In the realm of career advancement, the untapped power of salary negotiation has emerged as a game-changer, with the potential to reshape your financial trajectory. Economist Linda Babcock of Carnegie Mellon University emphasizes the impact of this pivotal moment, cautioning that failing to negotiate at the outset could cost ambitious professionals a staggering sum—ranging from $1 million to $1.5 million over the course of their lifetime.
Recent figures from the Pew Research Center reveal a disconcerting trend: a majority of U.S. workers don’t advocate for higher compensation. However, there’s a silver lining: two-thirds of those who dared to negotiate their starting salaries successfully secured more money than initially offered.
Once we understand the importance of seeking more, how do we make sure the negotiations move in our favor? Quartz turned to career coach Sam Demase, author of A Power Mood, for her scripts on salary negotiations.
Forget sweaty palms and a tangled tongue. To avoid missing your golden opportunity to negotiate, come prepared with statements that will not only impress your boss but also bolster your earning potential. Demase offers three phrases to strike from your negotiation playbook and provides powerful alternatives that will have decision-makers nodding in agreement.
1. Banish the self-sabotaging phrase:
I know this may be over your budget, but I’d like to ask for ________.
Instead, channel your inner powerhouse and confidently state:
Based on my achievements in X, Y, and Z, I know I’m poised to make an immediate impact here. Can we align my salary closer to _____?
2. Next up, leave behind the wishy-washy sentiment:
I don’t have an exact number. I’m flexible on the salary.
It’s time to show unwavering resolve. Demand what you deserve with conviction and propose this:
A sign-on bonus of $15,000 will bring me closer to my target compensation. Can we make that happen?
3. Lastly, bid farewell to the mundane and uninspiring plea:
My living expenses are increasing, so I’d like to make X.
Instead, elevate your negotiation game by expressing gratitude for the offer and injecting a dose of excitement:
Thank you so much for the offer. I’m thrilled about the possibility of joining this awesome team. Based on my market rate, the unique value I am bringing to this team, and my extensive experience, I am looking for $100,000. Is that something we can do?
In the realm of salary negotiation, fortune favors the bold. The art of securing a prosperous future lies in your hands. With Demase’s expert guidance, you possess the keys to negotiating successfully and unlocking a wealth of opportunities.