Salary negotiation is uncharted territory for many veterans, a world away from the structured pay scales of military life. Plus, it’s an important part of the job hunt that tends to get overlooked by transition assistance counselors – why? Because the focus is often placed on résumé writing skills, and interview tips. While these are essential, failing to work on your negation skills can (in the worst case) set you up for underemployment.
Negotiation might feel adversarial at first, a stark contrast from the comradery of military life, but it doesn’t have to when it’s just another facet of the job search.
Here are some tips to help you better understand what the process looks like and why you should even do it in the first place, starting with your market value.
Market Value
Getting to know your market value isn’t as grandiose as it seems. If you put the research time in, you can develop a solid idea of what kind of salary you should be aiming for before too long.
For example, say you were looking for a business analyst role in San Diego, California – according to Levels.fyi, the median base salary for this role in this location is $124,750. For the same job title in Madison, Wisconsin, the median wage is $82,000.
This is important to know so you don’t end up taking a job that pays below the market average (although you might want to take a lower-paying job for other benefits). You can also use this information to potentially negotiate a better salary (more on that later).
Good websites for helping you find this data include:
Market guides can also be a handy resource, particularly if they give you some up-to-date info on hiring trends. They’re often free, so it’s worth downloading a few from recruiters who specialize in your particular area (location and employment niche). Check out this guide from Broadgate, our sister company and specialized Finance and Compliance recruiter, for an example: https://www.broadgatestaffing.com/blog/2024/02/download-our-2024-market-guide
You can always speak to a recruiter to get a better idea of what salary your specific skill set could fetch, and they’ll likely help you improve your employability sales pitch in the process.
Negotiation
Now you’ve done the homework, it’s time to start thinking about the main event – the negotiation. Here’s what you should probably (definitely) avoid:
Avoid diving straight into the salary conversation. It might be tempting, but it’s best to wait and sell your skills and experiences first. Starting off with the salary typically breaks convention (in the wrong way), and it may make the other candidates seem more desirable. It’s generally best to avoid negotiation until you’ve got an offer.
Avoid accepting the offer immediately. It’s tough to go back and negotiate after the fact, as you’ve already accepted the terms. You’re allowed to think about it (but not for too long – ask them if you can have a day).
Avoid getting caught up on the salary. Nowadays, many companies offer a range of benefits outside of salary compensation. You might find that a business offers targeted benefits that better support your needs. For example, equity, premium healthcare insurance, dental coverage, gym memberships, flexible working, etc.
And now for some of the must-do’s:
Always lean on your research! You’ve scoped out the market, and now’s your chance to use your learnings to help you improve your salary package (if applicable). If you think you’re being offered less than the going rate, you’ve got the data points to back yourself up.
Always justify your negation. Your market research can only get you so far. It’s best to lead with why your specific set of skills and experiences justify a pay increase.
Always plan ahead. Even if you’re a fast-talker prone to world-class improvisation, the situation can be tense and stressful, and you don’t want to get caught off guard. It’s worth writing down some talking points before you start the negotiation process.
Remember to work on your delivery too, the hard sell might not go down so well in today’s employer-driven market.
Why Negotiate?
As mentioned previously, you don’t want to sell yourself short. Say you were hired alongside a counterpart, but they managed to secure the top end of the salary through negotiation while you get stuck in the middle ground – when it comes to the salary review, a 5% increase on a higher wage will create a compounding effect, and you’ll find yourself in an even worse spot comparably. Remember, a lower base salary can affect you later on down the line, especially when it comes to the amount you contribute toward your pension.
Negotiation can also make you stand out from your fellow candidates in the right way. Negotiation skills are valuable to an employer, and a decent one will recognize the value in hiring you if you’ve got the initiative to do it for yourself.
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