People find themselves at a crossroads in their careers more often than you’d think. One decision that people across the country find themselves making more and more often is whether to pursue a new position or a promotion with their current company. Oftentimes, adding several years of work experience to your resume makes you a more attractive candidate to a new company, and with that increased attractiveness comes a potentially hefty increase in compensation. Conversely, advancing into a new role at your current company may provide a similar financial incentive.

What To Consider

Many people when faced with the decision to pursue a new career opportunity or a promotion struggle to even know what they should be comparing. We’ve included a few factors that we find helpful when considering the best next step for your career.

Workplace Culture

A primary consideration in your next career move is often how much you like your current job. Simply put, happy people are more likely to remain in their current position, but people who have issues with how their current job works will look to move into a different environment. Determining how happy you are with your current workplace seems easy at first, but there are a lot of factors to consider. Reflection time is essential, especially if you have an offer on the table for a different position. What do they do at your current company that you love? Does this new position offer the same benefits? Answering questions like these is your first step toward making an informed decision.

Understand The Duties Of Your New Position

It’s crucial to know what will be expected of you if you’re promoted. It’s possible that the type of work you do will change dramatically. If you enjoy your current position, a promotion might impact that enjoyment by altering your duties. New positions can do this as well, which is why it’s essential to understand what a day in a new job might look like. For more tips on what to do when asking about a new position, check out Premier’s Interview Checklist.

The Relationship Aspect

It’s important to consider how your new change will affect the ways you interact with your colleagues. Moving to a new job means new opportunities, yes, but it’s also an interruption to a social circle you may have been a part of for decades. Likewise, promotions may increase your rank in a way that creates some distance between you and the people you work with. An article by Forbes delves into this topic as well, pointing out how the additional responsibilities you incur in your new position may place unexpected amounts of stress onto your shoulders. A career change is a big step for you, but it can also be a big change for those around you.

Negotiation Tips

Salary negotiation can be a difficult and scary process. Whether you are trying to get a raise to go along with a promotion or trying to get a prospective job offer to fit your needs, there are many situations where you might find yourself needing to negotiate. Included below are a couple of tips to help you prepare for these types of conversations.

‍Market Research

Step one of any salary negotiation is understanding the salary range of the position for which you’re being promoted or hired. Most positions will have a range of salaries listed online that will give you an idea of what people like you are being paid. It’s important that whatever you ask for is reasonable in relation to the range you found during your market research. It’s also a good idea to enter negotiations with a salary floor, or a “lowest you’ll go” number that you won’t compromise on.

Show Your Stuff 

Obviously you’ve earned this interview, promotional or otherwise, but why you specifically? It’s best to go into negotiation knowing what you can (and do) offer your company. Know what work you do, and know how well you do it. If you have statistics or recommendations from colleagues, use those. Remember, you’re one of a kind!

Use An Exact Number When Asking For A Salary Increase 

An article by The Muse states that hiring managers are more likely to give you the salary you ask for when the number is more specific (say, $74,750 versus $75,000) because they assume you’ve done research on the market and know how much your position should be paid. Even more importantly, don’t use a range. Saying that you’re looking for a range (e.g. 70-75k) presents an opportunity for them to jump on the lower number. Presenting a firm number is important.

Questions Help

Start your negotiation with an inquisitive approach: ask about the goals and responsibilities of the position. Not only does this show your interest, but it also allows you to see where the hiring manager or promotion manager is. Learning their needs, priorities, and preferences will help you argue for ways that you are uniquely suited to help, thus making you an invaluable addition to their team. Trying to understand the other side will give you a better chance at proving your worth by letting you show how you fill their unique requirements.

Ask First, And Aim High 

The first number put on the table, also known as the anchor, is the point where the conversation will start. Negotiations will happen relative to that first number. If you start with a low number, or if the hiring manager or promotion manager opens with their number, you’re negotiating with a lower start point. Furthermore, negotiations often trend down as you make allowances for various concerns that they bring up. For all of these reasons, starting with your preferred number is essential in salary negotiations. It’s even better if this number is at the top of your desired range, as you’re allowing yourself a bit of wiggle room in the negative direction without missing out on the compensation you’re aiming for.

Give Your Requests An Order Of Importance 

When in negotiations, it’s important to remember that compensation is just one part of the salary package. More vacation, bigger bonus, more commission (career dependent), and flexibility in work schedule are all things that can be negotiated for. If the location you work from is important to you, make sure you let the hiring manager or promotion manager know. You may be able to negotiate some of your priorities with some of theirs in order for both parties to come out feeling like they got the better end of the deal.

Don’t Let No Mean No

No’s can come up in negotiations; it’s part of the process. Don’t let a hard no to a number you suggest be the end of the discussion. Rather, let that be the start; figure out why they say no, and what you can do to turn that around. Counter with a lower number, or see if there are other benefits you can ask for outside of pure compensation. Remember that this negotiation meeting may be the first, but it doesn’t have to be the last. If you aren’t getting anywhere, you might instead suggest setting up another meeting down the road, particularly if you’re asking for a promotion-associated raise while the company doesn’t have the funds to adequately compensate you. Negotiations are a process, and a no can be part of that process if you let it. 

Continue enhancing your salary negotiation skills by exploring: How to Feel Good about Negotiating for a Better Salary.

Next Steps

Choosing between a promotion and a new job is a pivotal decision that can shape your career trajectory. While each path has its advantages, making an informed choice is crucial. At Premier, we specialize in helping professionals like you find the right job opportunities that fit your unique situation. Learn more about how we can help you or explore our open jobs today!