How to Negotiate Your Salary
No matter whether it’s your first job or an increase with an existing employer, there are ways you can ensure you receive an adequate wage.
To successfully advocate for more money while remaining calm and unperturbed, doing your research, knowing your value, and comprehending the company’s requirements is the key.
Do Your Research
Before approaching negotiations about your salary, it’s vital that you know the exact amount you should request. Doing this will allow you to enter into each negotiation knowing exactly how much is owed to you based on market values for your position and your worth as an employee.
One common misstep people make prior to salary negotiations is failing to conduct sufficient research on their pay range, leading them to come into conversations with strong opinions about what their pay should be but without supporting evidence for such claims.
Doing your research prior to embarking on your job search will allow you to determine an acceptable salary based on factors like experience, market research data, industry expertise and company type.
One way of doing this is to ask a colleague in your field how much they typically make in their position. Additionally, conducting market valuation research may prove useful.
Know Your Value
Before beginning salary negotiations, it’s vitally important to have an accurate grasp on what your worth. Doing this will allow you to avoid miscommunications, negotiate effectively and leave an excellent first impression with your employer.
Keep an eye on what others in your industry are paying for similar roles to ensure that you set realistic expectations and receive fair pay for what you do.
Your years of experience, managerial experience, education level, career level, skillsets, licenses and certifications all can have an effect on your salary. In general, jobs that require unique sets of abilities require higher wages.
As part of a salary negotiation, it’s also wise to explore other negotiables such as additional benefits that may offer compelling alternatives or supplements to higher pay.
Know the Company’s Needs
If the company’s needs and your values and goals align, then you should feel comfortable negotiating their salary. Negotiation should be seen as a positive experience that allows you to establish trust with their hiring manager.
No matter the venue of the negotiation, it is crucial that you come across as confident. Rehearse your delivery several times until it sounds natural and communicate that your salary demand matches up with what your value entails.
Be mindful of your company’s limitations – from structure and legal obligations, to its overall business model.
In times of financial strain, employers may be unwilling to increase your pay due to factors like an unstable economy and their limited revenue sources.
If this is the case for you, request written documentation of both the salary and any additional perks or benefits provided to help negotiate future raises in salary. This will serve as evidence in future negotiations for potential increases.
Be flexible when negotiating your salary and be open to adjusting certain aspects of the deal, such as geographical location or experience levels. Be ready to discuss these details in detail with the hiring manager.
Negotiate additional forms of compensation such as flexible hours, more vacation days or an upgraded title – it is a great way to add greater value and satisfy potential employers.
Don’t be afraid to walk away if they cannot meet your minimum salary requirements or offer benefits that make the job worth your while. Doing this will avoid potential awkwardness later during the interview process while keeping relations on an upbeat note.