Tori Dunlap learned the importance of salary negotiation early in her career. This strategy once earned her an additional $10,000 on a job offer, which was instrumental in helping her save $100,000 by the age of 25 and launch Her First $100K, a financial education platform aimed at women and marginalized groups. Now 30, Dunlap emphasizes that successful negotiation isn't about getting everything you want since that’s often beyond your control. Success, according to Dunlap in an interview with CNBC Make It, comes from being well-prepared, gathering all your data, and doing your best during the negotiation process.
Viewing negotiation as a conversation rather than a competition can help you think beyond just salary and consider other elements of the compensation package that could be flexible. If salary expectations aren’t met, Dunlap suggests negotiating other perks like paid time off, remote work opportunities, job titles, or other personal priorities.
According to Stacie Haller, chief career advisor at ResumeBuilder with over 30 years of recruiting experience, it’s a positive sign if an employer is willing to negotiate multiple aspects of an offer, even if not every demand is met. “Negotiating is about feeling that you’ve been given something,” says Haller. Even a small concession can show the employer’s willingness to extend themselves for you.
It’s important to distinguish your essential compensation needs from additional nice-to-have bonuses. “You don’t need everything, but know what’s essential and don’t negotiate those away,” advises Haller.
Thinking ahead can also be beneficial, such as inquiring how often employee performance and salary reviews occur. Ask the hiring manager what skills or achievements are needed to secure the raise you desire and how long this process typically takes, Haller recommends. Dunlap suggests getting these details in writing when accepting the offer, so when you meet these expectations, you have proof ready to justify a raise.