Salary Negotiation: What You Need To Know

Salary negotiation may sound basic, yet it is critical to your career and financial future. While it can be an intimidating issue for anyone, it is an essential yet tough conversation that you must have with your employer at any point in your career.

Not everyone is comfortable negotiating their salaries. In fact, studies reveal that women are less likely than men to negotiate their salary; two out of every three women (68%) do not negotiate pay, compared to roughly 52 percent of males.

Let's take a look at things you need to know about salary negotiation and how you can get what you deserve;

Steps For Negotiating Your Salary

Negotiating your salary | Photo by George Milton from Pexels

Before discussing salary remuneration with your employer, make sure you're clear on what you want to leave and what you're prepared to accept. If you don't, you could be making a big career mistake, as the negotiating conversation can bring you significant advantages now and in the long run.

SEE ALSO: 3 Ways To Get What You Want With Confidence

1. Data Gathering

Conduct as much research as you can about your desired role and the company so that you can evaluate if a job offer is negotiable. Make sure you verify local and national wage ranges using sources such as Payscale.com, Glassdoor.com, Ladders.com, and the U.S. Department of Labor. It should be noted that salary details will differ between locations, but you should be able to factor in a general range. Then, request a copy of the benefits package from the Recruiter or Hiring Manager.

2. Initiation of Salary Negotiation

If you are directly questioned about your salary expectations, avoid mentioning a specific number (e.g., $100,000). Instead, offer a range (for example, $90,000-$100,000). When given an offer, take time to analyze it. Check the complete package, from the benefits to 401k match. If the employer says they want to offer you a specific amount, keep cool. Even if the offer is higher or lower than what you were expecting, don't react immediately.

Don't take the first offer that comes your way. Unless you've completely blown the company away, the first offer you're provided with is unlikely to be their finest. It's possible, but not likely. Wait a bit to see if they will adjust the offer; you can counter with a higher figure if they don't. Request for at least 48 hours to consider the offer.

3. Salary Negotiation Execution

If you have other offers, you can compare the role and offer to them. Check and assess the opportunities both offers has for you. Then, contact the person who presented you with the offer (usually the hiring manager or recruiter) within the timeframe specified.

When you do, thank them for the offer to join their company; reiterate your interest in the position and make a case for a higher salary. Don't forget to include your expectations and reference the market data you gathered. You can also reiterate your credentials and your ability to move the company forward. Then, allow enough time for them to respond with a yes or no to your request.

SEE ALSO: How To Develop a Growth Mindset To Transform Your Career

How to Negotiate The Salary You Deserve

Salary Negotiation: What You Need To Know | Photo by Alexander Suhorucov from Pexels

Salary is negotiable in a new position. As a skilled professional, you have experience and other relevant skills for which employers should pay top dollar.

Even as a beginner, you have the right to be compensated per your qualifications. As a result, prove your worth by negotiating the salary you deserve. It will not only place you on a more substantial financial basis, but it will also make you appear to be a forward-thinking businessperson.

Here are some tips to help you successfully negotiate the salary you deserve;

Avoid looking desperate

If you're overly open about your compensation demands, you may look desperate to the employer or interviewer. Desperation is a major turnoff for employers. When you provide too much information about your salary requirements even before your employer has an opportunity to evaluate your worth, you may lock yourself into a lesser compensation.

If you had a great interview with the interviewer, you might be given their maximum salary offer right away just because they want you to take the job.

Don't be too excited

It's good to be excited about the job, but acting too exuberantly may cause the interviewer to consider you immature.

Rather than emphasizing how life-changing the experience will be for you, emphasize that you are qualified for the position because you have a track record of cutting costs, boosting profits, enhancing staff performance, or providing some other advantage to the organization.

Keep in mind the companies hire employees based on what they have to offer. Thus, don't exaggerate how you have always wanted the position and what it means for you to get the job. 

Have an accurate evaluation of your leverage

In any negotiation, your leverage is determined by how vital it is to the employer that you come to work there.  However, how essential you are to the organization is not always a function of how good you are at your work. 

If there are candidates in the wings with comparable skills and expertise to yours, your influence and leverage may lessen. Nevertheless, if the abilities you offer are in limited supply, your perceived value rises, and your leverage rises with it.

Be flexible

While you're firm in your approach, you also need to be flexible. If you are offered a specific amount and know you are worth more than that, ask for what you are worth. The worst you will be told is that they can't go higher than their budget.

Determine which issues or items are most important to you before you begin negotiating, and be prepared to give in on those issues that aren't critical. Think more carefully before offering ultimatums, and DON'T Keep communication channels open.

Accept the offer while it is still on the table

If all of your negotiation strategies have failed and you need the job, accept the offer. However, request that your company evaluate your performance within six months in order to maybe negotiate a raise. Most employers would opt for such offer. If you very skilled, they will be able to offer you a raise on the long run. 

No matter the outcome of your salary negotiation, try to be polite. You don't want to leave a job offer negotiation with a sour feeling in your mouth. Similarly, you wouldn't want the interviewer to have a wrong impression of you. 

Once you have both agreed on the offer, make sure you get a written offer and employment contracts. 

Negotiating a salary can be intimidating, but you have nothing whatsoever to lose. If you're going to take the job anyway, why not make it as rewarding as possible?


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