When you are offered a job, you are usually presented with a package that includes a proposed salary. However, if you feel that the pay does not match with your education, career level, and your strengths, you can negotiate for a greater amount. Or you can ask for some other kind of compensation or some additional perks.
Negotiating salary is a valuable skill, that can increase your earning potential throughout your career and fairly compensate you with, what you deserve. Like any other skill, this skill also needs practice.
The sweet spot for starting salary negotiations in a multiple level interview process is just before the second interview. Never demand or give ultimatums, instead open with a question.
Here are few tips that are helpful for salary negotiation:
First calculate your Value
Before you begin the process of negotiating a salary, you have to know exactly the amount of value you can offer an employer.
There are many factors on which your salary depends, like skills, career level, licenses and certifications, years of industry experience, and geographic location.
When you start the negotiation, you must reiterate your value and consider using the above factors to justify the salary you desire. You can talk to the recruiters, who exactly know your worth, so that even if you do not get a specific number, you can arrive at a range.
Research the market average
If you have an idea about the market average, it will help you make a more successful negotiation, as it can give you a good baseline for your salary request and also justify it.
During your market research, find out the national average salary for the position, the average salary in your geographic location and cities nearby, and the salary given by similar companies in your area in this position. While doing the research, you are likely to come up with a range. Decide on something toward the top.
Coming up with a very specific number, however, will prove highly beneficial, as you are likely to get a final offer closer to what you are hoping for. Knowing the exact number allows you to take control of the conversation.
Prepare your Talking Points
When you are preparing your negotiation notes, put together a few talking points before contacting the employer and be as specific as possible.
● Talk about your achievements, like the goals you have met, the revenue you have helped drive, the awards you have earned in previous roles.
● If you have more industry experience than the requirement stated by the employer, you must mention it.
● If you have certain skills or certifications that are in high demand within your industry, make it a point to tell them.
Rehearse
You must practice your talking points, with a trusted friend or colleague, one who can provide helpful feedback. This will help you gain confidence and also enable you to identify areas needing improvement. You can also try recording your conversation on a camera or speak in front of a mirror.
Be Confident
The more confidently you deliver your negotiation, the more confident it will be for the employer to consider your feedback.
You are bringing valuable skills and experience to the organization and the salary you are offered should align with that value. You have the backing of market strategy and personal value data. So be confident in your decision to ask for more.
Ask for more
Adopt the fundamental rule of salary negotiation, which is to ask for a slightly higher number than your goal. So if they negotiate down, settle when you get what you are comfortable accepting.
Don’t use a Range
Never give a range. That will put forth a notion, that you are willing to concede, and there are chances that your potential employer may immediately jump to the smaller number.
Do not reveal your past salary
Your past salary may be far below what you want to make. Do not lose your courage, when asked about it. You can firmly and politely refuse to answer. Say courageously that you don’t know whether the salary made in the last position is relevant with regard to this opportunity and that you expect a fair compensation. If you give up the figure, you lose all your negotiating leverage.
Share expenses you are incurring
You may ask for an increased salary to cover any costs you are accumulating by taking the job. Expenses that may be incurred due to relocation, commute by train or your own vehicle have to be considered while negotiating for salary, so that you can ask the employer to adjust the salary accounting for these expenses.
Consider other options
There may arise a situation, where the employer might be unable to pay the salary you want, but might be able to compensate you in other ways, like stock options, more vacation time, additional work-from-home days, a better title, plum projects and assignments etc. Sometimes, these alternatives might turn out to be either as valuable or more valuable than your paycheque. So don’t feel shy to ask.
Do not be afraid to walk away
If the employer cannot meet your salary requirement or other additional benefits or offers a salary higher than that promised, but not equal to your request, you have to decide whether the job is worth that lesser amount.
You can opt for a lower salary, if the job is less stressful than the current one, offers you more flexibility, or more free time. Otherwise, you should walk away and seek other opportunities.
Follow these tips and get a fair compensation according to your value.
