According to a survey of Salary.com, only 37% of people always negotiate their salaries while a surprising 18% never do so. Again, a survey conducted by Robert Half claims that more than half the workers in the US didn’t negotiate the salary offer on their last job.
That’s correct. Most job seekers in the world, whether they are men or women, take what they are offered, not what they deserve. But, what is the key reason behind it? Fear.
Even the most seasoned professionals get nervous while negotiating their salary. The mere idea of walking into the room to face off with your boss or manager to justify why they should pay you more is not at all a pleasant thought. There arises a high potential for emotions to boil over, and things can go haywire incredibly quickly. Additionally, more professionals remain quite baffled if they know how to negotiate salary accurately with their present employer.
It can be excessively funny where our minds can go in stressful situations like these- however, don’t let your thoughts play games with you. You deserve to ask for that raise. Thus, to aid you in this comprehensive blog post, we have rounded up certain top-notch strategies that will provide you with unmatched guidance and help you feel more confident while negotiating your salary.
Exemplary Ways To Negotiate A Salary In Your Job Hunt
- Know Your Value Well
It is significant to be well-acquainted with the going rate for a specific position in your industry and geographic area if your aim is to get the salary you deserve. Ramit Sethi demonstrates in his ‘I Will Teach You To Be Rich’ that if you walk into a salary negotiation without any number, you remain only at the mercy of an experienced recruiter who has the capacity to control a conversation.
You can accomplish this easily by conducting online research on remarkable sites like Glassdoor or Payscale or asking others in your industry. Further, make attempts to enquire from both men and women to refrain from falling victim to the gender pay gap.
- Build Up Your Case
As per recent research, failing to negotiate your salary while accepting your first job offer can cost you over $600,000 in a salary during a typical career. Thus, once you receive the salary offer, make sure not to simply counter with a higher number. Even if your research backs it up, you will be only successful if you can explain why you feel you deserve more strongly. Try to highlight your strengths and detail all the extras the firm will get from someone with your track record.
Jot down carefully concrete examples of how your skills, qualifications, and experience will benefit your new or old company’s bottom line. Possessing important certifications or specialized technical skills, like developing a highly reliable essay writer, can enhance your ability to do the job. When you successfully associate your strengths to the role you play, you will surely make a solid case for the reasons you should be paid more than the initial offer.
- Help Them Comprehend Why You Deserve The Raise
Know that it is never enough for them to like you. They also need to strongly believe that you are worth the offer you want. Avoid letting your proposal speak for itself- be sure to always tell the story that goes along with it. Be careful not to simply state your desire like a 15% higher salary, permission to work from home one day a week. Explain the reasons why it is precisely justified.
- Ask For An Exact Number
In the opinion of the eminent researchers at the Columbia Business School, one should only ask for a specific number. Remember to say $63,500 instead of $64,000.
It turns out when potential employees make use of a more precise number in their initial negotiation requests; they are more likely to get a final offer closer to what they were strongly hoping for. This is mainly as the employer will presume you have conducted in-depth research into your market value or industry to reach that specific number.
- Deliver With Confidence
It is always wise to deliver your negotiation with utmost confidence as it is the most important words you say. The more confidence you tend to convey, the more confident your employer will be in their consideration of your feedback. Make sure to remember you are bringing a vital set of skills and experience to the organization, and the employers should offer pay for the value you provide.
- Comprehend Their Constraints Well
It may so happen that the organization likes you or even think you deserve everything you want. However, they still may not be able to give it to you. Try to understand why. They may have certain ironclad constraints, like salary caps, that no amount of negotiation can be loosened whatsoever. Your responsibility is to determine where they are flexible and where they are not.
If you are speaking to the recruiters of a company that is hiring more than 20 people simultaneously, it perhaps cannot offer you a higher salary than anyone else. However, they may be flexible on joining dates, vacation time, and incentives. The more clearly you develop an innate knowledge of their constraints, the higher chances are that you will be able to propose solutions that solve the problems of both sides.
- Do Not Be Afraid To Walk Away
In certain cases, an employer may not be able to meet your minimum salary requirement or offer additional benefits that strongly make it worth your while. Or the potential employer may counter-offer with a remarkable salary that’s incredibly higher than their first offer but not as high as your request. In this circumstance, you will require to determine if the job is worth the lesser amount.
Suppose you think it’s less stressful than your present position is closer to home or offers you better flexibility or free time. In that case, you can think about considering taking a lower salary. But, if not, then you should be ready to walk away and look for lucrative opportunities elsewhere.
- Get Everything In Writing
Once you and the recruiters of a top company settle on a compensation package, make sure to ask for written documentation. Apart from the salary amount, it should incorporate any special arrangement like a signing bonus or allowance for transport. Further, you should also include a detailed job description and a list of responsibilities for your new role. Remember to ensure the document is signed by both you and the employer.
- Express Gratitude
Once you reach the job offering phase of the recruitment process, you perhaps have invested adequate time and energy interviewing for the position. Similarly, the employer has also invested enough time, so you must be sure to recognize this. Make sure to thank them for considering you for the opportunity. Further, you must also make sure to share any specific reasons why you are excited about this job.
Salary negotiation is the most critical step in the hiring process. By taking these aspects into consideration and knowing how to negotiate salary remarkably, you will put yourself in a much remarkable position to receive acceptance to the demands you present during the negotiations.
Talented negotiators are the most sought after in the competitive business world. By using the above tips we have mentioned above, you can walk into the conversation confident, prepared, and ready to secure the pay you deserve. Here’s wishing all the luck!