Negotiating your salary with an employer can be a nerve-wracking experience. In fact, according to a recent study by Pay Scale which surveyed over 30,000 American workers, they found that 57% of people never had this conversation with their employer.
There were a variety of reasons why more than half of the people surveyed didn’t ask, one of them was that they would be uncomfortable bringing up the subject because they might be perceived as greedy. However, failure to assert your self-worth can potentially cost you hundreds of thousands, or millions of dollars over the course of your career.
There are many reasons why salary negotiation is necessary. Check out these three primary reasons below:
Not negotiating will cost you.
When you negotiate salary, you’re not just negotiating the number that will appear on your next paycheck.
Taking less than you deserve can hurt your performance at work. Underpaid workers are less satisfied and less productive — meaning that you might be less likely to earn that raise, anyway.
2. Negotiating probably won’t hurt you.
Seventy-five percent of those who asked for a raise received some kind of a pay increase. If that surprises you, you’re probably among that eight percent that’s afraid they’ll lose their job for asking.
Your fears, while understandable, are most likely unfounded. The vast majority of employers won’t pull a job offer — or fire you — simply for asking for more money. Especially during the negotiation phase of the interview process, most employers not only accept that candidates will ask for more money, but expect it.
In other words, you have little to risk by negotiating … and you might find out something about your potential employer that could change your mind about taking the job.
3. Fail to negotiate, fail to grow.
Negotiating salary provides benefits beyond more money. It helps you learn how to tackle difficult conversations at work, while being professional, cooperative, and non-adversarial.
The best way to ask for a raise is after a great deal of preparation. Successful negotiators do their research on appropriate salary ranges, prepare their salary negotiation script, and go into the conversation regarding the other party as a negotiating partner.
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Article Source: Pay Scale