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Negotiating a higher salary is one of the most important things you can do for your career. It’s a skill that can help you earn hundreds of thousands of dollars more throughout your lifetime.
But for many people, negotiating salary is a daunting task. They’re afraid of asking for too much or of saying something wrong that could jeopardize their job offer.
A survey by Salary.com revealed that only 37% of people always negotiate their salaries, while an astonishing 18% never do.
In this guide, we’ll break down the key steps to negotiating a higher salary, so you can confidently step into that conversation and come out with more in your pocket.
Why is it important to negotiate a salary?
There are several reasons why it’s important to negotiate salary. 
First, it’s your chance to get paid what you’re worth. If you don’t negotiate, you’re likely to be underpaid, which can have a significant impact on your financial well-being over time.
Secondly, negotiating salary is a way to assert your value to your employer. When you ask for a higher salary, you’re showing that you’re confident in your abilities and that you know what you’re worth, helping you build respect and credibility with your manager.
Moreover, negotiating salary helps you advance in your career. Being paid fairly makes you satisfied with your job and encourages you to stay with the company for the long term, leading to more opportunities for promotion and professional development.
Benefits of getting paid what you deserve
There are many benefits to getting paid what you deserve. Some of the most notable benefits include:
- Reduced financial stress
- Increased job satisfaction
- Improved career prospects
Why are people often afraid to negotiate salaries?
Some of the most common reasons why people are often afraid to negotiate salaries include:
- Fear of rejection or job withdrawal by their employer
- Fear of coming across as pushy or demanding
- Lack of confidence in their abilities
- Lack of knowledge on how to negotiate salary effectively
How to negotiate a higher salary
If you’re afraid to negotiate salary but want to get paid what you deserve, there are a few things you can do:
1. Know your market value
The first step to negotiating a higher salary is to know what you’re worth. Do some research to find out what other people in your position with your experience level are making.
You can use online resources like Salary.com, Glassdoor, and PayScale to gather this information.
2. Understand that good timing is key
Choose the right moment to talk about a raise. Your negotiation should come after a big achievement or during performance reviews. Timing matters.
3. Prepare your pitch
Create a strong pitch highlighting your achievements and skills. Why do you deserve a higher salary? What unique skills and experience do you bring to the table? How have you contributed to the company in the past?
During one of the recent leadership programs I attended, one of the facilitators by the name Nkiru-Olumide Ojo noted that you should always capture your values because that’s what guarantees your place at the negotiation table.
Be prepared to articulate your value clearly and concisely.
4. Schedule a meeting with your manager or HR representative
Be upfront about what you want to discuss and let them know that you’re interested in negotiating a higher salary.
Likewise, be confident. If you don’t believe in yourself, why should your employer? Your manager may not be able to meet your initial salary request but maintain consistency until you reach an agreement that you’re both happy with.
5. Be prepared to walk away
If you’ve given it your all and still not getting the salary you deserve, be prepared to walk away from the negotiation. This shows your manager that you’re serious about getting paid what you’re worth.
Final thought on salary negotiation
You don’t have to fear asking for a higher salary. Follow these steps, and you’ll be on your way to getting paid what you deserve.
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