As with any kind of negotiation, the first step is to do your research and figure out where you sit in the market.
“Speak to recruiters and colleagues and peers to see what the market rate is for someone in your role with your experience,” said Cooke.
Online sites like PayScale and Salary.com can be useful for that, providing a ballpark figure for people working in a similar role. However, Cooke cautioned against relying on them entirely.
“They do provide data but sometimes they are not accurate based on other factors,” said Cooke, noting that such sites fail to account for variables like geography, skill set and education, which can impact wages significantly.
Instead, he recommended keeping your “ear to the ground” and regularly interviewing — even if you are not planning to move jobs imminently — to stay up-to-date with your industry and the salaries available.