6 Secrets to a Successful Salary Negotiation
If you’re a job seeker, the salary negotiation process can seem intimidating.
Be careful not to accept your employer’s first offer. If you accept it, you may suffer from the same frustrating situation of not getting the raise you were expecting.
Salary is at the highest level of factors that people consider when choosing where to work. However, it appears that only 39 percent of workers use salary as a key motivator in getting a new job.
It is essential to know how to negotiate salary before you sit at the bargaining table.
Suppose you want to break free from the constrictions of the salary you are being offered. Keep these six-pointers in mind the next time you bargain for a raise.
Tips for Salary Negotiation
1. Know Your Worth
Before approaching a salary negotiation, it’s essential to research the pay range for a position you’re seeking.
If you have the proper education, skills, and experience level, you can justify why you’re seeking a higher salary.
Using sites like salary.com to search across companies and locations shows you the salary landscape for your industry and location.
By understanding your market rate, you can craft a strong bargaining position.
2. Set a baseline, but be ambitious
Once you have a decent clue of your baseline, look at how you can improve it.
Use the data you gathered to identify your minimum salary requirements, and then brainstorm several versions of it.
You should start with the baseline and then see where tweaks can be made to make it more appealing.
When working out the details of a deal, it’s essential to set a top goal. It’s also important to remember your baseline parameters.
Once you’ve established that, you can fix the bar higher and forge ahead.
3. Rehearse your talking points
Before speaking with a prospective boss, there are several things you can do. Your friend is a great way to practice your talking points.
It’s imperative to hit the ground running when you reach out to a new employer.
Let your friend play the role of the interviewer and present your best ways to sell yourself.
You need to practice your responses. It’s an excellent ct to practice your speaking skills and prepare for salary negotiations.
4. Take your time
If you’re not sure about accepting an offer, take the time to consider it. If you’re offered a contract, ask for a very flexible and short hiring period. There is no embarrassment in asking for more time to consider.
For instance, Derek Sanderson, a former professional hockey player who had a contract negotiation in the early 1970s, was quiet at the bargaining table, allowing him to land a better deal than he initially thought.
Inaction is a negotiation strategy that will yield a favourable outcome and increase your leverage in the long run.
Don’t rush to accept the first offer on the table. Take time to evaluate the pay level of the position. If the salary is too low, ask for a counteroffer.
Research your company’s compensation levels in advance and know-how to negotiate salary based on job requirements.
5. Don’t bargain against yourself
When a company tries to make a lowball bid, it isn’t always that the company is looking for a lower wage.
They may bargain for a lower salary in these situations, but with the expectation that they will provide you with a better package in the future.
If you’re willing to work toward an agreement, but you’re not completely happy with the job offer, at least let your hiring manager know.
This will make him or her more willing to go back to you if you’re unhappy with the job.
6. Think of the whole package
Money is only part of the story. While many companies are profitable, some may not have the quality employees, perks, or culture you want. Dig deeper and find the company that’s right for you.
If a job doesn’t offer a generous raise, other options might be available. Consider different ways to sweeten the deal, including bonuses and flexible work schedules.
Your salary doesn’t reflect your true worth. With some preparation and a solid strategy, you can advocate for your right and secure a compensation package that’s healthy for your career and your company.
About the Author
Eugen Spivak is a multi-award-winning author, business strategist, and a business coach. Eugen is the founder of the Canadian Institute of International Business, an organization focused on a better way to learn business!
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