching with us, the better we can help you.
7. YOU CAN ASK FOR A SALARY RANGE UP FRONT.
In many states there are laws around this, usually after the first interview. Check your local salary transparency laws. If a company is not being transparent on their budget it's a red flag. Whoever says a number first loses. If a company pushes back and keeps asking you your number, ask as many questions you can about the job. You cannot price something without knowing the details about it. Things like how many direct reports, who you are reporting to, and budgets you would be responsible for are all information you need before you can even start talking numbers.
8. NEVER EVER EVER EVER EVER SHARE HOW MUCH YOU MAKE WITH A POTENTIAL COMPANY.
I don't care if it's your brother's cousin’s father's company. How much you currently make has no bearing on future jobs. We've seen time and time again people who are sharing this info lose out on thousands. It's nobody's business how much you currently make. What you are negotiating is based on the future value you provide and the responsibilities of the role. Many people struggle with this, assuming being transparent is fair. Transparency from your side if you are not an excellent negotiator can backfire very easily.
9. THERE IS NOTHING "FAIR" ABOUT SALARIES.
If salaries were fair, teachers would get paid millions and ball players wouldn't. You are making a business transaction. The more emotion you remove, the better you will do. What you want to do is get market data on the company and other offers to determine what the market is willing to pay for you. Remove any notion of fairness or emotion and look at this purely from a business perspective. Does it make sense for you? Does it offer you the right pay and growth? Does it work with your budget including inflation and cost of living? Do not let fear or fairness impede your ability to make money.
10. THE BIGGEST PROBLEM WE SEE IS PEOPLE NEGOTIATING AGAINST THEMSELVES.
Statements like: “Oh I won't be able to make much more… I've never really had that high of a raise” or any negative self-talk is very defeating during salary negotiation. I get it, careers are tough. We are all often our worst enemies. But if you are short changing yourself through negative talk or assumptions you are making without data, you will lose out on thousands.
11. YOUR NUMBER ONE LEVER DURING A PROMOTION OR OFFER IS OTHER OFFERS.
The best time to get offers is when you already have an offer. There is no single better time to get an offer when a company is already interested in you. Would you buy a house by only pricing one house? No, that would be insane. So don't determine your future salary with only one offer. Go out there and hustle and let companies know you have an offer but you are excited about the position they have and would love to speed up the process.
12. BOOK A SESSION WITH HIRECLUB IF YOU WANT HELP.
The sooner in the process the better. Our median increase is $22k. Our coaches are pros at this. You might negotiate a few times in your life. Recruiters and HR personnel negotiate every day. When you book a session with us, be prepared to take notes and listen.Our coaches are better at this than you. We can help overcome that gap and make you more money.