If you dread salary negotiations, you are not alone. Negotiating a salary is something that most women I work with dread. Here are a few of the most common mistakes I see professional women make over and over again:
“Well…first I will submit my resume and give a great interview. Then, I will prepare for the salary negotiation.”
“I will wait until my boss gives me a raise. I trust my company to reward me for what I am worth.
“My boss knows how hard I have been working.”
“The economy is pretty bad right now so I know that I probably will only get a 1-2% raise.”
If you have ever had any of these thoughts, you will never get paid what you are worth. Here are five things you need to understand during salary negotiations:
5 Ways to Get What You Deserve During Salary Negotiations
1) Understand Benchmarking
Benchmarking helps you understand how your organization compares with similar organizations. It is the process of determining who is the best, who sets the standards, and what that standard is. Your ability to understanding benchmarking is important because you don’t want to be in a company that is never going to pay you what you’re worth.
Understand how employers decide the salary level in your industry and adjust your job search accordingly. There are a variety of benchmarking tools you can find, but they all include comparing pay rates with the following:
Average pay at other companies in the industry
Average pay for professionals with your level of experience and education
Average pay for professionals in your field in your area of the country