Three Must-Know Salary Negotiation Tips for 2024
Salary negotiation. Let’s talk about it. In 2024, there are three things you need to know before you try to negotiate salary. As always I’m bringing you tips and tricks directly from J.T. O’Donnell herself. It’s time to dive in!
Let's face it—the job market has shifted dramatically. It's now an employer's market, and companies are becoming more strategic and budget-conscious than ever. But don't worry! With our tips, you'll be well-equipped to navigate salary negotiations like a pro.
Step 1: Know Your Range
Gone are the days of applying to every job that catches your eye. In 2024, it's all about being selective and realistic. Here's the deal: if a company publicly lists a salary range, you need to ensure your "walkaway rate" (the minimum amount you'd accept) falls within that range. If it doesn't, save yourself time and energy by not applying through the typical online channels.
But wait! Don't lose hope if your desired salary is above the listed range. I've got a bonus tip for you at the end that might just be your golden ticket!
Step 2: Master Evidence-Based Answering
The interview process is your prime opportunity to showcase your worth and set the stage for higher pay. The secret weapon? Evidence-based answering.
Instead of relying on hypotheticals or simply stating your experience, you need to provide concrete examples of your achievements. At Work It DAILY, we use the "Experience + Learn = Grow" model. This framework helps you craft compelling stories that demonstrate your unique value proposition.
Remember, every answer you give is a chance to subliminally prove your worth. Make each one count!
Step 3: Prepare Your Negotiation Arsenal
When that offer finally lands in your inbox, you need to be ready to negotiate like a boss. Your secret weapon? A well-prepared table that showcases your value.
Here's how to create it:
In the first column, list all the job requirements (from the original posting and any additional info gathered during interviews).
In the second column, match your experience to each requirement.
Highlight in green any areas where you exceed the basic requirements.
This table becomes your negotiation roadmap. If the offer isn't quite where you want it, you can confidently present this document to make your case for higher pay.
When discussing the offer, try something like this: "I'm honored and excited about this opportunity. However, I was hoping/expecting [your desired salary]. I've prepared this table to show how I not only meet but exceed your expectations in several areas. I believe I'll provide the best return on your investment at [desired salary], and I'm committed to proving my worth every day."
By providing this evidence, you're not only justifying your ask but also giving your potential employer the ammunition they need to advocate for you up the corporate ladder.
Bonus Tip: The Back Channel Approach
Remember that promise I made earlier? Here it is: If you've found your dream job but the listed salary range is below your target, don't give up! It's time to get creative with the "back channel" approach.
Instead of applying online, try to connect directly with a recruiter or hiring manager. Craft a personalized connection request (LinkedIn is perfect for this) with a teaser like, "Can we connect? I have a quick question and a story to share."
Once connected, ask if they're considering candidates outside the posted salary range. Then, share your "connection story"—a compelling narrative that combines your unique value proposition with your passion for the company's mission.
This approach has worked wonders for many of our clients, often leading to interviews even after initial online rejections. It shows initiative, demonstrates your understanding of the company, and can open doors to higher salary considerations.
Remember, in 2024's job market, preparation is key. Don't wing your salary negotiations—approach them with strategy and confidence.
Want more insider tips and personalized guidance for your job search and career growth? Sign up for a Work It DAILY membership today! We offer a 7-day free trial, giving you access to our expert-led courses, coaching, and supportive community. As a valued newsletter subscriber, you can use the code NEWSLETTER10, to get $10 off a membership if you decide to stay after your trial. Click HERE to learn more. Your dream career (and salary) are waiting—let's make it happen together!
You’ve got this!
Cassidy O’Donnell
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