What You Need to Know About Negotiating

The thought of negotiating often triggers anxiety, especially when it comes to negotiating salary, benefits or hours. Employers generally expect job candidates to negotiate some aspects of an offer, but most prospects simply accept the offer that's presented, fearing that negotiating might trigger an unfavorable response. Don't sell yourself short. Follow these tips to overcome your fear of negotiating and increase the likelihood of a favorable outcome for you and the other party.

Do Your Homework

Before negotiating salary or business deals, it's essential to do your homework. If you're negotiating salary, research the company's website to determine the average salary for the position to ensure your recommendation is suitable. You can also research the Bureau of Labor Statistics website to find the average salary range for someone with your education and experience. If you're negotiating a business deal, find out about previous deals the company made by reaching out to current or former employees or professionals within the industry who might be familiar with the organization's business practices.

Prepare as far in advance as possible to ensure you have time to gather ample information about the company, as you want to appear well-informed during the negotiation. The knowledge you obtain allows you to defend your position, so take your research time seriously, and present your findings in a professional manner.

Negotiate Confidently

If you appear terrified while negotiating salary or business deals, the other party is sure to notice. Feeling fearful might also cause you to accept an unsuitable offer without taking a stance, and this is especially likely if you're an unemployed job candidate in desperate need of money. Act confidently during negotiations, regardless of your personal or financial situation. Leave your emotions at the door, and maintain a calm, collected, and confident demeanor while negotiating.

Practice negotiating with a friend or former colleague to ease some of your anxiety and boost your confidence before the meeting, and ask them for honest, meaningful feedback to determine how you can improve your negotiation tactics. Know your value, and be ready to articulate your worth to the other party to increase your chance of getting your needs met during negotiations.

Be Flexible

While it's important to make sure the other party is being fair, it's just as important to remain flexible during negotiations. When negotiating salary, consider that the employer might have already established a temporary budget for the position, but don't count the employer out if he expects a drastic increase in that budget the following year.

Also, many employers are willing to compensate for a small salary by offering stock options, extra vacation time or professional development opportunities, so keep this in mind when negotiating salary. Don't just think about yourself when negotiating. Be willing to compromise to ensure the other party is also satisfied with the outcome.

Negotiating is expected in the business world, so never lower your goals or sell yourself short due to fear. Do your homework, however, and remain professional while negotiating. Don't hesitate to bend a little, especially if the end result leads to a favorable outcome for everyone involved. Negotiating your salary, job title or schedule is not scary if you use the right strategy, so keep these tips in mind before accepting your next offer.

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