How To Negotiate Salary
Everyone knows that negotiating salary is crucial and isn’t something that should be ignored when looking for a new job opportunity. Unfortunately, many people find salary negotiations not only difficult but also intimidating.
That doesn’t have to be the case for you, though. If you properly prepare yourself beforehand and employ certain strategies while negotiating, you may be able to nail that offer.
Let's look at how to negotiate salary properly!
Why You Should Negotiate Your Salary
The idea of negotiating salary can be very intimidating for most people. What if you come across as too aggressive? What if you ask for too much and end up losing the position?
Having these doubts is understandable. However, you need to understand that negotiating salary is a part of your employment process.
Additionally, the salary you’re going to receive is how the company shows appreciation for the hard work and time you’ll be spending with them.
This means that it’s totally normal to have that conversation with whoever is interviewing you. With that out of the way, let’s look at how to prepare yourself before negotiating your salary.
Prepping Yourself
Before you jump into asking for those numbers, you need to evaluate yourself, your experiences, skills, and be prepared for a new opportunity.
Determine Your Salary Range
The first step to preparing yourself for salary negotiation is to determine your salary range. You need to figure out how much is enough for you.
First, establish a low point: the salary that can’t be accepted due to your needs and expenses. This is the point at which you may decide to leave an interview.
Then, set a midpoint salary. It’s the price you’re willing to accept but not too happy about since there aren't alternative vacancies at the moment.
Lastly, set the highest point: the salary that would feel as if you just got promoted.
With this salary range, you can confidently negotiate the salary you want. You should strive to get your salary between the midpoint and high point.
Maintain a Solid Resume
A resume in the corporate world is like introducing yourself in the real world. It’s the employer’s first impression of you, so it has to be solid.
Prepare your resume, including all your previous experiences, education, and anything you want the recruiter to know about you.
Do Your Research
Get familiar with the low, average, and highest salaries for the position you’re seeking. This will help you determine a baseline for your negotiation.
It’ll also show you if this job actually suits you and your current expenses.
Practice With a Friend
It’s always a good idea to practice the conversation you’re likely to have with a friend before discussing it with the recruiter.
It would be helpful if your partner has some corporate experience. The additional experience will help you with confidence, unexpected questions, and overall conversation.
Negotiating Salary
With the preparation phase done, let’s take a look at some tips to help you increase your chances of nailing the negotiation process.
Show Up Early
The first step of the negotiation doesn't start in the interview room. It happens from the moment you show up for the interview. Showing up earlier than required will give off the impression that you're punctual.
You’ll also have extra time to relax, organize your thoughts, and get ready for your interview.
Don’t Start With Salary Negotiation
Before discussing money, it's essential to demonstrate your interest in the organization and the role you'll be playing.
Showing interest in the organization rather than the salary will make you appear enthusiastic about the job rather than motivated by monetary considerations.
Propose What You Have to Offer
The firm has requirements just as you do. Understand them and offer what you can to meet the firm's requirements. Once that’s clear and out of the way, you can start the negotiation process.
Just keep in mind that it’s crucial to show your expertise and background clearly before initiating any negotiations.
Be Precise With Numbers
When proposing a salary, don’t say, “I’m okay with $90,000.” Instead try, “I’d be happy to accept $95,280.”
The little spice you add to the number will tell the recruiter that you’re smart and you’ve done your financial homework.
Furthermore, the employer will understand that your proposal is based on your personal finances and not just for the sake of negotiating.
Ask For Slightly More Than Your Goal
If you set a salary range, the employer will always go for the lower number. That's why the lowest range should still be a salary that you’re comfortable with accepting.
Be Flexible
If an employer can’t meet the salary you want, be flexible about it and look for other benefits they have to offer. Ask for things like health care benefits and vacation time, as well as if they have room for promotion and higher salary.
Don’t Say “Sorry”
Always avoid apologizing when negotiating. It’ll automatically send a signal to the recruiter that you’re willing to settle for less.
Don’t Say “No”
Try to avoid the word “No” whenever you can.
Instead of saying “No, I can’t accept that,” try something along the lines of “I’d be more comfortable with...” Negative words tend to make the negotiation process more difficult.
Change Your Perspective
Consider the firm’s perspective and respect their needs. Instead of saying “I want,” try to propose what you can add to the firm and how you can benefit the team.
Then, you can work the compensation out accordingly. Always try to work things out for the benefit of both parties.
Know When to Wrap It Up
Employers won’t withdraw an offer just because you tried to negotiate. However, too much negotiation can easily ruin their impression of you.
If you’ve finished negotiating and still think the proposed salary doesn’t meet your requirements, respectfully withdraw and start focusing on better opportunities.
Conclusion
Salary negotiation often includes some give-and-take on your role and the compensation you get for it. To effectively negotiate salary there are two main things you have to do.
Firstly, prepare yourself: set a salary range, have a solid resume, research the opportunity, and practice your speech.
Secondly, know how to negotiate salary: show up early, propose how you’ll benefit the firm, be precise, flexible, and respectfully propose what salary fits you.
By using these salary negotiation tips, you can confidently walk into the interview room and secure the salary you deserve.