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Cultivated Culture published a really interesting article this week from a recent spanning more than 93,000 LinkedIn participants. The poll asked participants about salary negotiations, their concerns with negotiating, their history in negotiating, and additional questions on compensation to find:
Negotiation PAYS.
Research shows that negotiating your salary can significantly impact your earnings over the course of your career. Shockingly, 54% of people didn't negotiate their salary for their last job offer. To put this into perspective, a 25-year-old starting at $55,000 per year could potentially earn $634,000 more over a 40-year career with just a bit of negotiation.
Fear vs. Reality.
The fear of losing a job offer often holds candidates back from negotiating. However, statistics from VidCruiter reveal that 90% of employers have never rescinded an offer due to negotiations, and 84% expect candidates to negotiate. Contrary to popular belief, negotiating is not only accepted but expected in the hiring process.
Bottomline: Any company that rescinds an offer because you professionally and respectfully requested a higher salary is a company to avoid.
Negotiation Success Rate.
Despite fears, 93% of those who negotiated their salary ended up receiving more than the original offer. This data speaks volumes about the potential gains from advocating for your worth. In fact, nearly half of negotiators received even more than they anticipated.
Preparation is Key.
Surprisingly, many candidates spend little to no time preparing for negotiations. Sixty-five percent spend less than an hour, and 33% don't prepare at all. Considering the significant impact on future earnings, investing time in negotiation preparation is well worth it.
Spend time researching your local market using free salary tools like Salary.com, Payscale.com, SalaryTransparentStreet.com, Glassdoor.com, and Indeed.com.
Identify where the market median currently sits and expect most companies to pay somewhere around 60%-110% of midpoint. Compare that range with any posted salary range to zero in on where the company's pay strategy sits against your skills, qualifications, and how competitive the market is for your talent.
Base Salary Matters.
For 77% of candidates, base salary is the top priority when considering compensation packages. While base salary provides security, it's essential to remember that other components, such as benefits and bonuses, can also add significant value.
Consider other options in addition to your salary ask, things like child care reimbursement, additional paid time off, a sign on bonus, a commission bridge (for sales professionals), credentialing reimbursement, and more can give you more areas to put on the table for exploration. Prioritize what's most important to you and build a competitive and desirable strategy that meets your needs.
Barriers to pay equity remain.
68% of candidates feel that their background, race, or ethnicity has hindered their chances of promotions or pay increases. While companies continue to speak on their commitment to inclusion, it doesn't work its way into hiring and compensation practices. Bias in negotiations and fair pay continue to exist.
Understanding the significance of negotiation, preparing effectively, and advocating for your worth are critical steps in securing a fair and rewarding career path. Don't let fear or misconceptions hold you back from maximizing your earning potential and achieving your professional goals.
Need a boost? Need an expert in your corner while you negotiate? All of our packages include access to on-demand advisory. Take advantage of my 20+ years in hiring, compensation, and people practices to make a counteroffer they can't refuse.
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