A lateral move, while not a promotion in title, can still represent significant career advancement. It might offer new challenges, skill development, or a better work-life balance. However, it's crucial to ensure your compensation reflects the value you bring, even without a hierarchical leap. Negotiating salary for a lateral move requires a strategic approach. This guide provides simple yet effective ways to excel at this crucial process.
Research is Key: Know Your Worth
Before even considering a conversation about salary, thorough research is paramount. This isn't just about looking up average salaries for your role; it's about understanding your individual value.
1. Analyze Your Current Compensation:
- Total Compensation: Calculate your total compensation package, including salary, bonuses, benefits (health insurance, retirement contributions, paid time off), stock options, and any other perks. This gives you a solid baseline.
- Market Value: Use online salary resources like Glassdoor, Salary.com, Payscale, and LinkedIn Salary to research salaries for similar roles in your location and industry. Consider factors like experience, skills, and education.
2. Identify Your Unique Selling Points (USPs):
What makes you uniquely valuable to this new company? This could include:
- Specific skills and expertise: Highlight specialized software proficiency, industry knowledge, or proven success in specific projects.
- Quantifiable achievements: Use data to demonstrate your past contributions. Instead of saying "improved efficiency," say "improved efficiency by 15% resulting in $X cost savings."
- Soft skills: Emphasize teamwork, communication, problem-solving, and leadership skills, especially if the new role requires these attributes.
Mastering the Negotiation Conversation
Once you understand your worth, it's time to navigate the salary negotiation conversation effectively.
3. Timing is Everything:
Ideally, negotiate salary after you've received a formal offer. This demonstrates your genuine interest in the position.
4. Frame Your Request Positively:
Instead of focusing on what you want more, emphasize the value you bring. Frame your salary expectations as an investment in their team's success.
5. Be Confident and Assertive (But Professional):
Maintain a confident demeanor during negotiations. Clearly state your desired salary range, backing it up with your research and USPs. Be prepared to justify your request.
6. Negotiate Beyond Salary:
Remember that compensation extends beyond just base pay. Consider negotiating:
- Bonus Structure: Explore opportunities for performance-based bonuses aligned with company goals.
- Benefits Package: Negotiate improved health insurance coverage, retirement contributions, or paid time off.
- Professional Development: Inquire about opportunities for training, conferences, or mentorship to enhance your skills.
7. Be Prepared to Walk Away:
Knowing your bottom line is crucial. If the company is unwilling to meet your minimum requirements, be prepared to decline the offer. This shows you value yourself and your expertise.
Optimizing Your Post-Negotiation Strategy
After the negotiation, it's important to follow up effectively.
8. Document Everything:
Keep records of all communication, offers, and agreements. This is crucial for future reference.
9. Express Gratitude:
Regardless of the outcome, express your gratitude for the opportunity. Professionalism is key throughout the process.
By following these steps, you can significantly improve your chances of securing a competitive salary for your lateral move. Remember, your worth is more than just a title—it’s about the value you bring to the table. Effective negotiation reflects this value and helps you achieve the compensation you deserve.
