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This question is something I must ask every time I talk to a new candidate about a new job opportunity.  Whether you’re aiming for a higher income or simply seeking fair compensation for your skills and experience, negotiating salary can be an important moment in securing a new position. When contemplating a career move, it’s essential to carefully consider your salary expectations and approach the negotiation process strategically.

Understanding Your Worth

You should have a clear understanding of your own value in the job market. Researching industry standards and average salaries for similar roles in your location can provide you with insights into what to expect. Websites like Glassdoor, PayScale, and salary.com offer salary data and insights tailored to specific industries and regions, helping you benchmark your expectations. You want to factor in the cost of living also if there is relocation needed, for example California is more expense than Alabama.    Make sure you consider factors like your level of experience, specialized skills, relevant qualifications, and the demands of the role.

Setting Realistic Expectations

You need to look at your own budget and expenses.   Add up all your monthly expenses, housing, utilities, insurance, transportation, groceries, debt+ loans, and even guiltfree spending for 6 months than double it.  This is what you need just to stay at the status quo of your life.   Now then add 20% to give yourself some negotiation power.

Beyond base salary, consider other factors such as benefits, bonuses, stock options, professional development opportunities, and work-life balance initiatives. A comprehensive compensation package can sometimes outweigh a higher base salary.

During initial discussions with potential employers or industry specific recruiters, it’s advisable to provide a salary range rather than a fixed figure. This approach allows for flexibility and demonstrates your willingness to engage in a constructive dialogue. However, ensure that your range reflects your research and aligns with your financial needs and career aspirations.

If you have any questions about hiring, please reach out and you will see your question answered in our next newsletter.