5 Ways to Win Every Salary Negotiation

​Whether you realize it or not, you've been negotiating forever. Maybe it was for a later curfew in high school, an even workload in a group project, or splitting the check after a dinner with friends. But when it comes to negotiating for higher pay, a promotion, or even more vacation time, why does it feel so intimidating? Granted, approaching your boss to basically say, "Hey, I think I deserve more than I'm getting," can feel a little weird. You don't want to come across as entitled or demanding, but you also don't want to sell yourself short. Luckily, there is a middle ground.

1. Do your research. You wouldn't make a significant purchase like a car or an apartment without ensuring you're getting a fair deal. Treat any new moves in your career the same way. Before heading into any conversation about a raise or promotion, do some research on your market value. Rachel Kim, a career strategist and coach at modern finance company SoFi, recommends doing company-specific research to find out more about its pay scale. "Perhaps you've developed good relationships with peers or mentors who have previously held a similar role," says Kim. "They might be willing to share their own [salary] information."

Besides reaching out to your network, take advantage of resources that show you comparable salaries of peers in your field. Sites like Glassdoor and Pay Scale reveal actual company salary info. SoFi's Salary Trajectory by Degree, for example, uses verified income data from over 300,000 student loan borrower applications to reveal the average income of graduate degree holders during the first 10 years after graduation. This way, you can see how your salary stacks up in the market and avoid selling yourself short in a negotiation.

[pullquote align="C"]Don't think of the negotiation as all-or-nothing.[/pullquote]​

2. Prepare backup requests. While you might have your sights set on a pay raise or promotion, consider whether you'd be willing to compromise on other benefits. Don't think of the negotiation as all-or-nothing: If your employer is unable to give you what you're initially hoping for, it's not necessarily game over.

"If you hear a 'no' on the salary increase, hopefully with the reason why, that's an opportunity to present your backup requests," Kim says. Maybe you'd love more opportunity for professional growth. If so, Kim recommends asking for projects that will allow you to showcase skills that could eventually lead to a promotion. If the issue has more to do with a company's budget than your performance, you can ask about something like additional paid time off or ability to work remotely.

3. Don't be afraid to humble brag. If there's a time to bring up the great things you've done for an organization, it's during a negotiation discussion. While knowing your value is important, come prepared with specific examples. You should document your accomplishments from the moment you start your job — big and small — so you're prepared to reference instances where you took on responsibilities outside of your job description, or when you were assigned a special project and totally nailed it. This is also a great time to talk about any achievements you want to make in the future and your plan to continue your success​. Trying to negotiate a raise or promotion, and blanking on why you deserve either doesn't really bode well for you.

4. Learn from previous negotiations. If past conversations about a pay raise or promotion have stalled, it's essential to ask your boss for concrete reasons as to why and what you need to do to move the conversation forward. By gaining specific insight on what didn't work, you can better prepare for the next time you negotiate. Ask your boss or manager when would be an appropriate time to revisit the conversation. Then, don't forget to follow up when the time comes.

5. Consider how you want the conversation to end. So you've drafted countless emails and rehearsed how to approach your boss about a potential promotion. Or you've landed the initial meeting to discuss a raise, and now you're practicing how to keep your cool and stick with the amount you are asking for. While the beginning and the middle of the conversation is important, don't be blindsided by an end result you weren't expecting — like a big, old "no."

"If you are rejected or offered way less than what you want, it's OK to be honest that you're disappointed, but ask what, if anything, you can do next time to make a stronger case and when it may be appropriate to do so," Kim says. However, it's important to recognize what you would be willing to compromise on and where you would draw the line. And if it truly doesn't work for your personal career goals and growth, you might have to walk away. Ultimately, though, remain respectful and gracious whether or not you get everything you wanted. "The best negotiation conversations are ones where both sides feel like they got something without compromising their values, their position, and definitely not the relationship," Kim says. Basically, don't burn bridges, people.

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