Track market data
Professional athletes and celebrities often have the information they need about endorsement deals and contract values as they make national headlines. However, finding out what the market is willing to offer ordinary workers takes a little more work.
Consider signing up to job platforms such as Indeed, Zip Recruiter and Glassdoor to find the median salaries for your role across your region. You could also speak to a professional headhunter or talent agency to find out the market’s average salary.
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Market data only goes so far. You can better evaluate your experience and talents by speaking with recruiters at other firms. Generating multiple job offers, according to Indeed, should help you better negotiate pay at your current workplace. If your current employer matches the salary and perks others have offered, it could help you boost compensation without job hopping. If not, it might be time to hand in your resignation.
Negotiate with a fat margin
Despite your market research and expectations, your employer may want to negotiate a lower salary than you suggest. To ensure you get a fair offer, try to build a “safety margin” into your negotiations.
In other words, start your negotiations by asking for more than your research suggests is fair. If you believe a 15% pay hike is fair, ask for 20% instead. That gives you and your employer room to maneuver and set a target that’s acceptable to you both.
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