Knowing what you expect to be paid is critical for a salary negotiation. Be aware of what the job market is paying for someone in your city, doing the same job with your experience, education, skills, and track record of success. Use data to establish your walkaway rate. Leave your ego and emotions out of your negotiation. Be willing to decline a position if they do not offer you your minimum desired base salary. It is not a failure if you are not offered your minimum, just a misalignment of what the employer can offer and what your experience is worth.
10 variables that go into your walkaway rate:
- What the local job market is paying for someone with the same job title at a company of the same size with your skills, experience, education, and track record of success.
- The value of your proven skills and strengths to them. Are you bringing unique skills and perspectives to the table?
- The value of your experiences, education, and work history.
- Your track record of success including quantified achievements (Example: “I increased sales by 15% in my department by creating an email template to send to high-level customers that allows them to add items to their online shopping carts and reduce their wait time.”).
- The speed at which you work and deliver value.
- Your compensation history (which you should always avoid sharing in a salary negotiation), your compensation should always be going up.
- How badly they need you. Are you solving pain points?
- Your personal situation. Can you hold out for your dream offer or do you need to accept a reasonable offer that can be used as a stepping stone?
- The value of the job’s benefits such as insurance, 401k, etc.
- The value of the job’s perks such as free gym memberships, working from home, paid days off, flex schedules, or free food.
All of these components and more come together to create your walkaway rate. It is imperative that you establish your walkaway rate before entering into a salary negotiation. If you’re unsure of how to calculate your walkaway rate PayDestiny’s interactive three-step Salary Negotiation Preparation can help.