If you’re thinking about changing careers and you want to ensure you maximize your salary and future earnings by negotiating effectively, then this is going to be a helpful guide for you.
Changing careers can have many benefits if the change is planned properly and you take time to ensure you are leaving for the right reasons and moving into a company and role that fill your needs and desires.
While there are reasons why you should or want to stay in your current job, there are also many reasons one might choose to switch to a new career – stress, toxicity, feeling stuck, or a desire to pursue something more fulfilling.
Whatever your reason for switching jobs may be, you’ll want to ensure you maximize your salary in your new role. Making your career leap successful starts with the right preparation and mindset.
When considering a career change, there are a few key points to remember.
So here are the things that you need to understand:
1. What is your market value?
Knowing your market value or the market value of your current position is important in determining your worth in negotiations. To determine your market value, the best approach is to thoroughly research salaries for similar roles in your field. This can be done by looking at salary surveys or websites like Glassdoor and PayScale.
It’s best to research the current market rate for your specific industry or geographical area. As well as researching the national averages. This can aid negotiations and help you understand what other employers offer for similar positions to ensure you get a fair and competitive salary for your work.
Additionally, you can use networking and job boards to gain insights from individuals in your field.
To simplify this process, I’ve created a free guide (name and link to follow) for you that you download here to ensure you are maximizing your income by properly valuing yourself.
2. Be prepared to advocate for yourself by negotiating
Confidence is key when valuing yourself for a new position. Of course, you have the skills and experience to back up your desired salary. Your confidence is what transfers that value to the new company.
Part of being confident in your skills is the ability to know your value and then be willing to negotiate for that value.
To ensure you are being compensated at your maximum value, you’ll want to advocate for yourself and use the information you have gathered to negotiate with potential employers. It’s more of an opportunity than a risk because around 80% of hiring managers expect you to negotiate even for a new career.
Suppose the company offers you a low salary and is unwilling to negotiate. In that case, it may be better to look for other opportunities because your likelihood of advancement and reaching your future career goals will be limited.
3. How to negotiate a salary increase when changing careers?
When asking for a salary increase, there are some things you should and shouldn’t do. Your goal is to maximize your earning potential. To successfully accomplish this goal, you’ll need to keep the discussion open until you understand how much the company is willing to pay for the position.
It’s best not to tell them your salary requirement until:
- You have the details on what the position entails.
- They’ve told you what the salary/salary range is for the position
- You’ve explored if others have made more than the range given
The true negotiation doesn’t happen during the application process or the initial interview. It starts when the job offer is given.
If your offer is below what you expected, you can negotiate by simply asking. Before you ask, you will want to genuinely express your interest in the position and the company. Remaining positive is key to ensuring the company still feels you will be happy no matter what compensation you end up receiving.
A simple and low-risk way to start any negotiation is to ask.
“ Is this offer negotiable?”
They will most likely respond by asking you what you are looking for. So, you want to ensure you’ve researched when you respond with.”
“I’m looking for a competitive offer and based on my skills, understanding of the position, and research, a competitive offer would be in the range of XXX.”
If they tell you they cannot meet that requirement, a simple and effective response is: “ How high can you go?”
This ensures that you are maximizing your earning potential within this role.
If they tell you that the offer is not negotiable and it’s well below your market value, I’d advise you not to take the job and continue looking for a company that values you properly.
Bonus tip: After you reach an agreement, be sure to express your excitement and gratitude for the offer.
When beginning the process of changing your career, creating a plan to simplify the process for yourself is most beneficial. To sum up, find your market value and believe you are worth more, figure out what numbers you want to get to, give them a range, determine what the company is willing to offer, and negotiate.