Negotiating Salary in 2023: 7 tips for getting a raise
With inflation, layoffs and overall economic uncertainties, job seekers and hiring managers are in unique positions. If you are interviewing for a role, you may be unsure what to ask for in fear of losing a position to someone who requested less. If you are currently in a role, you may want to negotiate your current salary but don’t want to risk being laid off. Negotiating salary is perfectly normal, but that doesn’t mean it isn’t nerve wracking.
First things first: Many reputable resources and studies state that you should be receiving a 3% raise annually, with some like Indeed stating that you can even ask for a 10-20% raise. With this in mind, you still need to approach negotiation prepared. Here are some insights and tips on negotiating salary in 2023.
1. Prepare for a conversation.
While a 3% raise is standard, you are still asking for something that your company doesn’t necessarily have to give you. Ask yourself: Why do I deserve a raise? What have I done this year that I can highlight in a conversation? Negotiating salary, whether for a new role or a current role, should be approached as if it’s an interview. Be prepared and professional. It may not be an easy conversation, but it’s important that you’re ready to answer any questions that arise.
Tip for success: Throughout your work year, keep track of important accomplishments, key statistics related to your job and ways that you stood out in your role.
2. Be grateful.
Make sure you state your gratitude for the role and highlight this isn’t a make-or-break situation — instead it’s a conversation. It’s totally fair to ask for a raise, but remember to not burn any bridges!
3. Identify your ideal salary.
As stated earlier, companies have different ideas of a respectful raise. Make sure to do your research and have a clear understanding of the standard market salary for your role and location. If you want more that what is standard, make sure you can justify it. There is a balance needed when negotiating: Don’t ask for something too high, but, don’t lowball yourself. Companies won’t often give you more that you ask (because they want to save money), but if your request comes off too strong, you may scare them off. Including a range can help.
Horizontal Talent Recruiter Rachel Thrune says, “Know your worth but also know where the market is at. Be flexible with your rate.”
4. Know who you’re talking to.
You are negotiating with a person! They understand the need for competitive compensation and have probably been in your shoes before. Make sure you are personable and speak to them as if they are more than just the thing between you and a raise.
5. Be honest.
Don’t falsify market salaries to justify your request! As tip number 1 and 3 explain, backing up your negotiation will pay off. Make sure you can defend your request with market data.
6. Look at the big picture.
If you are noticing negotiations are dragging on, look at the big picture and decide if the negotiation is worth your time. If you aren’t receiving your desired salary, it may be time to look for a different role. But it’s also important to look at the other benefits of the role and see if those outweigh the extra money. Can you get more vacation days or an end of the year bonus? The job market may not be great at the time of negotiation, but if you like your role, waiting another 6 months to negotiate may be in your best interest.
“I had a candidate turn down a job that paid him $30,000 more because he felt the other job offered better leadership, better culture and a bigger path to grow and develop,” says Jeff Seebinger, Horizontal Regional Vice President.
7. Be confident!
Don’t underestimate yourself. You have a unique personality and skill sets. It is important that you request what you deserve, and companies will recognize your capabilities. While it may feel as if you’re on an island, negotiating salary is normal.
“Imposter syndrome is real! Everyone has felt this and will feel this in their career. You are where you are supposed to be. You deserve your seat at the table. Remember that!” -Mandy Hay, Talent Acquisition Partner, Horizontal Talent
If you don’t feel like your company is valuing your skills as much as they should, it may be time to consider searching for a new job. We can help you find a role where you feel valued and are receiving your desired salary. Get in contact with a Horizontal recruiter today.
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