Learn how to negotiate a salary or raise effectively when transitioning to a new industry with these practical business management tips.

When negotiating a salary or raise while switching industries, start by researching the average salary for your role in the new industry. Highlight transferable skills and experiences relevant to the new field. Emphasize your ability to adapt and bring fresh perspectives. Prepare to articulate your achievements and how they align with the company’s goals. Be confident but flexible in your requests. Use networking to understand industry standards and be prepared to discuss benefits beyond salary, such as work-life balance or growth opportunities.

1. Research the industry: understand the average salary range for similar positions in the new industry. 2. Highlight transferable skills: make sure to emphasize the skills and experience that are transferable from your previous industry to the new one. 3. Showcase your achievements: Highlight your accomplishments and successes in your previous industry to showcase your track record of delivering results. 4. Be flexible: Be open to discussing different compensation packages, such as bonuses, stock options, or other benefits, in addition to base salary. 5. Be willing to walk away: If the employer is not willing to meet your salary expectations, be prepared to walk away from the opportunity.

Last updated on Jun 27, 2024

Here's how you can negotiate a salary or raise when switching industries.

Switching industries can be an exciting move, one that often comes with the challenge of negotiating a new salary or raise. It's understandable to feel anxious about this process, especially when you're venturing into unfamiliar territory. However, armed with the right strategies and a clear understanding of your worth, you can confidently navigate these negotiations. Remember, your skills and experience are valuable, even if they were gained in a different sector. It's all about articulating that value to your potential new employer in a way that resonates with them.

1 Know Your Worth

Before entering any negotiation, it's crucial to understand the value you bring to the table. Research the typical salary range for your new role within the industry, and consider how your unique skills and experience from your previous industry could be an asset. For example, if you have a background in technology and are moving into finance, your ability to automate processes could save the company time and money. Be prepared to explain how your background enhances your capability to excel in the new position.

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Eduard. Ch.L.M. Schaepman

CEO & Founder @ Tribes Inspiring Workplaces | Founder
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When negotiating a salary or raise while switching industries, start by researching the average salary for your role in the new industry. Highlight transferable skills and experiences relevant to the new field. Emphasize your ability to adapt and bring fresh perspectives. Prepare to articulate your achievements and how they align with the company’s goals. Be confident but flexible in your requests. Use networking to understand industry standards and be prepared to discuss benefits beyond salary, such as work-life balance or growth opportunities.

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Tut G. M. Tut

Lawyer | Board Member | Governance, Compliance & Risk
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1. Research the industry: understand the average salary range for similar positions in the new industry. 2. Highlight transferable skills: make sure to emphasize the skills and experience that are transferable from your previous industry to the new one. 3. Showcase your achievements: Highlight your accomplishments and successes in your previous industry to showcase your track record of delivering results. 4. Be flexible: Be open to discussing different compensation packages, such as bonuses, stock options, or other benefits, in addition to base salary. 5. Be willing to walk away: If the employer is not willing to meet your salary expectations, be prepared to walk away from the opportunity.

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Oshan Wickramasinghe

Brand Executive at Ceylon Cold Stores | Co-Founder WETOOKTHIS | Undergraduate at Queen Margaret University | BSc (Hons) Marketing (Reading) | Music Producer
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Best thing to do is to research about the industry you're planning to get in to. Have a chat with the professionals that are working in the industry you're interested in who are in the job role that you're looking for. Look into the salary range of the job role in the industry that you're planning to get in to. Once you do that, apply to the opportunities that are available. When you go for interviews, make sure you have prepared notes on how the experience you've gained in the previous industry will be beneficial for the industry you're planning to move into. This will give you an edge. Make sure you have points on convincing them that you're the best candidate for that job role. Be humble and open to learn and willing to take risks.

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Michael Nii Amu

Accounting Enthusiast || 1x Top Business Management Voice || Assurance
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Thoroughly research the typical salary range for the new role and understand the value your unique skills and experience can provide. Be prepared to explain how your background from a previous industry enhances your capability to excel in the new position. Leverage your strengths and demonstrate how they can benefit the company to strengthen your negotiating position.

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Govind Goyal

Top voice | ESCP Paris • MDI-G' 24 (50% Scholarship/Dean's Merit Scholar/Rank 2) | 1.5 Lakhs Jindal Scholar | Intern@Saint-Gobain (Paris) | Ex-Maruti Suzuki | TVS Motors | Johnson Controls | Lean Six Sigma (Green)
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While switching industries, your last payout salary is the benchmark on which HR negotiates and compares with industry benchmarks. Recently, IT professionals created a disruption but everything came into vain once US/western economy slumped. Value addition/past experience/education/achievement/brand/role are the game changer. eg Tier 1 vs tier 3 professionals/ big MNC vs small startup/Rank 1 vs average person, these all factors help you to negotiate!

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2 Market Rates

Understanding the market rates for your new industry and role is vital. Utilize online salary databases and industry forums to gather information on what professionals with similar roles and experience levels are earning. Remember that geographical location can significantly impact salary expectations, so adjust your findings accordingly. This research will provide you with a solid foundation for realistic salary expectations during negotiations.

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Luis Aparicio Barrena

PAISAJISTA. landscape design
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Una parte sustancial de cualquier negocio es conocer las tarifas que se deben manejar, para lo cual se debe investigar el mercado. - Establecer el plan de empresa. - Estudio de mercado, investigar productos o servicios similares, la disposición geográfica, el ámbito de comercialización. - Estudiar el margen de beneficio conociendo el coste de producción o del servicio y su viabilidad. - Conocer los precios que maneja la competencia. - Establecer tarifas con clientes exclusivos - Marcar límites de ofertas.

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3 Leverage Experience

Your experience from your previous industry should not be undervalued. It's important to highlight how the skills you've developed are transferable and can contribute positively to your new role. Whether it's leadership, project management, or problem-solving, these are assets that can set you apart from other candidates. Conveying this effectively can justify your salary expectations and demonstrate your potential value to the employer.

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Luis Aparicio Barrena

PAISAJISTA. landscape design
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La experiencia siempre es un gran valor. Sea cual sea la trayectoria siempre puede aportar algo a un nuevo puesto. Es importante analizar estas fortalezas y relacionarlas con el trabajo. El liderazgo, la resolución de problemas o la creatividad son innatas pero se pueden potenciar a lo largo de la vida laboral. Es importante ponerlo siempre en valor.

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4 Articulate Value

When discussing salary, focus on articulating your value proposition. Explain how your unique combination of skills and experiences will benefit the company. Discuss specific examples of how you've made a positive impact in past roles and how you plan to replicate that success in the new industry. This approach shifts the conversation from cost to investment, making it easier to negotiate a salary that reflects your worth.

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Luis Aparicio Barrena

PAISAJISTA. landscape design
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A la hora de establecer un salario o unos honorarios por un trabajo es importante que la parte pagadora entienda que gana algo con ese coste, o bien dinero, o calidad, o un servicio añadido, una mayor eficiencia, mejora de la imagen de la empresa, etc. Si tu aumento salarial mejora cualquier aspecto del trabajo hay que ponerlo en conocimiento y cuantificarlo.

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5 Strategic Timing

Timing can be everything in salary negotiations. If possible, wait for the employer to bring up the topic of salary. This gives you the advantage of knowing their starting offer before showing your cards. Once you have their initial offer, you can counter with a well-reasoned request that takes into account your research on market rates and the unique value you bring from your previous industry experience.

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Luis Aparicio Barrena

PAISAJISTA. landscape design
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La cuestión del tiempo es similar a la del salario, siempre que el trabajo, o el servicio sea eficiente y se cumplan los objetivos en plazo y forma creo que es muy interesante valorar las necesidades de tiempo de las personas, facilitando la flexibilidad horaria y solicitando esfuerzos puntuales cuando se requieran.

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6 Flexibility Counts

Lastly, be open to negotiation and consider other forms of compensation that may be valuable to you, such as additional vacation time, flexible working hours, or professional development opportunities. Sometimes these benefits can be just as significant as the salary figure itself. If the employer cannot meet your salary request, these alternative forms of compensation could be a way to bridge the gap and reach a mutually beneficial agreement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can negotiate a salary or raise when switching industries.

1

2

3

4

5

6

7

1 Know Your Worth

2 Market Rates

3 Leverage Experience

4 Articulate Value

5 Strategic Timing

6 Flexibility Counts

7 Here’s what else to consider

Business Management

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Here's how you can negotiate a salary or raise when switching industries.

1

2

3

4

5

6

7

1 Know Your Worth

2 Market Rates

3 Leverage Experience

4 Articulate Value

5 Strategic Timing

6 Flexibility Counts

7 Here’s what else to consider

Business Management

Rate this article

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