Negotiations for a better salary package is one of those things which is dreaded by almost every employee although we all need to go through this process sooner or later. Getting more money into your bank account is not the only reason why you need to negotiate for a better pay. Negotiating your salary right from the start shows your employer that you are totally confident of your skills and worth. Moreover, your employers are more than often ready to negotiate and not doing so would leave a lot of dough on the table. In today’s post, we are going to talk about a few salary negotiation tips which would help you reap long-term monetary rewards throughout the course of your entire career.
1. Do a bit of groundwork
Find out the salary range of similar jobs in the industry you work in. Keep in mind the city/country you work at since the salary of the same company might vary from city to city. Instead of asking your friends in the industry about their exact income what you should do is look up the internet. The internet along with a few anonymous surveys can take you a long way in researching the salary of a specific post at a given company. Here are a few websites which can help you out in this regard: Glassdoor, Payscale, and FairyGodBoss. You can make use of their salary calculators to determine the kind of pay you should expect for a given position.
2. Be reasonable while negotiating your salary
Rather than feeling entitled, you should always try to be reasonable throughout the entire process of your salary negotiation. Don’t ask for too many things at once; asking for a higher salary package, a greater number of leaves and more vacation days is surely too much to ask. Demanding everything at once would make your employer wonder is you are there only for fun.
3. Be persuasive
Forcing your employers to enhance your compensation is one of those things which can have an adverse impact on your work relations. This is why you need to be polite yet persuasive when it comes to dealings with your boss. Try to convince your boss that paying your more would ultimately be beneficial for the company in the long run.
4. Consider the entire package
The salary you get at the end of the month is surely the greatest motivating factor for joining a company. However, there are so many other benefits usually associated with a post which can create a great financial difference in your life. For instance, a match in the retirement account is same as getting a better salary although you will be able to use it only after you retire. In case you there is not much room for negotiating a better salary they try to adjust it by negotiating for better perks and benefits. For example, you can always ask for more work from home days, more leaves and any other non-salary perks you might think of.
5. Wait for the right time
The best time to negotiate your salary is when you are confident about being the preferred candidate. Negotiating your pay package early in the recruitment process is like setting the ‘price’ prematurely. It is always suggested that you discuss your knowledge of market range with the recruiter and then wait for the employer to make you an offer.
6. Your salary request should be based on data
In case your recruiter asks you to provide them with a number, then give them a salary range which is based on the research you have done so far. Your research would even help you enhance your negotiation skills. Ensure that you tell them about the appropriate amount for the post you’d be given, keeping in mind your assets and experience in the field. However, never tell your employers about your present financial situation or about any financial needs that you might have.
7. Discuss performance bonus
There are many employers who might want to hire you but would offer you a meagre salary with the excuse that they have limited resources at the moment. If you are keen on getting that job then ask the recruiter if they are open to discussing a bonus based on performance. Try to convince them to provide you with an incentive pay agreement in writing. This would help you augment your income while enhancing the bottom line of the company you are working with.
8. Learn to say ‘no’
If you still haven’t made your mind up about the job, then saying ‘no’ is not such a bad idea. A negative answer can sometimes land you up with a more lucrative offer. In order to do that, you need to persuade your recruiter about your skills and have a great amount of confidence. There are many instances where the interviewee turns down a position, regardless of the pay package, but ends up receiving 3 follow-up calls with an enhanced compensation package.
9. Take some time
One of the most important things you need to remember before negotiating your salary is that you are not playing a game of Monopoly. Although you don’t have endless days to research and deliberate, you need to take a good amount of time for a proper evaluation of the job offer. So try to sleep on it before you lay your cards on the table. Your patience might even prompt you would be boss to give you a better counter offer without any requests on your part.
10. Make a proper argument
Rather than just asking the recruiter to augment your salary, you need to make a great pitch and explain to them why you are the ideal person for the given position. This would automatically convince your interviewee why you deserve a better package. Always be confident of your skills and assets and frame the negotiation in terms of all the benefits associated with hiring you as an employee. Remind your employer about all the advantages of having you as a part of their team and if you manage to sound convincing then you are all set for a better pay package.