Things to Consider

• Effective salary negotiation involves preparation, deliberate communication, and confidence. Do your research. Equip yourself with facts (leave emotions at the door) based on market value and know your value as a candidate. 
• Timing is important. Whether negotiating during a job offer, or requesting a promotion in your role, timing is critical.
• Let the interviewer initiate the salary discussion. 
• Be professional and straightforward, upfront with your expectations with relevant salary data and examples and remain open to further negotiation. Though salary is important, consider the entire benefits package.
• Meet with a career coach to practice your salary negotiation strategy. www.ut.edu/career/appointment.
• It’s appropriate to ask for time when presented with an offer. Don’t feel pressured to accept the initial offer immediately (even if you’re a recent grad!). Request time to consider the offer and prepare your response.
  
  “Regardless of the state of the job market, you should always negotiate.”
  Katherine McGinn, professor of Business Administration at Harvard Business School 

Assess Your Value 

• Prepare to explain the value you would bring to the organization. Knowing your value can help you define a salary that best compensates you.
• Identify your accomplishments, skills, aptitude, and what differentiates you from other candidates.
• Knowing your value can help you define a salary that best compensates you. 
• Reflect on your education, relevant experience, overall experience (transferable skills), certifications, leadership potential, languages, technical training, anything unique about your candidacy, etc.

Salary Research Strategies

Salary negotiation requires thorough preparation and an understanding of market rates and your value proposition. Consider your level of relevant experience and education. The best way to prepare is to do as much research as possible. Look for consistent salary patterns in your industry to generate a salary range that you can confidently negotiate.

Online Market Research

• Salary websites can be a good place to start your research, but don’t strictly depend on this strategy. Job titles commonly represent widely different latitudes of responsibility and salary websites don’t always reflect this. 
• Use websites like Glassdoor, Payscale, Salary.com, and the Bureau of Labor Statistics to research salary ranges for similar roles in your geographic location. 
• Search LinkedIn Salary and other industry-specific publications to evaluate comparable rates.

Word of Mouth

• Ask professionals in your target industry. Don’t ask them what they make. Rather, something like this would be appropriate, “Based on my research, I have found $ -$ to be a fair range for this position. Given my experience and level of education, would you agree?” Informational interviews are great for this strategy.

Online Job Boards

• Check out similar positions on online job boards. Target comparable roles at similarly sized companies in your desired geographic location.

“If you’re going to get the pay you deserve, it’s crucial to know the going rate for your position in your specific industry and in your geographic area. If you walk into a salary negotiation without a number, you’re at the mercy of an experienced hiring manager who will simply control the conversation.” – Lindsey Pollak, Millennial Workplace Expert

Compensation Package

Total compensation can include much more than what you bring home in your paycheck. Consider the full benefits package beyond salary, which may include:

• Health insurance
• Retirement/401k
• Training/ Certifications
• Signing bonus 
• Stock options
• Paid Time Off (vacation, holiday, sick)
• Relocation Assistance 
• Tuition Reimbursement
• Promotion opportunities 
• Parking
• Gym membership
• Flexible schedule and work modality (remote/hybrid)

Salary Negotiation Sample Scripts

What are your salary expectations for this position?
“I’m more interested in finding a position that’s a good fit for my skills and interests. I’m confident that you’re offering a salary that’s competitive in the current market.”

* When asked about salary in an interview.

If the pay is less than what you were expecting…
“Thank you so much for this offer! I am really excited about the role and the work that [Company Name] is doing and would love to join the team. However, according to my research, the typical salary range for someone with my qualifications in this role is [$$$]. Would you be able to match that figure?”

“I appreciate the offer, thank you. I'm glad you think I might be the right fit for the team and I can't wait to get started. I'm curious if we could address the compensation, though, and agree on a higher starting salary. I've looked at other job postings and I saw that the higher end of the starting salary for this position for a candidate with my background and skill set is $70,000. That's the number with which I feel more comfortable.”
– https://ca.indeed.com/career-advice/pay-salary/salary-negotiation-scripts-to-successfully-counter-job-offer

If you have a competing offer with a higher salary…
“Thank you so much for the offer! I am really excited about the company and position. As you know, I have been talking to over companies and do have another offer. If you’re able to move the salary to [insert your number], I’d be eager to accept.”

* Note: You do not have to disclose the name of the company that has given you an offer, nor do you have to share the exact offer that you received. Keep in mind, never lie about a competing offer.

If the salary they’ve offered matches or slightly exceeds the salary you researched, there may still be room to negotiate.
“I’m very excited about the offer and would love to join your team. I would like to talk about compensation. Since I not only fill the desired qualifications, like [insert some of your most marketable qualifications], but I also have [anything that sets you above the minimum qualifications], I’d like to see the base salary closer to [insert your researched salary].

If you want to negotiate benefits…
“Thank you so much! This role is really exciting, and the salary looks great. I would like to follow up on a couple of details. How flexible are you with [insert name of benefit]? The written job offer included [details about the benefit], but I would like to request [the level of benefits you want].

* Note: If you are negotiating a benefit to match a current benefit level or one that a competing employer offers, feel free to share that data.

Script Source: http://www.payscale.com/salary-negotiation-guide/salary-negotiation-scripts