Salary negotiation doesn’t have to feel awkward or intimidating.
First, it’s crucial to know your worth by your experience, possible contributions to the position, skillset, licenses, and certifications.
Once you’ve established your worth, you can negotiate a realistic salary range for your position. Another thing to do is research and learn the ideal salary range to ask for the specific job position you have and have a plan ready for the negotiation.
Following these tips will help you have an effective salary negotiation.
Tip #1: Salary Ranges Are Better Than Single Figure. Having a reasonable salary range may help you negotiate more smoothly. Doing your research could get you an acceptable salary range.
Pro-tip: Do not put a small figure as a lower limit to your salary range, as recruiters may pick the lower limit bracket to your salary.
Tip #2: Never Sell Yourself Short. You make one common mistake when you converse about your previous salary. You may forget to include benefits as part of your overall compensation.
Pro-tip: If you are earning $200,000 a year with a 15% bonus plus HMOs, dental, and other insurance benefits, you should answer the question by saying, “$100,000 plus generous benefits on top of my current salary.
Tip #3: Practice Your Negotiation. Salary negotiations are much like a sales pitch. You sell yourself. You can always practice your talks with a friend who can point out some mistakes. Practice can make you feel comfortable and confident.
Tip #4: Always Be Gracious. Salary negotiations may come across as demanding, and you might feel guilty about it. Regardless of the outcome, be appreciative, understanding, and grateful for the opportunity. There’s a solution to it: always be gracious.
Tip #5: Confidence Goes A Long Way. Do not be overconfident. That may exude arrogance. It’s your aura that speaks, and it’s exceptionally vital to put your game face on in negotiating your salary. Remember to be confident to deliver your salary pitch, and in the negotiations that follow, always learn to enunciate.
Tip #6: If the First Offer Is Not Up To Par, Avoid Accepting It. Always take time to accept an offer, but with due diligence, inform them. You may schedule your next meeting 24-48 hours after the negotiation, and you can come back with your desired counteroffer.
Tip #7: Leverage. Leverage is power. It is crucial to know your worth. First, this will determine your negotiating capacity, and it will vary depending on your employment situation. If you are unemployed, have no working experience, and you’re applying for work, most probably you’ll expect to earn approximately what your old salary was or slightly less.
Pro-tip: Saying these questions can help you increase the salary negotiation ante.
- “Can I negotiate this offer?” Before negotiating, ensure to start by asking if their offer is negotiable.
- “Besides the basic pay, what are the other benefits, and is it negotiable?” This can include insurance, educational support, and training, paid leaves, etc., just to name a few.
- “How did you come up with this number?”
- “What’s the outlook for salary raises or promotions?” It’s also crucial to know the future potential growth in the company.
- “What metrics do you use to evaluate the success of employees?”
- “Can I get the salary offer in writing?” Do not settle on verbal yeses. Always ask for proper documentation on negotiation. Remember, it doesn’t mean anything until it’s on paper and formal.
Always remember to be polite, deliver it calmly, and firm. Stay tuned for more!
So there you have it. Stay tuned for more financial tips you can use every day!