This is a guest post by Tania Doshko
In today’s fast-paced world, changing jobs is no longer perceived as a taboo and is more of a way to challenge yourself and get to a better place professionally and financially.
Negotiating salary may be intimidating, but it is definitely easier than you think. One can achieve great results by using the following salary negotiation tips to get what one deserves. Furthermore, salary negotiation is an essential step of the hiring process, equally important both for the employee and the employer.
This article will outline top tips that will come in handy if you’d like to negotiate the salary and get what you want.
Salary Negotiation Tip#1: Do Your Research
Before bringing up this topic, you definitely want to research the matters like salary DOE and the average salary for a particular position, qualifications, and location, whether it is a new job offer or a salary increase request. Studying the market will help you better understand what you are worth and what you can ask for from your employer.
It is also beneficial to research internal policies if you are interested in a pay rise. Knowing how much other people make, what role you have in the company or the given project, what value you bring, and what the pay range for your position is, you can better negotiate your points. However, don’t be afraid to walk away if the company considers you to be replaceable and doesn’t want to increase your pay.
Salary Negotiation Tip#2: Be ready to discuss more than money
It is not about the money. Sometimes due to the company’s structure or policies, employers can not offer you a higher salary. However, there are other benefits the company may give you.
For example, many crypto jobs offer their employees sports cards, flexible working hours, and remote work. Some sales jobs can provide a higher bonus or percent. Some other perks may include business trips if you are up for travelling, constant training, and educational opportunities. Other companies offer free meals and lots of activities for team building.
You may also ask for some additional vacation days per year. Sometimes, the ability to work flexible hours from home, a sports card, and an extra day off may prove more beneficial than a few extra bucks. All these aspects should be considered when negotiating a compensation package.
Salary Negotiation Tip#3: Show what you have to offer
Your offer should always be backed up with the story behind it—clearly, state why you want that 20% salary raise or a certain monthly amount. It may be unclear to the employer if you don’t justify your demand.
Instead, carefully think through what you can offer for the benefit you are asking for.
- First of all, your experience and qualifications are a great reason why you’re asking for a raise.
- Secondly, your educational background, certificates, and extra education you have undergone in recent years.
- Thirdly, what’s the market salary for your talent, you should at least strive to be matched with the market, if not more.
- Fourthly, specific technical skills may add more attractiveness to your offer.
Salary Negotiation Tip#4: Prepare your point and rehearse your speech
When getting ready for the salary negotiation for a new job offer or a pay increase at your current job, prepare the answers to questions such as ‘why you feel worth this monetary compensation’ or ‘what will the company gain in return’.
It is a good idea to prepare information about your achievements and gains in the past years. It would be nice if you could turn it into figures. For example, how much your productivity increased, or your work influenced the ongoing projects, sales, or any rates applicable to your work.
Don’t be shy; rehearse your arguments and points alone and with your trusted friends. This way, you will be more confident and also you can anticipate questions that may come from the employer’s side which will be easier for you to convince them of your wants.
Negotiation Tip#5: Get the employer to do the most talking
If it is a new job offer, let the employer talk and tell you as much information as possible. Wait for them to outline the job description, and name the salary and benefits the company offers to their employees.
Don’t feel bound to break the silence. Let it stay for a while, as it may benefit you. The research made by MIT’s Sloan School of Management states that if participants hold silence for some time when negotiating, it helps them arrive at mutually beneficial results.
Consider the perspective the company is offering. Think through your career trajectory and ensure you pursue something that will eventually take you where you want to be.
Salary Negotiation Tip#6: Take your time to think it over
After the negotiations:
- Give yourself time to think about all the pros and cons.
- Let the offer sink in and see what it can bring you in perspective.
- Reach out to people to help you decide
You are in charge of the conversation. If you have to give an immediate answer, think about it for a couple of minutes. If the situation allows, take a day or two to be able to consider other options and make your final decision.
Don’t be afraid to reach out to people and talk about the salary structure at their company. It’s also beneficial to speak to somebody from your prospective company and discuss current policies and future raises opportunities. The most important thing is, don’t negotiate against yourself. Don’t discuss your salary history. It is usually irrelevant to the current or future job offer negotiation.
Salary Negotiation Tip#7: Be ready to walk away
Don’t negotiate just to negotiate. Stand your ground about something that is totally important. Fighting for something that is not really worth it may make employers feel uncomfortable. It can also limit your possibilities in future negotiations.
On the other hand, remember that if it’s not on the table today maybe it will be there later. However, be patient because it may change after some time, and the company will be willing to grant you what you want when they can.
If the company refuses something you really want, be ready to walk away. This readiness provides a great source of power. Employers feel that and, thus, negotiations go on in a different direction. In other words, have alternatives. Otherwise, employers feel that you are desperate to get the job. The worst thing that can happen is they will refuse you. That’s not the end of the world. If you know what you want, you can get that.
Negotiating salary is a vital step in the hiring process. It is not about money alone, but the above benefits and opportunities the company can offer in exchange for the employee’s skills, and qualifications. It’s an exchange. That’s why it is crucial to prepare for this talk and be ready to prove your worth.
However, don’t forget it’s not all about money. Sometimes, benefits, friendly colleagues, and a healthy environment at the workplace may be worth sacrificing a few dimes.